The Nigeria Extractive Industries Transparency Initiative (NEITI) has recovered $9 billion from unpaid liabilities owed by oil, gas, and mining companies in the country, boosting public finances.
The Director of the Energy and Mining Department of NEITI, Sa’ad Balarabe, disclosed this during a two-day stakeholders’ engagement on the 2024 Solid Minerals Industry Audit Tripartite Reconciliation Meeting held in Damaturu, the capital of Yobe State.
The event, which took place at the WAWA Hall, Government House, Damaturu, was organized by NEITI with the theme: “Unlocking Nigeria’s Solid Minerals Potential for Economic Diversification.”
He stated that since the inception of the agency in 2003 up to 2026, Nigeria has recovered $9 billion through NEITI. According to him, the agency has continued to shine a light on how Nigeria’s natural resource wealth is managed, helping to reduce corruption and improve governance.
According to Balarabe, this development demonstrates the agency’s commitment to exposing discrepancies and hidden funds, thereby promoting transparency and accountability in Nigeria’s oil, gas, mining, and other extractive sectors.
