NEITI Clarifies Position on ‘Misleading’ Report on Probe of Missing $15bn, N200bn Funds

Emmanuel Addeh in Abuja 

The Nigeria Extractive Industries Transparency Initiative (NEITI) has reacted to a story titled: “Lawmaker demands NEITI’s probe over missing $15 billion, N200 billion”, describing the report as misleading.

NEITI said it was not only misleading but also a mix-up of issues and misrepresentation of facts contained in its latest oil and gas industry report released at a public event held on the 18th September, 2021 in Abuja.

“The sum of $8.26 billion (and not $15 billion as attributed to the lawmaker by the newspaper report) was the public disclosure by NEITI as potential collectible revenues due to Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Federal Inland Revenue Service (FIRS) as outstanding liabilities.

“In the same direction, the sum of N200 billion was another revelation by NEITI in the same report as funds expended on the repair of the nation’s refineries between 2020 and 2021 which we queried in the same report since the refineries are not working. 

“The funds in questions and other crucial facts, information and data are contained in the recently released NEITI report,” it noted.

For the avoidance of doubt, it stated that the core responsibility of NEITI is to release the information and data to the public while it is within the mandates of the legislator, the civil society and the citizens to use the disclosed information for advocacy and civic engagements.  

NEITI said it was fully aware that the relevant committees of the National Assembly are currently working closely with the organisation to address the findings and recommendations thrown up by the report.

“NEITI is not a revenue generating agency, has no powers under the law to either collect, keep custody or manage government revenues. 

“Rather we support government to mobilise revenue for its development activities by beaming the searchlight on leakages, wastages and other areas through which government can optimise its revenue take from the country’s natural resources,” it said.