26 December 2013

Nigeria: FG Commences Recovery of U.S.$9.6 Billion From Oil Firms

The federal government has inaugurated an Inter Ministerial Task Team (IMTT) primarily tasked with the responsibility of recovering all outstanding revenue due to the federation from the oil and gas sector according to findings of the various Nigeria Extractive Industries Transparency Initiative (NEITI) audit reports.

The outstanding revenue comprises under payments and unreconciled differences identified in the various NEITI audits put at about $9.6 billion. Previous efforts by NEITI and FIRS had resulted in the recovery of $2 billion.

A statement issued yesterday by the NEITI secretariat informed that the inauguration of the IMTT was performed by the Secretary to the Federal Government, Senator Anyim Pius Anyim on behalf of President Goodluck Jonathan.

Members of the reconstituted IMTT which is chaired by NEITI Chairman, Ledum Mitee, include the Director, Department of Petroleum Resources, Group Managing Director, NNPC, Governor, Central Bank of Nigeria, Chairman, Revenue Mobilisation, Allocation & Fiscal Commission, Permanent Secretary, Ministry of Mines and Steel Development and Permanent Secretary, Ministry of Petroleum Resources.

Others are the Accountant General of the Federation, Chairman, Federal Inland Revenue Service, Auditor General of the Federation, Chief Economic Adviser to the President, Permanent Secretary, Federal Ministry of Finance and the Managing Director, Pipelines and Products Marketing Company.

Also in the task team are the Managing Director, Niger Delta Development Commission, Executive Secretary, Petroleum Products Pricing and Regulatory Agency, President, Nigeria Miners Association, Director General, Mining Cadastral Office, Chairman, Oil Producers Trade Section of the Lagos Chamber of Commerce.

The terms of reference given to the IMTT include "to work closely with NEITI and ensure prompt recovery of all outstanding revenues due to the Federation from NEITI audit findings, examine the findings and recommendations in NEITI audit reports and give advice to affected relevant agencies on appropriate steps to address the issues," the statement informed.

The IMTT is also to identify any bottlenecks to the realisation of their mandate and make necessary recommendations to government through the Secretary to the federal government as well as to advise the Federal Executive Council on any issue in NEITI audit report findings that needs the Council's intervention.

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