NIGERIA (Lagos)-Following the discovery of Nigerian Extractive Industries Transparency Initiative (NEITI) that $7.8 billion can be recovered from companies operating in the oil and gas sector, the Federal Government has ordered the Nigerian National Petroleum Corporation (NNPC) to quickly make the recovery from appropriate quarters and remit it into the Federation account.

This directive was issued yesterday in Abuja by the Minister of Petroleum Resources, Mrs. Deziani Alison Madueke, at a workshop for companies and government agencies covered by the 2012 NEITI independent audit of the oil and gas industry in Lagos.

The minister noted that the recoverable funds were derivable from under-assessment or under-payments of taxes, royalties, levies, signature bonuses, among others.

“I hereby direct the NNPC, the Department of Petroleum Resources, DPR, and all other agencies important in efforts to recover these funds to work closely with NEITI for early recovery and remittances of these funds to the federation account,” she said.

Mrs. Madueke said the Federal Government is committed to the implementation of the Extractive Industries Transparency Initiative (EITI) as an integral part of the planned reforms in the oil and gas industry in the country.She also restated the Federal Government’s commitment to the implementation of the Extractive Industries Transparency Initiative, EITI, principles as an integral part of the planned reforms in the oil and gas industry in Nigeria.

She said:  “My presence at this event testifies to the fact that Ministry of Petroleum Resources, its departments, parastatals and agencies including the NNPC and all its subsidiaries are in full support of the NEITI process and the enthronement of transparency and accountability in the oil and gas industry.