latest
$6.17 Billion In Unpaid Taxes: Oil Companies’ Debt To Nigeria Exposed In Latest Report
$6.17 Billion In Unpaid Taxes: Oil Companies’ Debt To Nigeria Exposed In Latest Report....KINDLY READ THE FULL STORY HERE▶
The indebtedness of oil companies to the Federal Government regarding royalties and taxes has reportedly reached $6.175 billion.
Ireporteronline reports that details of the debt were confirmed by the Nigeria Extractive Industries Transparency Initiative (NEITI) in its audit of the petroleum sector.
The report, presented on Friday in Abuja, detailed that as of August 31, 2024, the unpaid royalties and gas flare penalties owed to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) amounted to $6.071 billion and ₦66.4 billion.
According to the report, the outstanding petroleum profit taxes, company income taxes, withholding taxes, and VAT owed to the Federal Inland Revenue Service (FIRS) totalled $21.926 million and ₦492.8 million as of June 2024.
NEITI also noted a 9 percent decline in industry revenue for 2023, with figures showing $16.467 billion compared to $18.106 billion in 2022.
The report highlighted a total loss of 7.68 million barrels of crude oil in 2023 due to theft and measurement inaccuracies, marking a significant decrease of 79 percent from the 36.69 million barrels lost in 2022.
Additionally, 153.44 million barrels of crude oil production were deferred in 2023, with companies such as SPDC (39.13 million barrels), TEPNG (6.07 million barrels), and TUPNI (3.5 million barrels) being notably impacted.
It was also reported that the government disbursed ₦3.01 trillion as a petrol subsidy in 2023, a decrease from ₦4.71 trillion in 2022.
The report indicated that 23.54 billion litres of PMS (premium motor spirit) were imported into the country in 2022, while imports fell to 20.28 billion liters in 2023, reflecting a reduction of 3.25 billion litres, or a 14 percent decline, following the subsidy removal.
“A detailed 10-year trend analysis (2014-2023) shows that the highest annual PMS importation into the country, 23.54 billion litres, was recorded in 2022, while the lowest, 16.88 billion litres, was recorded in 2017. 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,” the NEITI audit revealed.
In his remark at the report unveiling, the Secretary to the Government of the Federation, Sen. George Akume, assured stakeholders that the government would continue to grant NEITI the freedom to fulfil its mandate to the country and the global Extractive Industries Transparency Initiative, EITI.
Sen. Akume said: “As the Chairman of the NEITI Board, I stand before you today to underscore the Federal Government’s respect for NEITI’s independence. While my role as Chairperson is a testament to the importance the government places on NEITI, it also signifies the commitment to ensure that NEITI operates independently, without interference, as mandated by the EITI standard. We must safeguard this independence with great care and diligence, ensuring that NEITI can operate free from undue influence.”
EFCC Chair Vows To Recover Revenues
The Chairman of the Economic and Financial Crimes Commission (EFCC), Olanipekun Olukayode, pledged to utilize the most recent report to facilitate the recovery of all outstanding revenues owed by the companies to the government.
He further stated that based on previous reports from NEITI, the EFCC has successfully recovered and remitted more than ₦1 billion to the Federal Government’s accounts.
latest
Security Breach Scandal! Peter Obi Accused Of Orchestrating Identity Fraud At International Airport!.
A petition dated July 12, 2026, has been submitted to Aviation Minister Festus Keyamo, the Nigerian Civil Aviation Authority (NCAA), and the Economic and Financial Crimes Commission (EFCC) regarding serious security allegations. An anonymous individual, identifying as an aviation industry worker, is calling for a formal investigation into claims that Peter Obi, the presidential candidate for the Nigeria Democratic Congress (NDC), facilitated travel for a media aide using multiple identities.....KINDLY READ THE FULL STORY HERE▶
-
Circumventing Restrictions: The petitioner claims that Obi’s media aide was previously barred from flying with Air Peace due to alleged misconduct but continued to travel on the airline using different names.
-
Obi’s Alleged Involvement: The petition alleges that Obi repeatedly made arrangements to help the aide evade these airline restrictions and often accompanied her on these flights.
-
Interference with Security: It is further alleged that when traveling with this aide, Obi prevented airport staff from performing necessary identity verification procedures.
-
Evidence Cited: The petitioner claims to have attached evidence of flight tickets and Passenger Name Records (PNR) to the document to support these claims.
-
Safety Concerns: The document argues that these actions compromise aviation security and undermine the ability of airlines to enforce safety and identification protocols.
As of the report’s filing, these allegations remain unverified, and Peter Obi has not issued a public response.
latest
From Rivals To Rescue? Keyamo Stuns Public With Offer To Settle Peter Obi’s Airport Debt!.
