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NEITI: 77 Oil Companies Owe Federal Govt

NEITI: 77 Oil Companies Owe Federal Govt

The Nigeria Extractive Industries Transparency Initiative (NEITI), has said there are 77 oil companies owing the Nigerian Government. Information Guide Nigeria

Speaking at a Press Conference in Abuja, NEITI Executive Secretary Dr.  Ogbonnaya Orji, said the companies (including international and Nigerian-owned oil and gas companies) owe N2.659 trillion.

In a report filed by LEADERSHIP, Dr.  Ogbonnaya Orji said these reports are contained in its 2019 audit reports of the oil and gas sector. Jamb Results

“The NEITI reports based on findings in its 2019 audit reports of the oil and gas sector show that oil and gas companies in Nigeria owe the government about $6.48billion which equals about N2.659 trillion at today’s exchange rate of N410.35”.

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LEADERSHIP reports that the debt is as a result of companies’ inability to remit petroleum profit tax, company income tax, education tax, value-added tax, withholding tax, royalty, and concession on rentals.

Ogbonnaya noted that the debt owed by these companies could be used to fund 46 percent of Nigeria’s 2021 budget deficit of N5.6 trillion.

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Idongesit Akpa-Ayang

Idongesit is a graduate of Communication Arts, University of Uyo. Currently working as a news reporter at InfoGuide Nigeria.

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