The Nigeria Extractive Industries Transparency Initiative has endorsed the report of the petroleum revenue special task force, headed by Mr. Nuhu Ribadu, submitted to President Goodluck Jonathan on Friday.

In a statement signed by a chairman of the NEITI board, Mr. Ledum Mitee, the agency pointed out that the report of the task force is a vindication of its own reports which identified financial, physical and process lapses in the industry, due to underpayments, under-assessments, poor judgment in the computations of volume of crude sales and other leakages.

The statement further said that “from the past audits, NEITI reports equally disclosed that a whooping total sum of $9.8 billion (equivalent to ₦1.373 trillion) is outstanding recoverable fund due to the federation account from the companies.

No sufficient effort to recover the funds from the companies, by the affected relevant government agencies.”

The statement adds that the reported findings of the Ribadu committee is not surprising, as it followed the trend of NEITI audits in exposing the lapses which it says appear to characterize business ethics in the oil and gas industry in Nigeria over the years.










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