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HomeAfricaNigerian govt inaugurates panel to recover US$9.6b

Nigerian govt inaugurates panel to recover US$9.6b

The Nigerian government has set up an Inter-Ministerial Task Team (IMTT) to recover the unremitted US$9.6 billion contained in the Nigeria Extractive Industries Transparency Initiative (NEITI) Audit Report.

The private Vanguard newspaper reported Tuesday that the inauguration of the panel, in the capital city of Abuja, stems from the lackluster attitude of major players in the extractive industries, especially in the oil and gas sector, towards the remittance of revenues.

Secretary to the government Anyim Pius Anyim said the panel’s inauguration was an indication of the government’s firm belief that transparency in the sector would impact positively on other sectors, thereby limiting wastage, significantly reducing corruption and increasing overall revenue.

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