The Nigerian Extractive Industries Transparency Initiative (NEITI) has promised to assist the Federal Government to recover more than $7 billion owed the country by oil and gas companies.
“One important issue that NEITI will be bringing to the table, if given the opportunity, is how the committee can assist the government to recover over $7 billion owned by oil companies. “These disclosures are contained in NEITI audit reports as cases of under-payments and under-assessment, arising from subjective interpretation of Memoranda of Understanding, MoU, and tax laws. “We have no doubt that our contributions will add value to the work of the committee.”
Orji called on President Muhammadu Buhari not to stop the reforms in the oil and gas sector but extend it to the mining and solid minerals sector, especially in view of the huge potentials of the sector. “One urgent step required is to immediately check the activities of illegal miners many of whom are foreigners that have taken over the solid minerals sector without authorization,” Orji said. According to him, NEITI’s study and independent audit reports show that the mining sector has the potential to yield more revenues for the country than oil, if given the attention it deserves.
The Nigeria Extractive Industries Transparency Initiative (NEITI) also said that it will give the new Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC), Dr. Ibe Kachikwu, all institutional supports needed to recover a certain $11.6 billion revenue from the Nigerian Liquefied Natural Gas (NLNG) which NNPC allegedly failed to remit to the Federation Account.
