The Nigeria Extractive Industries Transparency Initiative (NEITI), on Thursday, said its most recent report on the oil and gas sector showed that the total unremitted revenue of gas royalty payments and unpaid gas flare penalties was about $1.4bn.
NEITI’s Executive Secretary, Ogbonnaya Orji, disclosed this in Abuja at a roundtable event organised by BudgIT Foundation, a non-governmental organisation, on tracking energy transition costs and transparency in the budgeting.
The most recent audit reports for the oil, gas and mining sectors, as released by NEITI, were the ones for 2021.
In January, NEITI announced that its 2022 and 2023 audit reports for the oil, gas and mining sectors would be ready in September this year.
Orji, in a statement issued by the agency in Abuja, also welcomed the commitments of President Bola Tinubu towards strengthening Nigeria’s climate change, energy transition and green economic solutions.
The NEITI boss identified deliberate investments in the solid minerals sector, gas infrastructure and commercialisation, technology, research innovation, human capital development, transportation, food security, and use of low-carbon hydrogen as priority areas of focus in the country’s budgeting to respond to energy transition and climate change.
“These opportunities come at a cost that requires commitment to compute them in terms of human and material resources,” he stated.
