The Nigeria Extractive Industries Transparency Initiative has revealed that oil companies and some government agencies owe the federation about N1.5tn in outstanding oil and gas remittances.
NEITI’s Executive Secretary, Orji Ogbonnaya Orji, stated this at the 2025 NAEC Energy Conference held in Lagos on Thursday.
According to Orji, the debts were uncovered in NEITI’s 2021–2022 Oil and Gas Industry Reports, which showed that while Nigeria earned $23.04bn in 2021 and $23.05bn in 2022 from the sector, several entities failed to remit revenues due to the government.
These funds, he said, could have been used to significantly support energy infrastructure, education, and healthcare if recovered.