The Nigeria Extractive Industries Transparency Initiative (NEITI), says outstanding collectible revenues due to the Federal Government in the oil and gas industry have risen to 6.071 billion dollars and N66.4 billion as at June 2024, respectively.
According to the News Agency of Nigeria (NAN), NEM disclosed this on Thursday in Abuja at the public presentation of its 2022 and 2023 Independent Oil and Gas Industry Reports.
The News Agency of Nigeria (NAN) reports that the report is being prefered by the NEITI Board and the National Stakeholders Working Group (NSWG).
The report was unveiled by Mr Ola Olukoyede, Chair-man, Economic and Financial Crimes Commission (EFCC), alongside Senator George Akume, Secretary to the Government of the Federation and Chairman, NSWG, NEITI and other dignitaries.
He promise to address the findings that the industry owed the government $6 billion and N66 billion.
He disclosed that he has authorised the transfer of over #1 billion of funds recovered funds through previous NEITI audits, into the Federation Account.
“Over the years, as an anti-corruption agency in the country, we are part of the success of the work of NEITI.
Where the work stops at the level of presenting this report, then we take off from there to ensure that the recommendations therein and revelations therein particularly as relates to criminal infractions, and violation of our financial laws, it is taken up seriously.
“I am also happy to announce to you that as of yesterday (Wednesday), I still approved that over a billion so remitted to the Federal Government account as a result of the work of the last report of NEITI.
“Since then we have been making recoveries. We have cases in court we are prosecuting and with this report 2022 and 2023. We are also going to do everything within our power, deploying all our resources to ensure we implement the recommendations therein,” EFCC boss he said.
The breakdown of the report showed that outstanding liabilities were 6.049 billion dollars and N65.9 billion in unpaid royalties and gas flare penalties, due to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) as collectible revenues by Aug. 31, 2024.
It also provided a detailed analysis of the information and data regarding who owes what in outstanding revenues due to the government.
A further breakdown showed outstanding petroleum profit taxes, company income taxes, withholding taxes, and Value Added Tax (VAT), due to the Federal Inland Revenue Service (FIRS), amounting to 21.926 million dollars and N492.8 million as of June 2024.
On fuel importation, the latest NEITI report disclosed that a total of 23.54 billion litres of Premium Motor Spirit (PMS) were imported into the country in 2022, while 20.28 billion litres were imported in 2023.
This represented a reduction of 3.25 billion litres, or a 14 per cent decline, following the removal of the fuel sub-sidy.
A detailed 10-year trend analysis (2014-2023) in the NEITI report showed that the highest annual PMS importation into the country, 23.54 billion litres, was recorded in 2022, while the lowest, 16.88 billion litres recorded in 2017.
The NEITI report also disclosed that a total of N15.87 trillion was claimed as under-recovery/price differentials between 2006 and 2023, with the highest amount, N4.714 trillion, recorded in 2022.
On crude production, fiscalised crude production in 2022 stood at 490.945 million barrels, compared to 556.130 million barrels produced in 2021, representing an 11 per cent decline.
However, in 2023, NEIT’s independent report revealed total fiscalised production of 537.571 million barrels, and 46.626 million-barrel or 9.5 per cent increase from total production recorded in 2022.
A 10-year trend (2014-2023) of fiscalised crude oil production in Nigeria showed the highest production volume of 798.542 million barrels was recorded in 2014, while the lowest, 490.945 million barrels, was recorded in 2022.
