The Nigeria Extractive Industries Transparency Initiative (NEITI) has disclosed that several oil companies and government agencies are yet to remit about N1.5 trillion owed to the federation from oil and gas revenues.
NEITI’s Executive Secretary, Dr. Orji Ogbonnaya Orji, made this known during the 2025 NAEC Energy Conference held in Lagos on Thursday. He said the unremitted funds were identified in NEITI’s 2021–2022 Oil and Gas Industry Reports, which also revealed that Nigeria earned $23.04 billion in 2021 and $23.05 billion in 2022 from the petroleum sector.
Dr. Orji noted that the outstanding payments, if recovered, could go a long way in improving the nation’s infrastructure, particularly in the energy, education, and health sectors. He warned that the continuous lack of accountability in the industry has cost the country significant revenue, with 13.5 million barrels of crude oil worth $3.3 billion lost to theft and vandalism in 2022 alone — an amount he said could fund the nation’s annual health budget.
He stressed that transparency and good governance are essential to securing Nigeria’s energy future, adding that the nation’s prosperity depends more on the responsible management of its resources than on the size of its oil reserves.
“Transparency is not just a bureaucratic requirement; it is an economic necessity that builds investor confidence and drives growth,” Orji said, highlighting NEITI’s shift from being just an audit agency to a full-fledged governance reform institution.
He also outlined reforms introduced by the agency, including routine audits of the extractive industries, the creation of a Beneficial Ownership Register covering over 4,800 assets, the launch of a NEITI Data Centre, and the establishment of a Just Energy Transition and Climate Accountability Framework — all aimed at deepening transparency and accountability.
Dr. Orji encouraged journalists and civil society groups to leverage NEITI’s publicly available data to hold both corporations and government officials accountable. He reaffirmed the agency’s commitment to ensuring that every naira generated from natural resources contributes visibly to national development.
Meanwhile, the Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe, said ongoing reforms under the Petroleum Industry Act (PIA) have significantly curbed oil theft and restored investor confidence.
Komolafe disclosed that coordinated actions between the government, security agencies, and private stakeholders had reduced crude theft by 90 per cent, from over 102,000 barrels per day in 2021 to 9,600 barrels per day as of September 2025.
He added that the commission has strengthened data transparency through digitalised licensing systems and seismic data upgrades covering over 17,000 line-kilometres of 2D and 28,000 square kilometres of 3D data.
According to him, recent policy adjustments — including lowering signature bonuses from $100 million to $10 million during the 2024 mini-bid round — were part of deliberate efforts to attract new investors and accelerate field development.
Both NEITI and NUPRC reaffirmed their commitment to sustaining reforms that promote accountability, efficiency, and sustainability in Nigeria’s oil and gas sector.
