The World Bank and the Extractive Industries Transparency Initiative (EITI), the global standard for the promotion of openness in the oil, gas and mineral resources management, have said Nigeria has so far recovered about $3 billion as a result of more transparency in the sector.
This was coming as the Department of Petroleum Resources (DPR), Nigeria's oil sector regulator, has released what it described as the strategic plan and policy for the survival and success of the industry post-COVID-19.
"Reports, policy briefs and other knowledge products published by the Nigeria Extractive Industries Transparency Initiative (NEITI) have been a catalyst for ongoing reforms and have helped the country to identify about $20 billion in recoverable revenues, and to recover approximately $3 billion into government coffers to date," the global bodies stated.
"A 2017 policy brief on unremitted funds highlighted more than $20 billion, which the national oil company, the Nigerian National Petroleum Corporation (NNPC), should have contributed to government revenues, highlighting the urgent need for oil sector reform.
The Department of Petroleum Resources (DPR), Nigeria's oil sector regulator, has released what it described as the strategic plan and policy for the survival and success of the industry post-COVID-19.
