The Nigeria Extractive Industries Transparency Initiative (NEITI) has submitted a report to the House of Representatives’ Committee on Public Accounts detailing the $74.386 billion spent on fuel subsidy by successive administrations since 2011.
The report was submitted by the agency’s Executive Secretary/CEO, Ogbonnaya Orji on Tuesday.
He stated that his agency had compiled the actual amount paid as subsidy on a yearly basis since 2005 when it became a scandal.
The report revealed that $8.3 billion in unremitted revenue was discovered by some privately owned oil companies and Federal Government-owned agencies, which was not paid into the Federation Account, in violation of financial regulations.
Orji informed that, $16.25 trillion was lost to unabated crude oil theft based on data collated and signed off by operators and other stakeholders.
The report also revealed unremitted revenue by some privately owned oil companies and Federal Government-owned agencies totaling $8.3 billion and $16.25 trillion lost to unabated crude oil theft based on data collated and signed off by operators and other stakeholders.
He informed the Committee that NEITI would release its report on fiscal allocation and statutory disbursement on November 9th, 2023, which would detail who received what revenue from extractive sectors directly from the revenue account.
He added that getting to the people, government, and right sources had been a significant challenge for NEITI.
The NEITI Executive Secretary said, the agency is working with various enforcement institutions to recover the funds and remit into government coffers while also releasing reports detailing fiscal allocation and statutory disbursement in November 2023.
He added that, the agency is working with the Economic and Financial Crimes Commission (EFCC), Independent Corrupt Practices and Related Offences Commission (ICPC), as well as Nigeria Financial Intelligence Unit (NFIU).
He also informed the gathering that NEITI had incentivized a lot of recoveries for the government because between what is paid and what was recovered, a lot of money in foreign exchange developed wings.
