Tag: NEITI

NEITI, EFCC Collaborate To Recover $6bn, N66bn From Oil Sector Stakeholders

Abibat Babalola

Executive Secretary of the Nigeria Extractive Industries Transparency Initiative (NEITI) Dr Orji Ogbonnaya Orji has said that the Agency was in collaboration with the Economic and Financial Crimes Commission to recover about $6 billion and another N66 billion owed the Federal Government by industry stakeholders in the oil sector. Dr Orji disclosed this on Monday while defending the 2025 budget before the House Committee on Petroleum Resources, Upstream. He explained that the Agency had already laid all its reports on the extractive industry to the parliament for further legislative action.…

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Oil Companies Owe Govt $6bn, N66bn – Report

ADEOLA YUSUF

The Nigeria Extractive Industries Transparency Initiative (NEITI) has announced that outstanding collectible revenues due to the Federal Government in the oil and gas industry as of June this year have risen to over $6.071 billion and N66.4 billion, respectively. Chris Ochonu, Assistant Director, Communications and Stakeholders Management, said this in a statement. He noted that these figures were among crucial information and data contained in NEITI’s 2022 and 2023 Independent Oil and Gas Industry Report, released today in Abuja. According to the report,a breakdown shows that the outstanding liabilities were…

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Oil Firms Evade $6.4bn Taxes Payment To Nigeria, NEITI Kicks

Ganiyu Amodu

Why we threatened action against oil and gas companies that failed to remit outstanding taxes, royalties and levies to the Federation Account – Industry Transparency Initiative Boss   The Nigeria Extractive Industries Transparency Initiative, NEITI, has threatened action against oil and gas companies that failed to remit outstanding taxes, royalties and levies to the Federation Account amounting to about $6.4 billion (N2.66 trillion). NEITI noted that while a large portion of the amount has been paid by defaulting companies, it warned that it will instigate action against those that have…

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