NEITI Recovers N2.6 Trillion Revenue From Oil Companies

The Executive Secretary of Nigeria Extractive Industries Transparency Initiative (NEITI), Dr Orji Ogbonnaya Orji has revealed that the agency recovered the sum of N2.6 trillion revenue from oil companies operating in Nigeria.

The Executive Secretary of NEITI disclosed, on Tuesday in Abuja at the Civil Society Organisations (CSO) and media engagement on Extractive Industries Transparency Initiative (EITI) validation.

Orji explained that the revenues include all taxes and VAT being collected by the Federal Inland Revenue Service (FIRS) and all royalties being collected by the Nigeria Upstream Petroleum Regulatory Commission (NUPRC).

NEITI added that a total of $2.6 billion remained outstanding in the hands of companies as at March 2022.

He said Extractive Industries Transparency Initiative (EITI) validation is carried out every three years and is a quality assurance mechanism to ascertain the level of compliance and progress in implementing its standards among member countries, including Nigeria.

“By the time we release 2021 report,  any company that is found to still be owing Nigeria will have no choice than to face EFCC, as we will invite them to take over and handle it as an economic crime,” he said.

He noted that NEITI released 2019 reports which included a list of 77 oil and gas companies that owed the government up to 6.8 billion dollars, citing that the recovery was as a result of NEITI’s appearance at the National Assembly to defend its position based on data it provided.

The NEITI boss added that as soon as it released the 2020 report, the companies that wanted their names protected started rushing to the relevant agencies to pay up, adding that the list reduced from 77 companies to 51 companies and the amount came down to $3.6 billion.

“Which shows that from the point we released that information a lot of money came in. None of them disputed our report rather they were giving excuses why they did not pay.

“The money includes all taxes and VAT being collected by the Federal Inland Revenue Service (FIRS) and all royalties being collected by the Nigeria Upstream Petroleum Regulatory Commission (NUPRC).

“NEITI collects nothing, all we are asking is for us to be recognised and offered thank you,” he said.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.