Group Urges FG To Support NEITI In Recovering Trapped Revenue From Oil And Gas Sector | Independent Newspapers Limited
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Group Urges FG To Support NEITI In Recovering Trapped Revenue From Oil And Gas Sector

Posted: Jun 16, 2015 at 12:00 am   /   by   /   comments (0)

The Africa Network for Environment and Economic Justice, ANEEJ, has called on the federal government to give the required support to the Extractive Industry Transparency Initiatives (NEITI) so as to recover government’s revenue from the oil and gas sector that NEITI’s report had exposed. 

The group said it was in high spirits concerning the recent NEITI’s report that disclosed that there is currently a $1.6 trillion, over N316trillion worth of government revenue from oil and minerals as at April this year.

It noted that part of the report also disclosed that NEITI is interested in getting the government to prioritize the recovery of $19.1bn, nearly N3 trillion, from oil and gas companies operating in the country to provide the required funds for government’s economic agenda.

ANEEJ said it was encouraged that NEITI would be going a step further than the report and has decided to forward the startling revelation to the National Assembly and to Mr. President for action that would translate the cheery piece of information into reality.

ANEEJ Executive Director, David Ugolor, said, “At a time when oil revenue has fast depleted, and when state governors moan their inability to pay salaries of workers, this piece of information from the EITI should act as a catalyst for government to begin a process to trap these funds and put them to judicious use on behalf of Nigerians. The G7 met recently and part of their resolve was to cut carbon emission from oil consumption, and phase out fossil fuels by the end of the century. This is a wake-up call and Nigeria must act quickly.”


ANEEJ also called on the National Assembly and the Presidency to, as a matter of urgency, provide the much-needed political support and platform to NEITI to realize and actualize these funds.

“The said amounts mentioned in the EITI report could easily cover annual budgetary provisions for health, education and cover a substantial mileage of roads and rural infrastructure in three years, before the dormant funds were discovered. With just a billion naira, over 5,000 school children in Nigeria will receive free education and a free meal together with free text books,” Ugolor added.


He said that ANEEJ was unwavering in its belief that the NEITI and the Nigerian government must justify their commitment to the avowed EITI principles by working together to achieve the common goals and interests of accountability and transparency in the conduct of government business.