The Nigeria Extractive Industries Transparency Initiative (NEITI), has asked the Federal Government to reclaim accumulated funds disclosed by its independent reports between 2010 and 2014.

The report says only a part of the over $21 billion unremitted funds by the Nigerian National Petroleum corporation (NNPC) and the Nigerian Petroleum Development Company (NPDC) can jump-start the nation’s economy.

The Executive Secretary of NEITI, Mr Waziri Adio, told journalists in Abuja at its March policy brief, that no action had been taken against NNPC, despite NEITI’s reports.

“NLNG dividends account for $15.8 billion – this is NLNG dividends of over 15 years from the year 2000 to 2014. NLNG had records that they paid this money to NNPC and NNPC does not dispute that they received this money but the money did not go to federation account.”

The extractive industry revenue watchdog stated that there is a lot of money involved; which if returned, can help the nation get out of its current economic situation. (Channels TV)

Update news