ABUJA, Nigeria – Over $8.3 billion revenue has not been remitted to the Federation Account by some privately owned oil companies and federal governments agencies since 2011.
Executive Secretary/CEO of the Nigeria Extractive Industries Transparency Initiative (NEITI), Dr Ogbonnaya Orji made the disclosure to the House of Representatives Committee on Public Accounts, reports News Express.
Dr Orji was before the lawmakers to present a report on the $74.386 billion spent on fuel subsidies by successive administrations since 2011, as the agency compiled the actual amount paid as subsidy on a yearly basis.
According to him, Nigeria has also lost N16.25 trillion to unabated crude oil theft, based on data collated and signed off by the operators and other stakeholders from 2011.
The Executive Secretary stated that the agency is working with various enforcement institutions, including the Economic and Financial Crimes Commission (EFCC), the Independent Corrupt Practices and Related Offences Commission (ICPC), and the Nigeria Financial Intelligence Unit (NFIU), to recover the funds.
“I have here, for instance, revenues we have earned from oil and gas since 1999. We also have here all the subsidy payments made. Since 2005, when it became a scandal, we have begun to collect the data. We began to ask questions about subsidies, and as of 2021, the country had paid $74.386 billion in subsidies.
