The Nigeria Extractive Industries Transparency Initiative (NEITI) has announced a collaboration with the Economic and Financial Crimes Commission (EFCC) to recover $6 billion and N66 billion from oil industry players, funds owed to the Federal Government.
NEITI’s Executive Secretary, Dr. Ogbonnaya Orji, disclosed this during a budget defense session before the House Committee on Petroleum Resources (Upstream) in Abuja. He emphasized that the partnership aims to address financial irregularities in the oil sector and ensure transparency and accountability in extractive industries.
“This initiative is vital to the economic stability of the nation. These recoveries will significantly boost government revenues and reaffirm our commitment to transparency in the sector,” Orji stated.
2025 Budget Scrutiny
Despite its crucial role, NEITI is grappling with budgetary constraints. For 2025, the agency was allocated N6.5 billion: N2.22 billion for personnel costs, N1.72 billion for overheads, and N2.58 billion for capital expenditures.
However, lawmakers raised concerns about the agency’s proposed budget, including a controversial N32 million allocation for meals. Kafilat Ogbara, representing Kosofe Federal Constituency, questioned the justification for such an expense amid Nigeria’s economic challenges.
“There is no justification for spending this amount on meals when Nigerians are struggling economically,” Ogbara said. She urged all Ministries, Departments, and Agencies (MDAs) to ensure their budgets align with essential needs.
Committee’s Position
Chairman of the committee, Alhassan Ado-Doguwa, criticized the inclusion of certain items in NEITI’s budget, such as welfare packages for the National Assembly, calling them “excessive and insensitive.”
Doguwa assured that while the committee supports NEITI’s mandate, all expenditures must be justified. “Our priority is to ensure public resources are spent prudently. Proposals deemed unnecessary will not pass unchallenged,” he added.
Reforms and National Interest
NEITI plans to implement several reforms in 2025, including publishing comprehensive reports on the oil, gas, and mining sectors, auditing fiscal allocations, and researching petroleum consumption. These measures aim to enhance transparency, attract investment, and promote accountability within Nigeria’s extractive industries.
The collaboration between NEITI and the EFCC is expected to strengthen the fight against corruption in the oil sector and ensure that funds due to the government are recovered for the nation’s development.
