Grapevine

Oil companies owe govt over $6bn – NEITI

This revelation was contained in the 2022/2023 oil and gas industry report, presented by the agency on Thursday in Abuja. The report’s details were based on an audit of the petroleum industry conducted by the agency during the review period, according to the NEITI Executive Secretary, Dr Orji Ogbonnaya.

“A total of N15.87tn has been claimed as under-recovery/price differentials between 2006 and 2023, with 2022 recording the highest of N4.714tn,” the report read in part.

In his address at the event, Orji said the released report was not just a document but a call to action, marking a significant milestone in the ongoing efforts to promote transparency, accountability, and good governance in Nigeria’s extractive sector.

“This report, produced by the Nigeria Extractive Industries Transparency Initiative, comes at a critical time when the nation is intensifying its reforms in the oil and gas sector. The report provides valuable insights that will help guide policy, encourage robust public debate, and ultimately improve governance in the management of our natural resources,” he said.

Orji further noted the report contains several key findings and recommendations, which include the identification of revenue leakages, the need for improved compliance with regulatory frameworks, and suggestions for increasing transparency in oil and gas operations.