Oil firms owe govt N1.07trn tax revenue, others | Dailytrust

Oil firms owe govt N1.07trn tax revenue, others

From Eugene Agha, Lagos & Zakariyya Adaramola

The Nigeria Extractive Industries Transparency Initiative (NEITI) has said N1.07 trillion (or $2.67 billion) is owed by oil and gas companies as of March 2022.

The Executive Secretary, NEITI, Dr Orji Ogbonnaya Orji, who spoke at the Oil Producers Trade Section (OPTS) of the Lagos Chamber of Commerce and Industry (LCCI) sensitisation programme yesterday, said after the release of the NEITI 2019 report in which the debt by the firms owe, the House of Representatives set up an ad-hoc committee to recover the outstanding revenue.

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“So far, a total of $3.8bn (N1.5trn) has been paid while over $2.67bn (N1.07trn) is still outstanding as of March 2022. That disclosure was not in bad faith as the Extractive Industries Transparency Initiative (EITI) requires that the board follows up on the findings and recommendations in the EITI report.”

NEITI assured that it has plans to prepare Nigeria for global governance assessment of the oil, gas and mining sectors. 

He noted that Nigeria was due for the EITI validation round next year. “Our country is due for another round of validation in February 2022, but due to scheduling issues, the global body shifted the date to January 2023. The forthcoming validation exercise will be conducted using the 2019 EITI standard. I wish to emphasise that the global assessment is on and about Nigeria’s implementation of the initiative and not NEITI. NEITI is only a platform to guide Nigeria’s assessment,” he noted. 

Executive Director, OPTS-LCCI, Mr. Bunmi Toyobo, affirmed a strong commitment to collaborate with NEITI and the federal government in attracting investment and proper accountability in the sector.


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