The Nigeria Extractive Industries Transparency Initiative (NEITI) has facilitated the recovery of $9 billion in unpaid liabilities from companies operating across Nigeria’s oil, gas, and mining sectors, strengthening government revenues.

The Director of Energy and Mining at NEITI, Sa’ad Balarabe, disclosed this during a two-day stakeholders’ engagement for the 2024 Solid Minerals Industry Audit Tripartite Reconciliation Meeting in Damaturu, Yobe State.

Balarabe explained that from the agency’s establishment in 2003 through 2026, NEITI has played a central role in recovering the $9 billion, while also promoting transparency in the management of Nigeria’s natural resource wealth.

He noted that the agency’s efforts have helped curb corruption and strengthen governance across the extractive industries.

According to him, the milestone reflects NEITI’s commitment to uncovering discrepancies and hidden revenues, while advancing accountability in the oil, gas, and mining sectors.

“Let me reiterate that since the inception of NEITI from 2003 to 2026, the agency has facilitated the recovery of $9 billion for the Nigerian government. This has influenced reforms in Nigeria’s extractive industries, including improvements in licensing, revenue collection, and governance systems.

“Transparency and accountability are not only national requirements but also critical pillars for building investor confidence, strengthening citizens’ trust, and aligning Nigeria’s extractive practices with global standards,” he said.

He added that despite these gains, outstanding financial liabilities remain a concern for both the agency and relevant authorities.

In his remarks, Yobe State Deputy Governor, Idi Barde Gubana, said the engagement comes at a critical time as Nigeria intensifies efforts to diversify its economy. He described the solid minerals sector as a viable path to industrialisation, job creation, increased subnational revenue, and long-term economic growth.

Gubana also stressed the need to curb informal and unsafe mining practices, encourage value addition, and build a governance framework capable of attracting credible local and international investors.