UNREMITTED FUNDS FROM AGENCIES COULD COVER 72% OF 2025 BUDGET DEFICIT, NEITI REPORT SHOWS

In a startling revelation, the Nigeria Extractive Industries Transparency Initiative (NEITI) has uncovered N9.3 trillion in unremitted liabilities owed to the federal government by revenue-generating agencies, according to its 2023 industry report released yesterday.
This massive sum represents approximately 72% of the federal government’s projected budget deficit of N13 trillion for the 2025 fiscal year, raising serious concerns about domestic revenue mobilization efforts.
Speaking at a media briefing in Abuja, NEITI Executive Secretary Dr. Orji Ogbonnaya Orji described the situation as “deeply troubling” at a time when the government is actively seeking resources to fund its ambitious 2025 budget.
“These unremitted funds could substantially reduce our dependence on borrowing and provide critical infrastructure that Nigerians desperately need,” Dr. Orji stated. “The magnitude of these liabilities exceeds the entire budget allocation for our security apparatus, healthcare system, and social welfare programs combined.”
Indeed, the N9.3 trillion in question surpasses the total budgetary provisions for national security (N6.11 trillion), health (N2.48 trillion), and social welfare (N724 billion) in the 2025 budget proposal currently before the National Assembly.
This revelation comes amid growing pressure on government finances, with increasing public debt and dwindling oil revenues continuing to strain the nation’s economic outlook.
However, Dr. Orji highlighted some positive developments, noting that NEITI’s accountability efforts have already yielded significant results. “Through our previous disclosures, specifically from the 2021 oil and gas report, we have successfully recovered over $4.85 billion in debts owed to the government,” he revealed.
The Federal Ministry of Finance has previously issued warnings to ministries, departments, and agencies regarding non-compliance and non-payment of liabilities, which reportedly total approximately N39 trillion across various sectors.
NEITI has called on relevant government agencies, particularly the Revenue Mobilization Allocation and Fiscal Commission and the Office of the Accountant-General, to take immediate action to recover these funds.
Economic analysts suggest that successfully recovering even half of these unremitted funds could significantly reduce the need for external borrowing and help address the infrastructure deficit plaguing various sectors of the Nigerian economy.