admin The Executive Secretary of
Nigeria Extraction Industries
Transparency Initiative, ( NEITI)
Dr Orj i Og b o n n a y a , h a s
advocated for transparency and
integrity to be prioritised as a way
of fast tracking all round
development in Nigeria oil and
gas industry. Dr Ogbonnaya said
for Nigeria to attract and retain
the kind of long term investment
required to unlock it’s vast
energy resources, transparency
and accountability must be given
a top priority in the scheme of
things.
Dr Ogbonnaya made this remark
a t t h e Na ti o n a l E n e r g y
Correspondents Association
Annual Strategic Conference
held at Eko Hotels in Victoria
Island ,Lagos.
Represented by the South West
Zone Representative, Mr Taiwo
Olasupo, Dr ogbonnaya said in his
words”Investors need certainty
and unbroken assurance that
their capital will be put to use in
a n e n v i r o n m e n t w h e r e
corruption is addressed, where
the rules are clear, the laws are
clear, the processes open, the
policies are stable ,information is
available and governance is
transparent and predictable. He
assured that NEITI is committed
to ensure that the oil and gas as
well as solid minerals sectors
operate transparently while the
r e v e n u e s g e n e r a t e d a r e
managed for the benefit of all
Nigerians.
As a proof that NEITI is
committed to fighting corruption
and building public trust among
Nigerians, Dr Ogbonaya noted
that the audited report of the
agency in it’s 2022/23 is a pointer
to the fact that NEITI will not
condone corrupt practices with
kid gloves. The report showed
that as at June 2024, outstanding
collectible revenues due to the
Federal government in the oil
and gas industry stood at over
6.71 billion dollars and 66.4
billion naira.
The breakdown of the figures
according to Dr Ogbonnaya
shows that 6.049 billion dollars
and 65.9 billion naira were
unpaid royalties and gas flare
penalties due to the Nigerian
U P S T R E A M P E T R O L E U M
REGULATORY COMMISSION
(NUPRC). Additionally, the report
also revealed that 21.926 million
dollars and 492.8 million naira
in outstanding petroleum profit
taxes, company income taxes,
withholding taxes and VAT due to
the Federal Inland revenue
service, FIRS. On fuel importation
and subsidy claims, the report
shows that in 2022, 23.54 billion
litres of premium motor spirit (
PMS) were imported into Nigeria
while in 2023, 20.28 billion litres
of fuel were imported showing a
14% decline attributed to the
removal of the fuel subsidy.
On oil theft and crude losses, the
report indicated a significant
reduction with 7.68 million
barrels stolen or lost in
2023 which indicates a 79% drop
from the 36.69 million barrels
lost in 2022.
Dr Ogbonnaya rounded off his
speech by commending the
media for their key roles in calling
attention to all sharp practices
while giving commendation
where necessary to key players
and stakeholders in the oil and
gas industry.
He commended the Energy
Correspondents Association for
deeming it fit to organise such a
conference where
industry experts, investors and
government regulators could
discuss and share ideas on issues
affecting it and the way forward
