The Nigeria Extractive Industries Transparency Initiative (NEITI) has improved public finances by recovering $9 billion from outstanding debts owing by the nation’s mining, oil, and gas businesses.
During a two-day stakeholder engagement on the 2024 Solid Minerals Industry Audit Tripartite Reconciliation Meeting in Damaturu, the capital of Yobe State, Mallam Sa’ad Balarabe, the Director of NEITI’s Energy and Mining Department, revealed this.
“Unlocking Nigeria’s Solid Minerals Potential for Economic Diversification” was the title of the NEITI-organized event, which was held at the WAWA Hall, Government House, Damaturu.
According to him, Nigeria has recovered $9 billion through NEITI from the agency’s founding in 2003 and 2026. He claims that the organization has persisted in shedding light on the management of Nigeria’s natural resource wealth, assisting in the fight against corruption and enhancing governance.
Balarabe claims that this development shows the agency’s dedication to revealing disparities and undeclared revenues in order to advance accountability and transparency in Nigeria’s mining, oil, gas, and other extractive industries.
Let me stress that NEITI has helped the Nigerian government collect $9 billion between its founding in 2003 and 2026. Nigeria’s extractive sectors have undergone reforms as a result, including enhancements to governance, revenue collection, and licensing.
According to him, “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 added that unsettled financial issues continue to be a key worry for the agency and pertinent authorities, notwithstanding notable advancements in fund recovery.
According to Hon. Idi Barde Gubana, Deputy Governor of Yobe State, the engagement occurs at a time when the country is stepping up efforts to diversify its economy.
He pointed out that the solid minerals industry provides a viable route to subnational income expansion, employment creation, industrial progress, and sustainable prosperity.
Additionally, he underlined the necessity of discouraging dangerous and informal mining techniques, encouraging value addition, and establishing a governance framework that inspires trust among respectable domestic and foreign investors.
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