FG clawed back $2.6 billion in revenue from oil companies – NEITI

1 FG clawed back 2.6 trillion in revenue from oil companies – NEITI

2 FG clawed back 2.6 trillion in revenue from oil companies – NEITI
By Emmanuella Anokam
Abuja, 14 September 2023 The
Federal government recovered a total of $2.6 billion in revenue from oil companies as a result of the Nigeria Extractive Industries Transparency Initiative (NEITI) Intervention by the National Assembly.

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3 NEITI said a total of $2.6 billion remained outstanding in corporate hands as of March 2022.
Doctor Orji Ogbonnaya Orji, Executive Secretary of NEITI, said
this Tuesday in Abuja at its Civil Society Organizations (CSOs) and media engagement on Extractive Industries Transparency Initiative (EITI) validation.

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4 EITI Validation, which is carried out every three years, is a quality assurance mechanism to check the level of compliance and progress in implementing its standards among member countries, including Nigeria.

5 Orji said NEITI’s financial report led to the collection of the debt.

6 “As we release the 2021 report, any company that owes to Nigeria, we have no choice but to invite EFCC take control and treat it as an economic crime,” he said.

seven He said the recovery was the result of NEITI appearing in the National Assembly to defend his position based on the data provided.

8 Recently, NEITI released reports from 2019 which included a list of 77 oil and gas companies that owed the government up to $6.8 billion.

9 The National Assembly had summoned the organization to come and defend it by showing how it had come to this.

ten According to Orji, as soon as he released the 2020 report to prove it, companies that wanted their names protected rushed to the relevant agencies to pay.

11 He revealed that from 77 companies, their number decreased to 51 companies and the amount fell to $3.6 billion.

12 “Which shows that from the time we released this information, a lot of money came in.

13 None of them disputed our report rather they gave excuses why they didn’t pay.

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

15 “NEITI does not collect anything, all we ask is that we be recognized and offered thanks,” he said.

16 He said that through NEITI there has been increased demand, easy access and availability of verified information and data in the public domain.

17 He said president Muhammadu BuhariThe administration should take credit for having done well with extractive sector reforms.

“The content of our updated reports is very incisive and shaping public debates,” the executive secretary said.

NewsSourceCredit: NOPE

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