NEITI says Nigeria recovered $3bn in unpaid oil money using its reports

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The Executive Secretary of the Nigeria Extractive Industries Transparency Initiative (NEITI), Mr. Waziri Adio has disclosed that the total amount of unpaid oil and gas monies that Nigeria’s government has recovered using audit reports of the NEITI has hit $3billion, THISDAY reports.

Adio stated in a presentation he made at the 2017 edition of the annual lecture series of the Dauda Adegbenro Foundation held at the University of Ibadan, Oyo State, that through the instrumentality of NEITI’s audit reports, the various agencies of government relevant in this regard have reclaimed $3 billion of the unpaid oil revenues from operators in the oil industry.

He said despite the transparency drive championed by the NEITI in Nigeria’s extractive sectors, the country was yet to escape from the impacts of resource curse, adding that this was because it had not deepened the principles of NEITI in its management of its extractive sectors.

He added that despite the country’s poor appreciation of the ideal of NEITI, it has however set the pace among EITI implementing countries, which now include the United Kingdom, United States, and Germany.