During an interactive session in Abuja, Orji stated in a report to the Chairman of the House Committee on Public Accounts, Bamidele Salam, that since 2011, successive administrations have spent $74.386 billion on fuel subsidies.
He claims that the Agency compiles the real amount of subsidies paid on an annual basis. Orji asserted that the compilation was founded on information gathered and approved by industry participants and other parties.
He claims that in addition, NEITI discovered that certain privately held oil companies and Federal Government-owned agencies had withheld about $8.3 billion in revenue that should have been paid into the Federation Account but was instead avoided due to provisions in the current financial legislation.
He did, however, point out that in an effort to get the money back into the government's coffers, the Agency is collaborating with a number of enforcement organizations, such as the Nigeria Financial Intelligence Unit (NFIU), the Independent Corrupt Practices and Related Offenses Commission (ICPC), and the Economic and Financial Crimes Commission (EFCC).
"I have here, for example, the revenues we have received from oil and gas since 1999," he stated. Additionally, all of the made subsidy payments are here. We started gathering the data in 2005, when it started to become a controversy. We started to inquire about subsidies, and as of 2021, the nation had spent $74.386 billion on them.
We also offer an annual breakdown of the payments made. Additionally, we have a translation of what that might mean," he said.
He also told the audience that oil theft cost Nigeria $16.25 billion, adding that the information was derived from data gathered from several operator and government agency sign-offs.
"During the course of this work, we have created incentives for the government in many recoveries, as a result of the significant foreign exchange gains between what was paid and what was recovered. Company A will claim to have paid $1 million, but upon checking the receiving agency's account, you will discover that, due to negligent and inadequate record keeping, either half of the money was not received or more was received than was paid.
During the announcement of the most recent NEITI report on September 25, 2023, he declared that the PAC is now a natural ally of his organization and that he will provide it with all necessary cooperation.
Over $8.3 billion in unremitted cash from certain government agencies and businesses were reported in that study alone. The fact that the government is borrowing money at this time worries us. Thus, we present this knowledge along with data that is supported by evidence and incisive, empirical information.
"We have also published the same study, which includes all the data and information, on the solid mineral sector. We will be releasing the year-end report on fiscal allocation and statutory disbursements on November 9.
"Every year, we ask how much money the corporations pay the government within the EITI framework, which is a defined template. What portion of that money goes to the government? The money is where? How did we spend the funds? And in accordance with the wisdom of the National Assembly when drafting the legislation, we stated that instead of just rejecting the amount of money the government received or the amount the firms paid, we should inquire as to whether they paid what was fair and whether the government received what was appropriate.
Mr. Orji revealed that on November 9, 2023, the Agency will publish a report detailing the recipients of the money as well as the fiscal allocation and statutory disbursement.
He said: "The revenue that was generated, who received what and how, were the sharing guidelines followed, and what about the 13% derivation fund, those statutory receivers like TETFUND and PTDF, INEC, and all those that received extractive sector directly from the revenue account."
"Where do they track the funds that were transferred to the account? Though it's not always the case, there are moments when we take all of things for granted. You'll be startled to learn that it involves more than just sharing and allocation if you read this article and do some research. One of the biggest challenges we have been facing is reaching out to the government, the people, and the appropriate sources, the NEITI helmsman said the Committee.