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$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.
Barcelona winger Lamine Yamal has hailed Inter Miami captain Lionel Messi as the greatest footballer of all time, saying the Argentine’s achievements place him above every other player in the sport’s history.....KINDLY READ THE FULL STORY HERE▶
News reports that Yamal made the comments on Monday, April 20, shortly after being named Best Young Athlete at the 2026 Laureus World Sports Awards in Madrid.
The teenage star expressed deep admiration for Messi while speaking about his own ambitions in football, stressing that the Argentine icon has earned worldwide respect through his remarkable career.
“Leo Messi is the best football player of all time. If he’s not the best athlete of all time, he’s certainly among them. Everyone respects him for what he’s achieved, and I hope I can follow in his footsteps,” Yamal said.
Messi, who is widely regarded as one of football’s greatest legends, has won more than 45 trophies throughout his career, including multiple league titles, continental championships, and the FIFA World Cup with Argentina.
Now 38, the eight-time Ballon d’Or winner is nearing the final stages of his playing career and is expected to take part in what could be his last World Cup this summer.
Meanwhile, Egyptian forward Mohamed Salah has revealed his desire to end his Liverpool career on a positive note after scoring in his final Merseyside derby during a 2-1 victory over Everton at Anfield.
Salah opened the scoring in the intense encounter, registering his ninth goal in the derby and equalling Steven Gerrard as Liverpool’s joint-highest scorer in the fixture.
The forward, who has had a mixed season, once again delivered in a crucial moment as Liverpool continue their push for a top-four finish and Champions League qualification.
Speaking after the match, Salah emphasised the importance of helping the team secure European football as he looks ahead to the end of his Anfield journey.
“I hope I will just keep scoring and help the team to achieve the Champions League this season. Hopefully, I say farewell in the right way,” Salah said.
“It feels great. The most important thing was to help the team settle down and feel more confident. We knew before the game it was going to be tricky, difficult, and I’m glad we were able to win it.”
Chief of Staff to President Bola Tinubu, Femi Gbajabiamila, has advised the House of Representatives member of the African Democratic Congress (ADC), Leke Abejide, to remain in his party.....KINDLY READ THE FULL STORY HERE▶
Gbajabiamila made the remark during a birthday celebration organised in honour of Abejide, according to reports.
He noted that the All Progressives Congress (APC) was pleased with the lawmaker’s activities within the ADC, adding that his presence was creating internal tensions in the opposition party.
The Chief of Staff also urged Abejide to disregard calls from APC members, including former Kogi State Governor, Yahaya Bello, who had reportedly encouraged him to defect to the ruling party.
“Don’t come to APC. Stay in ADC and scatter them. We like what you’re doing. Don’t mind former governor Yahaya Bello, who said you should join APC. No, no, no, stay in ADC and win your election. Also, bring Bala Gombe, and we’ll support him. Good luck in court,” he was quoted as saying.
Meanwhile, fresh tension has emerged within the African Democratic Congress as factional leader Nafiu Bala accused former national chairman Ralph Nwosu of misrepresenting the purpose of a recent party event.
Bala, speaking in an interview on AIT on Monday, said he was invited to what he believed was a routine meeting to welcome new members but later discovered it was used to announce a new leadership structure led by David Mark.
He explained that he only realised the full agenda after proceedings had begun, adding that the event also featured Nwosu stepping down while unveiling new party executives.
According to him, the development has deepened existing internal disputes within the party, especially with the appointment of David Mark and others into key leadership positions during the gathering.
Leaders of the All Progressives Congress (APC) in Ogun East Senatorial District have reportedly endorsed Governor Dapo Abiodun as their preferred candidate for the 2027 senatorial election.....KINDLY READ THE FULL STORY HERE▶
According to reports, the decision was taken on Monday during a large political gathering held at Adeola Odutola Hall in Ijebu-Ode, which attracted party stakeholders and grassroots representatives from across the district.
A statement from the governor’s media office indicated that the meeting was widely attended by key APC figures, including members of the Governor’s Advisory Council, former and serving local government chairmen, councillors from all wards, as well as current and former lawmakers at both state and national levels. Women leaders, youth groups, and other stakeholders were also present.
Party leaders at the event expressed confidence in Abiodun’s capacity to represent Ogun East effectively at the National Assembly, describing his leadership record as a key factor in their decision.
They also resolved to formally communicate the endorsement to the governor and begin mobilisation efforts ahead of the 2027 electoral cycle.
The Secretary to the State Government, Tokunbo Talabi, noted that the governor’s performance in office and his role in fostering unity within the party were central to the decision to support his senatorial ambition.
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