FG orders NNPC, others to recover $7.8bn from oil coys according to NEITI audit

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The Federal Government has directed Nigerian National Petroleum Corporation, NNPC, Department of Petroleum Resources, DPR and other relevant agencies to recover the $7.8 billion the Nigerian Extractive Industries Transparency Initiative, NEITI, declared as recoverable funds from companies operating in the oil and gas sector and pay same into the federation account.

Minister of Petroleum Resources, Mrs. Deziani Alison Madueke, who gave the directive at a workshop for companies and government agencies covered by the 2012 NEITI independent audit of the oil and gas industry in Lagos, also reiterated government’s commitment to give the required support to NEITI, to tackle corruption in the oil and gas sector of the economy.

She noted that the recoverable funds were derivable from under-assessment or under-payments of taxes, royalties, levies, signature bonuses, among others.

The minister, who commended NEITI for the insightful revelations, said:  “I hereby direct the NNPC, the Department of Petroleum Resources, DPR, and all other agencies important in efforts to recover these funds to work closely with NEITI for early recovery and remittances of these funds to the federation account.”

Mrs. Alison-Madueke promised government’s resolve to engage NEITI as a leading partner in the proposed reforms of the oil and gas sector, noting that the major reason behind President Goodluck Jonathan administration’s strong support for the Petroleum Industry Bill, PIB, was to enshrine transparency, accountability as pillars of the reforms of the sector.

She also restated the Federal Government’s commitment to the implementation of the Extractive Industries Transparency Initiative, EITI, principles as an integral part of the planned reforms in the oil and gas industry in Nigeria.

She said:  “My presence at this event testifies to the fact that Ministry of Petroleum Resources, its departments, parastatals and agencies including the NNPC and all its subsidiaries are in full support of the NEITI process and the enthronement of transparency and accountability in the oil and gas industry.

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