The Nigeria Extractive Industries Transparency Initiative, (NEITI), has revealed that oil companies and some government agencies owe the federation about $3.3bn (roughly ₦1.5 trillion) in outstanding oil and gas remittances.
NEITI’s Executive Secretary, Dr. 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.
Orji lamented that the findings reflect the devastating cost of poor accountability and urged citizens to use NEITI’s data to demand transparency from both government and industry players. “Nigerians have the power to track how extractive revenues translate into roads, schools, hospitals, and power”, he said, adding that simplifying audit data would help ordinary citizens engage more meaningfully with governance issues.
He also emphasised the need for fairness in energy governance and stronger advocacy for host communities affected by oil exploration. As Nigeria transitions toward gas and renewable energy, Orji said the country’s governance systems must evolve to match innovation and sustainability goals.
“Our energy future must rest on verifiable data, open contracts, measurable emissions, and accountable institutions”, he stated, stressing NEITI’s vision for a sector where every dollar is traceable, every contract public, and every decision transparent, ensuring that Nigeria’s natural wealth truly benefits its people.
The revelation that Nigeria lost $3.3 billion to theft and sabotage in 2022 underscores the persistence of systemic corruption and weak oversight in the oil sector. The recurring losses highlight the failure of enforcement and coordination among regulatory and security agencies.
The ₦1.5 trillion in unremitted funds further exposes deep fiscal leakages that hinder national development. At a broader level, the report reinforces the urgency for energy governance reform, one that moves beyond audit findings to actual accountability.
