shippingposition
  • Home
  • News
  • Editorial
    • Vox Pop
  • Maritime safety
  • Oil and Gas
  • Personality
  • Health
No Result
View All Result
shippingposition

Home » 77 Oil, Gas Firms Owe Nigeria N2.6 trillion, Says NEITI

77 Oil, Gas Firms Owe Nigeria N2.6 trillion, Says NEITI

by Joshua
October 4, 2021
in Oil and Gas

The Nigeria Extractive Industries Transparency Initiative (NEITI) has revealed that 77 oil and gas companies still owe the federation a whooping N2.6 trillion.

Orji-Ogbonnaya-Orji Dr

The Executive Secretary of NEITI, Dr Orji Ogbonnaya Orji, disclosed this during a media briefing on the status of EITI implementation in Nigeria and the agency’s mid-year scorecard in the past seven months since he took over leadership of NEITI.

According to NEITI, the debt profile which stood at $6.48billion equivalent to N2.659 trillion as at December, 2019, arises from the non-remittance of petroleum profit tax, company income tax, education tax, value added tax, withholding tax, royalty and concession on rentals by the defaulting oil and gas companies.

A breakdown of the figures obtained by SlyeNews shows that a total of $143.99million is owed as petroleum profit taxes (PPT), $1.089billion as company income taxes (CIT) and $201.69Million as education tax. Others include $18.46million and £972,000 as Value Added Tax, $23.91million and £997,000 as Withholding Tax, $4.357billion as royalty oil, $292.44million as royalty gas, while $270.187million and $41.86million were unremitted gas flare penalties and concession rentals respectively.

Orji said a comparative analysis shows that the huge sum of N2.659trillion could have covered the entire capital budget of the federal government in 2020 or even used to service the federal government’s debt of $2.68billion in 2020.

He explained that the disclosure is important and timely in view of the government’s current search for revenues to address citizens’ demand and provide infrastructure.

He added that the sum, which is even higher than the entire projected oil revenue for 2021, if recovered, could fund about 46% of Nigeria’s 2021 budget deficit of N5.6trillion.

“This is why NEITI is set to work with the government to provide relevant information and data to support efforts at recovering this money,” Orji stated.

Read Also:  Shell Donates Subsea Training Facilities To Uniport

Speaking further, he informed that a gap analysis conducted by the agency has revealed the need for an amendment of the NEITI Act of 2007 to reflect current realities in the EITI implementation process, as the existing Act makes it difficult for NEITI to respond to global issues due to the evolving nature of the EITI.

Chairman of the NEITI Board, Mr. Olusegun Adekunle stated that the Board is committed to push policy boundaries higher, sustain timely reporting, and ensure that systems and processes put in place in the sector works.

He also stressed that the board will use all within its disposal to track shortfalls reported in audit reports and ensure recovery as well as ensure that data generated by the agency are reliable for national planning.

He added that the existing partnership with the media and CSOs would be further strengthened under his watch to effectively undertake the task of ensuring prudent management of extractive resources.

shippingposition

Kindly like us on Facebook


Tags: Dr Orji Ogbonnaya OrjiNEITI

Related Posts

Nigeria’s Daily Crude Oil Production Drops To 937,766 bpd In September

Nigeria’s Crude Oil Export Revenue Drops by 17% to $6.68 Billion in First Two Months of 2025

June 1, 2025
President Tinubu Signs 6 IMO Instruments Of Accession

FG Rallies Stakeholders to Accelerate Nigeria’s Gas Revolution, Signs Agreement with Ten Equity Partners

June 1, 2025
The Return of Standards Organisation of Nigeria to the ports

SON Raises Concern Over Influx Of Adulterated Lubricants, Engine Oil

June 1, 2025
Tensions Rise as Bayelsa Host Communities Threaten Shutdown Over Security Contracts

Tensions Rise as Bayelsa Host Communities Threaten Shutdown Over Security Contracts

June 1, 2025

Discussion about this post

Latest News

Vessels Expected At Lagos Ports As At 9th July, 2025

FG Donates 3,500 Life Jackets to Boost Waterways Safety in Ogun State

July 9, 2025

Dangote Commends NPA-Led OSS Committee, Donates Bus to Support Operations

Customs Intercepts ₦654m Worth of Undeclared Foreign Currency at Kano Airport, Hands Over Suspects to EFCC

Vessels Expected At Lagos Ports As At 9th July, 2025

CRFFN Dismisses Viral Court Judgement Reports, Reaffirms Regulatory Mandate over Freight Forwarders

Lagos Govt. Dismantles Illegal Checkpoints Along Badagry Expressway

Nigeria Customs Sensitises International Airline Operators on Currency Declaration

PHOTO NEWS Collaboration For Trade Facilitation

Vessels Expected At Lagos Ports As At 8th July, 2025

Nigerian Exporters Lament as Road Freight to Ghana via Benin, Togo Costs Over ₦10 Million Per Truck  

NIWA Responds to Lagos State’s Call to Halt Sand-Filling Approvals on Waterways 

Shippers’ Council Recovers Over N5.5 Million in Container Deposit Refunds, Demurrage Disputes in Q1

kindly like our Facebook page

Health

Contraceptive Pills Can’t Cause Cervical Cancer – Expert
Health

Contraceptive Pills Can’t Cause Cervical Cancer – Expert

June 30, 2025

Mrs Roseline Akinlabi, Adolescent and Youth Sexual Reproductive Health Desk Officer, Osun Primary Healthcare Board, says contraceptive pills cannot cause...

ONIONS: The Good Old Healing Vegetable

KNOW YOUR BODY PARTS: The Liver

June 16, 2025
ONIONS: The Good Old Healing Vegetable

ONIONS: The Good Old Healing Vegetable

June 16, 2025
Why Prostate Disorder Cases Are Increasing Among Nigerian Men – Experts

Why Prostate Disorder Cases Are Increasing Among Nigerian Men – Experts

June 1, 2025
20m Nigerians Live With Mental Health Issues, Says WHO

20m Nigerians Live With Mental Health Issues, Says WHO

June 1, 2025
Health Facts You Didn’t Know

How Your Habit Affects Fertility

May 19, 2025
Fruits For Raining Season

Fruits For Raining Season

May 19, 2025
See Mental Illness Like Other Treatable Diseases – Says Suicide Survivor

Health Facts You Didn’t Know

May 19, 2025
Alligator Pepper: Benefits, FAQ, Side Effects, & Warning

Alligator Pepper: Benefits, FAQ, Side Effects, & Warning

April 28, 2025
Water And Health: The Relationship That Helps Life

Water And Health: The Relationship That Helps Life

April 28, 2025

© 2021 Shippingposition

Navigate Site

  • Home
  • About Us
  • Contact us
  • Privacy Policy
  • Sitemap
  • Terms

Follow Us

No Result
View All Result
  • News
  • Coast To Coast
  • Oil and Gas
  • Maritime Education
  • The Terminals
  • Maritime safety

© 2021 Shippingposition