The Nigeria Extractive Industries Transparency Initiative has disclosed that oil companies and certain government agencies owe the federal government approximately N1.5 trillion in unpaid oil and gas revenues.

NEITI’s Executive Secretary, Dr. Orji Ogbonnaya Orji, made the revelation at the 2025 NAEC Energy Conference in Lagos on Thursday, according to The Punch.

Dr. Orji noted that the outstanding debts were identified in NEITI’s 2021–2022 Oil and Gas Industry Reports, which showed that Nigeria earned $23.04 billion in 2021 and $23.05 billion in 2022 from the sector, yet several entities failed to remit the funds due to the government.

He added that recovering these revenues could have substantially supported energy infrastructure, education, and healthcare across the country.

“The NEITI 2021–2022 Oil and Gas Industry Reports revealed that Nigeria earned $23.04bn in 2021 and $23.05bn in 2022 from the sector. However, we also identified outstanding remittances of N1.5tn owed to the federation by some companies and government agencies, funds that could significantly support energy infrastructure, education, and healthcare if recovered,” the agency stated.

The NEITI Executive Secretary emphasized that the findings highlight the economic impact of weak accountability in the oil sector, warning that persistent poor governance continues to drain national revenue.

Dr. Orji further revealed that Nigeria lost 13.5 million barrels of oil in 2022 alone, representing $3.3 billion in losses due to theft and pipeline sabotage.

Dr. Orji noted that the unpaid revenues could have fully financed Nigeria’s health budget for an entire year.

“Our findings also exposed the devastating cost of poor accountability. In 2022 alone, Nigeria lost 13.5 million barrels of crude oil valued at $3.3bn to theft and sabotage. That is revenue that could have financed a full year of the federal health budget or provided energy access to millions of households,” he stated.

He emphasized that transparency and accountability are vital for Nigeria’s energy future, noting that the country’s advancement depends on the proper and open management of its natural resources.

“Nigeria’s energy future will not be defined by the size of our reserves or production capacity, but by how transparently and prudently we manage our natural resource wealth, the revenues, data, contracts, and decisions that shape our national destiny,” he said.

He further added, “Data builds trust, and trust drives investment. Transparency is not a bureaucratic exercise; it is an economic imperative. It attracts capital, technology, and partnerships.”

The NEITI boss noted that the agency has transitioned from merely an auditing body to a full-fledged governance reform institution, outlining key measures introduced to strengthen accountability across the oil and gas sector.

He listed these initiatives to include the institutionalisation of regular audits across the oil, gas, and solid minerals sectors; the creation of Nigeria’s Beneficial Ownership Register, which covers more than 4,800 extractive assets; the establishment of the NEITI Data Centre; and the introduction of the Just Energy Transition and Climate Accountability Framework.

“These are not ceremonial milestones. They are practical governance instruments designed to make transparency the DNA of Nigeria’s extractive sector,” he said.

Orji also urged journalists under the Association of Energy Correspondents of Nigeria to leverage NEITI’s data in holding both government and industry players accountable.

He reaffirmed the agency’s commitment to ensuring that every kobo generated from Nigeria’s natural resources is transparently managed and channelled toward national development.