We Have Helped F.G Recover N2.6trn Revenue From Oil Firms- NEITI

The Federal Government has recovered a total of N2.6 Trillion revenue from oil firms following the Nigeria Extractive Industries Transparency Initiative (NEITI) National Assembly intervention.

NEITI said a total of 2.6 billion dollars remained outstanding in the hands of companies as at March 2022.

Dr Orji Ogbonnaya Orji, Executive Secretary of NEITI, said this on Tuesday in Abuja at its Civil Society Organisations (CSO) and media engagement on Extractive Industries Transparency Initiative (EITI) validation.

The NEITI validation, which is conducted every three years is a quality assurance mechanism to ascertain level of compliance and progress in implementing its standards among member countries, including Nigeria.

Orji said NEITI’s financial report led to the recovery of the debt.

“By the time we release 2021 report, any company owing Nigeria we have no choice than to invite EFCC to take over and handle it as an economic crime,” he said.

He said the recovery was as a result of NEITI’s appearance at the National Assembly to defend its position based on data it provided.