The Nigeria Extractive Industries Transparency Initiative (NEITI) said the federal government was able to recover over $4.85bn out of the $8.26bn oil and gas companies were owing the country as contained in its 2021 report.

Speaking during a press briefing, the Executive Secretary of NEITI, Orji Ogbonnaya Orji, said in the 2023 industry report released in September 2024, NEITI had disclosed liabilities of $6.175 billion and N66.378 billion, showing a significant decline from the liabilities of 2021 reports.

He said the liabilities were still worrisome because of the need for the government to find resources to fund its 2025 budget.

He noted that analyses of how these liabilities were paid could support the federal government’s domestic revenue mobilisation revealed that the liabilities, when converted at N1,500 to one dollar, would amount to N9.33 trillion.  He said the sum was more than the federal government’s total budget for health, education, agriculture and food security which totalled N8.73 trillion.

“Further analyses show that the sum is also more than the total budget for national security at N6.11trillion, health at N2.48 trillion and social welfare of N724 billion all put together.

“The liabilities can also knock off about 72 per cent of the federal government’s budget deficit of N13 trillion for 2025. NEITI is therefore calling on relevant agencies responsible for collecting these revenues to do the needful and support our governments at all levels to provide the much-needed infrastructure for our citizens,” he said.

Orji said the 2024 report would be released in October while the agency would also focus on divestment by international oil companies.

He added that between 1999 and 2023, Nigeria has earned $831bn in the oil and gas industry while for the solid mineral sector, the 17 years data has shown Nigeria earned N1.55tr.