Nigeria Extractive Industries Transparency Initiative Recovers $4.58b Oil, Gas Debts

The Nigeria Extractive Industries Transparency Initiative has recovered $4.85 billion from unpaid liabilities owed by oil and gas companies in the country. NEITI’s Executive Secretary, Dr. Orji Orji, disclosed that the recovery is part of the total $8.26 billion identified in its 2021 oil and gas audit report. He stated that the development demonstrates the agency’s commitment to transparency and accountability in Nigeria’s extractive sector. He says while significant progress has been made in recovering funds, unresolved financial liabilities remain a major concern. He lamented that despite NEITI’s efforts to ensure financial accountability in the oil and gas sector, several companies have continued to default on payments.

Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.