The Nigeria Extractive Industries Transparency Initiative (NEITI) has disclosed an ongoing collaboration with the Economic and Financial Crimes Commission (EFCC) to recover approximately $6 billion and N66 billion from oil industry players.
This recovery effort is aimed at ensuring funds owed to the Federal Government are accounted for and reinvested into the national economy.
Ogbonnaya Orji, Executive Secretary of NEITI, made this revelation during a budget defense session before the House Committee on Petroleum Resources (Upstream) in Abuja. He emphasized that the partnership is part of NEITI’s broader commitment to promoting transparency and accountability in Nigeria’s extractive industries.
Orji noted that NEITI has recovered over N3.7 billion in liabilities from oil and gas companies in the past year alone. Despite these achievements, he acknowledged the agency’s budgetary constraints, stating that NEITI has been allocated N6.5 billion for 2025, comprising N2.22 billion for personnel costs, N1.72 billion for overheads, and N2.58 billion for capital projects.
Plans for 2025
NEITI outlined key activities planned for 2025, including:
- Publishing industry reports for oil, gas, and mining sectors.
- Conducting fiscal allocation and statutory disbursement audits.
- Researching Nigeria’s actual petroleum consumption.
- Assessing the economic impact of energy transition.
- Conducting a national perception survey on the implementation of the Extractive Industries Transparency Initiative (EITI).
Legislative Scrutiny of NEITI’s Budget
During the session, lawmakers raised concerns about certain provisions in NEITI’s 2025 budget proposal. Specifically, Kafilat Ogbara, representing Kosofe Federal Constituency, criticized the N32 million allocation for meals, calling it excessive given the current economic challenges facing Nigerians.
“There is no justification for spending such an amount on meals in a year,” Ogbara remarked, urging government agencies to align budget proposals with their core mandates and the country’s economic realities.
Ademorin Kuye, representing Shomolu Federal Constituency, echoed similar sentiments, cautioning that such proposals could harm the National Assembly’s credibility. “We must ensure that all expenditures are necessary and justifiable, especially given the perception that the National Assembly merely rubber-stamps budgets,” he said.
Concerns Over Welfare Provisions
Committee Chairman Alhassan Ado-Doguwa also questioned the inclusion of National Assembly members in NEITI’s welfare package, noting the lack of direct oversight visits to the agency. He emphasized the need for prudence in public spending, given the harsh economic conditions many Nigerians are facing.
Doguwa assured the agency of legislative support for necessary expenditures but warned against excessive or unclear budgetary allocations. “Every naira spent must serve a purpose,” he said, adding that the legislature remains committed to aiding NEITI in achieving its mandate of ensuring accountability in the extractive industries.
The session highlighted the delicate balance between supporting agencies in fulfilling their mandates and ensuring fiscal responsibility in the use of public resources.
