The Federal Government has recovered over $3 billion following revelations from audits conducted by the Nigeria Extractive Industries Transparency Initiative (NEITI). The recovered funds stem from underpayments, unremitted revenues, and outstanding liabilities uncovered in NEITI’s oil and gas industry reports.

The development was highlighted during a formal handover ceremony at NEITI headquarters, where outgoing Executive Secretary Dr. Ogbonnaya Orji presented an account of his stewardship. He noted that NEITI’s evidence-based disclosures played a critical role in strengthening accountability and supporting the government’s revenue drive.

According to Orji, NEITI reports have also identified an additional $6 billion in potential recoverable revenues still owed to the government by companies operating in the extractive sector. He emphasized the need for sustained enforcement to ensure that all outstanding liabilities are settled.

The incoming NEITI leadership pledged to deepen transparency reforms, enhance industry audits, and continue supporting the Federal Government’s efforts to plug revenue leakages and strengthen governance across the extractive sector.