NEITI to commence recovery of N69bn, $5.31bn statutory revenue

The Nigeria Extractive Industries Transparency Initiative (NEITI) has revealed it is strategising to ensure that N69.5 billion and $5.31 billion statutory revenue yet to be paid to government coffers are fully recovered.

Dr Orji Ogbonnaya Orji, the new Executive Secretary, disclosed this at a maiden news conference in Abuja, on Tuesday, March 11.

He said that the amount was revealed on its 2018 audit report and that the agency would focus on remedial issues disclosed in most of its audit reports.

“The Current NEITI Management under my leadership is already evolving policies and strategies that would ensure that the recommendations in our reports are followed through.

“And Statutory recoverable revenues due to government which is put at N69.51 billion and 5.31billion dollars as revealed by the 2018 audit reports are recovered into government coffers.

“These recoverable revenues consist of payments on oil royalty, gas royalty, gas flare penalties, petroleum profit tax, company income tax, education tax, withholding tax, value-added tax, and NNDC levy,’’ he said.

Read also: COVID-19: NEITI pressures Nigerian govt to seek options beyond oil

He said that NEITI was no longer comfortable by just releasing reports adding that its emphasis would be on recoverable revenues due to the government.

Orji noted that NEITI would also ensure that companies were treated fairly and given the opportunity to grow.

“NEITI will unveil a framework that will involve stakeholders in this process. A joint committee between NEITI and respective covered entities will be established to look at the issues as they affect individual agencies.

“The joint Committees will be similar to the one established between NEITI and the Nigerian National Petroleum Corporation (NNPC) and is without prejudice to the revitalisation of the inter-ministerial Task Team on remediation as a multi-sectoral approach,’’ he added

According to him, the approach will create an opportunity for NEITI to appreciate their locations, peculiar nature of their operations, and workflow.

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