NEITI Recovers N130 Billion Excess Oil Money

NIGERIA Extractive Industries Transparency Initiative (NEITI) recovered over N130bn from the oil and gas companies operating in the country between 2004 and 2006.

NEITI is mandated by law to promote transparency and accountability in the management of Nigeria ’s oil and gas as well as mineral revenues.

The amount, which was due to be paid by the oil and gas companies to the Federal Government was not paid in utter disregard to the memorandum of understanding (MoU) signed by the oil
companies and the Federal Government.

The MoU was signed in 1986 and stipulated that, the cost of production should be capped, when the price the price of oil goes beyond $30 per bar ...

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