The Nigeria Extractive Industries Transparency Initiative (NEITI) has presented a detailed report on the expenditure of $74.386 billion in fuel subsidies by successive administrations since 2011 to the House of Representatives’ Committee on Public Accounts.
Ogbonnaya Orji, the Executive Secretary/CEO of NEITI, handed over this extensive report to Hon. Bamidele Salam, the chairman of the House Committee on Public Accounts, during an interactive session held in Abuja.
NEITI’s report encompasses the precise amounts disbursed as subsidies on an annual basis. In addition, Orji revealed that a staggering N16.25 trillion was lost due to relentless crude oil theft, as confirmed by data collated and endorsed by industry operators and other stakeholders.
The report also exposed more than $8.3 billion in unremitted revenue by privately owned oil companies and federal government-owned agencies, funds that were not deposited into the Federation Account, contravening existing financial regulations.
To rectify these discrepancies, NEITI is collaborating with various enforcement institutions, including the Economic and Financial Crimes Commission (EFCC), Independent Corrupt Practices and Related Offences Commission (ICPC), and the Nigeria Financial Intelligence Unit (NFIU), in an effort to recover the funds for the government’s treasury.
