NEITI vows to recover N69.5bn, $5.31bn for FG

The Nigeria Extractive Industries Transparency Initiative has vowed to ensure the recovery of N69.5bn and $5.31bn for the Federal Government.

It said on Tuesday that the monies were outstanding funds which were captured from NEITI’s 2018 audit reports to date.

The Executive Secretary, NEITI, Ogbonnaya Orji, said this during his inaugural press briefing in Abuja, stressing that the monies were potential recoverable revenues which NEITI under his watch must recover.

He said, “The current management under my leadership is already evolving policies and strategies that would ensure that the recommendations in our reports are followed through.

“Also, statutory recoverable revenues due to government which is at N69.5bn and $5.31bn as revealed by the 2018 NEITI audit reports are recovered into government coffers.”

The new NEITI boss said the recoverable revenues include payments on oil royalty, gas flare penalties, petroleum profit tax, company income tax, education tax, withholding tax, value added tax, among others.

Orji also vowed to push for the passage of the Petroleum Industry Bill into law, adding that his management would put more attention in the mining sector.

According to him, the mining sector contributed N8.19bn in 2017 to the Federation Account and this increased to N67bn in 2018.