Executive Secretary of the Nigeria Extractive Industries Transparency Initiative (NEITI), Dr. Orji Ogbonnaya Orji has disclosed that oil and gas companies still owe the Federation Account N69.51 billion and $5.31 billion based on 2018 Oil and Gas Audit report.

Dr. Orji who disclosed this during a press briefing in Abuja on Tuesday, said NEITI under him will work to ensure the recovery of these funds.

He said: “Since 2004, when Nigeria began the implementation of the EITI, the expectation was that transparency and public disclosure of information and data in the extractive sector will lead to accountability, poverty reduction and national development. This has not been the case.

“While NEITI has put in the public domain, accurate and verifiable information and data on the sector, the challenge as we all can see is on using the information to bring about accountability and change that would lead to positive visible impacts in the lives of the citizens. It is time to revisit the scope, depth and dimension of our reports to deliver more impacts required to address the unfolding challenges. This is why my focus will be on the implementation of the remedial issues disclosed in the reports.

“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 N69.51billion and $5.31billion respectively (As revealed by 2018 NEITI audit reports) are recovered into government coffers.

“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. We are no longer comfortable just releasing reports. Our emphasis will be on these and other recoverable revenues due to government while ensuring that companies are treated fairly and given the opportunity to grow”.

He added that “NEITI will unveil a framework that will involve stakeholders in this process. Joint Committees between NEITI and respective covered entities will be established to look at the issues as it affects individual agencies.

“The joint committees will be similar to the one established between the NEITI and the NNPC and is without prejudice to the revitalization of the Inter Ministerial Task Team on remediation as a multi-sectoral approach”.

He also stated that NEITI focus more attention on the solid minerals sector.

“Since the inception of NEITI audit of the solid minerals sector, there has been a steady increase in revenues accruable to the federation account from the sector.

“From a paltry N8.19billion recorded in the 2007 audit, to over N67billion earned from the sector in 2018, shows over a 900% increase. A mere 0.18% contribution of the sector to the GDP, shows that a lot more needs to happen in Nigeria’s mining sector”.