Aviation Minister Festus Keyamo has agreed to a proposal by Mr. Nnaemeka Ikerionwu to pay the ₦25,000 airport parking fine issued to Peter Obi, the presidential candidate for the Nigerian Democratic Congress (NDC).....KINDLY READ THE FULL STORY HERE▶
-
Origin of the Fine: The fine was imposed after Peter Obi allegedly violated parking regulations at the Nnamdi Azikiwe International Airport in Abuja.
-
Context of the Dispute: Keyamo previously issued a seven-day ultimatum for Obi to pay the fine and publicly apologize to airport staff following claims Obi made in a podcast interview that he was being targeted and harassed at the airport.
-
Evidence Provided: To address Obi’s allegations of unfair treatment, Keyamo released CCTV footage showing the moment the parking violation occurred.
-
Resolution and Reaction:
-
Following an offer to pay the fine by Ikerionwu, Keyamo instructed him to contact the Director of Commercial and Business Development at the Federal Airports Authority of Nigeria (FAAN) to arrange payment.
-
Despite accepting the payment, Keyamo still expects an apology from Obi to the airport officials.
-
Keyamo stated that the ministry successfully refuted Obi’s claims and warned the candidate to avoid making “outlandish” statements in the future intended to secure “sympathy votes”.
-
latest
Nationwide Renaming Spree! Major Landmarks Across Nigeria Now Bear President Tinubu’s Name!.
The Federal Government has officially renamed the 750-kilometre Lagos-Calabar Coastal Highway as the President Bola Ahmed Tinubu Coastal Highway. Minister of Works David Umahi explained that this decision honors the President, noting that the project’s original vision began nearly 30 years ago during Tinubu’s time as the Governor of Lagos State.....KINDLY READ THE FULL STORY HERE▶
This recent renaming, announced on July 16, 2026, joins a significant and growing list of public assets and institutions that have been named or established in President Tinubu’s honor since he took office in May 2023.
Public Assets Named After President Tinubu
-
Bola Ahmed Tinubu International Airport, Minna: In March 2024, the airport—formerly the Abubakar Imam International Airport—was renamed by Governor Umar Bago to acknowledge the President’s support for Niger State.
-
Bola Ahmed Tinubu Way, Abuja: Following its reconstruction in May 2024, the Abuja Southern Parkway, which connects the Christian Centre to Ring Road One, was renamed by FCT Minister Nyesom Wike.
-
Bola Tinubu Building (National Assembly Library): Inaugurated by the President in May 2024, this newly completed library was named in his honor by the National Assembly.
-
Bola Ahmed Tinubu Technology Innovation Complex (BATTIC): Formerly the Nigeria Immigration Service command and control centre, this facility was renamed in December 2024 to serve as a hub for border security and technological innovation.
-
Bola Ahmed Tinubu Polytechnic, Gwarinpa: Established in January 2025 by the Federal Government, this institution focuses on entrepreneurial, vocational, and technical education.
-
Bola Ahmed Tinubu Barracks, Asokoro: Named by the Nigerian Army in January 2025, this new military facility features operational infrastructure, residential quarters, and sporting amenities.
-
Tinubu International Conference Centre (ICC), Abuja: Following comprehensive renovations, the Abuja International Conference Centre was renamed in June 2025 by the FCT Administration.
With the inclusion of the Lagos-Calabar Coastal Highway, at least eight major public facilities or infrastructure projects have been renamed or established to bear the President’s name during his administration.
-
latest11 months ago“Social Media Erupts As Jim Iyke Declares Rita Dominic Nollywood’s Most Beautiful”
-
latest2 years agoEdo Political Showdown: Oshiomhole Appears At Presidential Villa As Tinubu Hands APC Gubernatorial Flag To Okpebholo (Photos & Video)
-
entertainment2 years agoLove Knows No Age American Woman Defends Marriage To Young Nigerian Man “I’m Not 70”
-
latest2 years agoOlumide Akpata Strikes Again: Drops Killer Track, Sends Edo State Into Frenzy!(Video)
-
Politics3 years agoNigerians React As Pastor Adeboye Foresees Passing Away On A Sunday After Enjoying A Satisfying Meal Of Pounded Yam
-
latest2 years agoFG Identifies 31 States At Risk Of Heavy Flooding In 2024: See Full List
-
Politics3 years agoBREAKING: Inspector-General Of Police Summons Top Police Commanders For Crucial-Security Challenges
-
latest2 years ago5 NYSC Corpers Perish In Fatal Road Accident Returning From Camp
