neiti boss

77 oil organizations owe the Federal Government N2.6 trillion obligation

77 oil organizations owe the Federal Government N2.6 trillion naira obligation, the Nigeria Extractive Industries Transparency Initiative (NEITI) has said.

The debt emerges from the inability to dispatch oil benefit charge, organization annual duty, esteem added assessment, eminence, and concession on rentals.

NEITI Executive Secretary, Dr. Ogbonnaya Orji uncovered this on Tuesday while introducing the organization’s scorecard over the most recent seven months during a press preparation in Abuja.

“The NEITI reports dependent on discoveries in its 2019 review of the oil and gas area show that oil and gas organizations in Nigeria owe government about $6.48bn, which approaches N2.66tn at the present conversion scale of N410.35,” he said.

“A breakdown of the figures shows that a sum of $143.99m is owed as petrol benefit charges, $1.089bn as organization annual assessments, and $201.69m as schooling charge.

“Others incorporate $18.46m and £972,000 as Value Added Tax, $23.91m and £997,000 as retaining charge, $4.357bn as sovereignty oil, $292.44m as eminence gas, while $270.187m and $41.86m were unremitted gas flare punishments and concession rentals separately.”

While highlighting the significance of the assets to the economy, he said that the organization is set to take measures to recuperate the cash.

Read also: Normalcy returns to Gwarinpa, other areas of FCT

As per the NEITI chief, the divulgence was significant taking into account the public authority’s flow look for income to address the interest for consistent force, great streets, quality training, battle against revolt, and occupation creation.

Orji disclosed that NEITI chose to give significant data and information to help the public authority’s endeavors at recuperating this cash.

He likewise forewarned oil firms that NEITI would presently don’t watch while these obligations kept on leftover in its reports unaddressed.

This Post Has One Comment

Leave a Reply

Latest News