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Buhari Moves To Recover N2.6tn Debt In Oil And Gas Industry

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President Muhammadu Buhari has approved the recovery of debts estimated at N2.6trillion owed by government agencies and oil and gas companies in Nigeria.

The Nigeria Extractive Industries Transparency Initiative (NEITI), on Monday, said the approval had been granted by the president in a statement on Monday.

The Chief Executive Officer, Nigeria Financial Intelligence Unit (NFIU), Modibbo Tukur, in the statement said, “The Minister of Finance, Budget and National Planning has been directed to constitute a recovery panel which will have as members, NEITI, EFCC, ICPC, Federal Inland Revenue Service and other relevant government agencies to look into the liabilities of operators in the extractive sector.”

He explained that there would be a consolidation of the data coming from NEITI, NFIU and other anti-corruption agencies when the recovery panel finally settles down to work.

Turku added, “There will be very clear reconciliation with both the players and those regulating the sector, so no more hiding of national revenues.

Meanwhile, data from NEITI showed that about 77 oil and gas companies in Nigeria were owing N2.66 trillion while the NFIU has reported over $5 billion and another N700bn unpaid revenues.