Amid NASS Probe: NEITI Uncovers $9.85bn Debts Owed Federal Govt By Oil Firms, Others

The House of Representatives ad-hoc committee investigating crude oil theft and loss of revenues from oil and gas companies has again insisted that agencies and other stakeholders in the industry evading the ongoing investigation appear before it unfailingly.

This is as the total unremitted revenues to the Federation by some relevant government agencies and companies in the oil and gas sector in the year 2021 have risen to over $9.85 billion.

The figure and other vital pieces of information and data about Nigeria’s petroleum sector were revealed in the 2021 Oil and Gas Industry Report unveiled by the Nigeria Extractive Industries Transparency Initiative (NEITI), in Abuja, yesterday.

Reports have it that the investigative panel has insisted that the heads of the Nigeria National Petroleum Ltd, (NNPCL), Nigeria Maritime Administration and Safety Agency (NIMASA) and the Nigeria Inland Waterways Authority (NIWA), amongst others, must appear physically for the investigation.

This is even as the committee has continued to unearth stunning revelations of massive oil theft, suggesting grave collusion of regulatory agencies and their collaborators in the oil and gas sector.

A compilation of the outstanding financial liabilities due to the Federation by the NEITI report indicated that a total of $13.591 million revenues was payable to the Federal Inland Revenue Service (FIRS) as of July 31, 2023, while the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) had outstanding tax collectible revenues of $8.251 billion as at December 31, 2022.

The report also showed that over 80 per cent of these outstanding financial liabilities are owed by NNPCL

Executive secretary of NEITI, Dr. Orji Ogbonnaya Orji, who presented the highlights of the report, stated that the information and data contained in NEITI’s latest report paid special attention to helping the government at all levels to shore up revenue, support national development and poverty reduction through resource mobilisation. The report therefore provided an update on the financial liabilities of the NNPCL and some companies to the federation.

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