May 22, 2024
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OIL & GAS

Nigeria’s Oil and Gas Sector Battles with $8.2bn Unsettled Debt, Says NEITI

The total outstanding financial liabilities in the oil and gas sector owed to the Federation amount to a substantial $8.264 billion, the Nigerian Extractives Industries Transparency Initiative (NEITI) revealed.

Ogbonnaya Orji, the Executive Secretary of NEITI, disclosed this in a statement through NEITI’s official X handle on Monday while unveiling the 2021 oil and gas industry, Daily Post reports.

He said that a notable portion of $13.591 million was earmarked as revenue payable to the Federal Inland Revenue Service (FIRS).

The Executive Secretary stressed that the report underscored the pivotal role of assisting governments at all levels to bolster revenue streams, furthering national development and poverty reduction through robust resource mobilisation efforts.

Orji urged policymakers to use the information and data contained in the NEITI report for economic planning and extractive sector reforms, while civil society and media should use the report for advocacy.

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