The Nigeria Extractive Industries Transparency Initiative on Wednesday tasked the President Muhammadu Buhari-led administration to ensure the recovery of over $7.5b oil and gas funds that were looted by companies operating in Nigeria
The Executive Secretary of NEITI, Zainab Ahmed, made the call in Abuja at an Oil and Gas Conference aimed at articulating an agenda for the administration in support of the proposed oil and gas reforms.
Ahmed disclosed that the amount represents clear cases of underpayments, under-assessments of taxes, royalties, rents that were discovered by NEITI in its several independent audit reports, which have not been adequately addressed in the past.
According to her: “A time when the new administration is in dire need of funds to tackle complex problems facing the nation, recovery of the funds should be pursued vigorously with all political will and seriousness it deserves.”
Ahmed further disclosed that $11.6 billion, which represents outstanding total dividends arising from loans and interest re-payments from Federal Government’s investment in Liquefied Natural Gas, also needed to be recovered into government coffers.
Her words: “Our 2012 Audit Report discovered that total dividend loans and interest repayment from LNG paid to the NNPC (Nigeria National Petroleum Corporation) in 2012 was $2.8 billion. However in the course of NEITI’s audit, NNPC was unable to provide any evidence to provide that the funds were remitted to the federation as required by law.
“The total amount received by NNPC from LNG under the same circumstances, which have not been remitted to the federation account, stands at $11.6 billion.”
The NEITI boss thus advised the new administration to exercise the necessary political will required for the implementation of the other findings and recommendations contained in NEITI’s independent reports.
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