The Nigeria Extractive Industries Transparency Initiative (NEITI) disclosed its plans to recover the sums of N69.5 billion and $5.31 billion statutory revenue that are due to the government.
Laying out sketches of the plans, the agency’s Executive Secretary, Orji Ogbonnaya, said that these revenues to be collected are payments from oil royalty, gas flare, among others.
He said that the unpaid dues discovered in the agency’s 2018 audit reports.
Ogbonnaya said, “The Current NEITI Management under my leadership is already evolving policies and strategies that would ensure that the recommendations in our reports are followed through.
“And Statutory recoverable revenues due to government which is put at N69.51 billion and 5.31billion dollars as revealed by the 2018 audit reports are recovered into government coffers.
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“These recoverable revenues consist of payments on oil royalty, gas royalty, gas flare penalties, petroleum profit tax, company income tax, education tax, withholding tax, value-added tax, and NNDC levy.
“NEITI will unveil a framework that will involve stakeholders in this process. A joint committee between NEITI and respective covered entities will be established to look at the issues as they affect individual agencies.
“The joint Committees will be similar to the one established between NEITI and the Nigerian National Petroleum Corporation (NNPC) and is without prejudice to the revitalisation of the inter-ministerial Task Team on remediation as a multi-sectoral approach.”
