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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.
entertainment
Regret And Revelation: Disqualified BBNaija Housemate Nomy Drops Bombshell On What She’d Do Differently!
Following her recent disqualification from the Big Brother Naija Season 11 house due to repeated infractions of Big Brother’s rules, former housemate Nomy has broken her silence for the first time. During an interview conducted on the platform , she offered a sincere apology to her supporters for letting them down, emphasizing that her rule violations and subsequent exit were never intentional.....KINDLY READ THE FULL STORY HERE▶
Reflecting on her journey and the massive wave of public backing awaiting her outside the house, Nomy expressed profound gratitude, noting that discovering she had an entire nation rooting for her brought immense joy. She admitted that had she realized the true depth of the love and support she commanded from viewers nationwide while still in the game, she would have exercised much greater caution and done everything within her power to avoid disqualification and secure a spot in the grand finale, though she ultimately accepted that her path unfolded the way it was meant to.
Nigeria’s Fourth Republic has experienced numerous high-profile cabinet reshuffles, dismissals, and forced resignations across successive administrations since 1999. Because departures often blur the line between formal terminations, voluntary resignations, and forced exits, there is no single definitive number of ministers who have been sacked.....KINDLY READ THE FULL STORY HERE▶
The Obasanjo Administration (1999–2007)
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Hussaini Akwanga (Labour Minister): Sacked by President Olusegun Obasanjo in December 2003 due to allegations tied to a controversial national identity card contract awarded to SAGEM.
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Fabian Osuji (Education Minister): Dismissed in March 2005 following allegations that ₦55 million was offered to National Assembly members regarding the ministry’s budget.
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Alice Mobolaji Osomo (Housing Minister): Sacked weeks after Osuji’s removal over controversy regarding the allocation and proposed sale of over 200 Federal Government properties in Ikoyi, Lagos.
The Yar’Adua Administration (2007–2010)
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Adenike Grange (Health Minister) & Gabriel Aduku (Minister of State for Health): Resigned in March 2008 amid investigations into about ₦300 million in unspent 2007 budget funds, having effectively been given the option to resign or face dismissal.
The Jonathan Administration (2010–2015)
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Michael Aondoakaa (Attorney-General and Justice Minister): Removed from the Justice Ministry by Acting President Goodluck Jonathan in 2010 and initially redeployed to Special Duties.
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Barth Nnaji (Power Minister): Left office in August 2012 amid concerns regarding a potential conflict of interest in the privatisation of electricity assets.
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Inuwa Abdulkadir (Youth Development Minister): Appointment formally terminated by President Jonathan in August 2013 over issues relating to National Youth Council of Nigeria elections.
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Nine Ministers Sacked in September 2013: Jonathan relieved nine ministers of their duties on September 11, 2013—namely Olugbenga Ashiru (Foreign Affairs), Ruqayyatu Ahmed Rufa’i (Education), Shamsudeen Usman (National Planning), Amal Pepple (Lands, Housing and Urban Development), Hadiza Mailafia (Environment), Ita Okon Bassey Ewa (Science and Technology), Olusola Obada (State for Defence), Zainab Ibrahim Kuchi (State for Power), and Bukar Tijani (State for Agriculture)—though the changes were framed as routine efforts to bring in fresh ideas rather than punishments.
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Stella Oduah (Aviation Minister): Removed in February 2014 following heavy criticism and investigations surrounding the purchase of two armoured BMW vehicles by the Nigerian Civil Aviation Authority.
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Godsday Orubebe (Niger Delta Minister), Caleb Olubolade (Police Affairs Minister), & Yerima Ngama (State for Finance): Departed the cabinet alongside Oduah in February 2014, with exits linked partly to pursuing political and private interests.
The Buhari Administration (2015–2023)
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Mohammed Sabo Nanono (Agriculture Minister) & Sale Mamman (Power Minister): Both removed during a September 2021 cabinet reshuffle intended to reinvigorate the administration and address weaknesses found in government programs.
The Tinubu Administration (2023–Present)
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Betta Edu (Humanitarian Affairs Minister): Suspended by President Bola Tinubu in January 2024 pending an EFCC investigation into ministry finances, and permanently replaced during the October 2024 cabinet restructuring.
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October 2024 Dismissals: Tinubu dismissed five ministers on October 23, 2024, which included Uju Kennedy-Ohanenye (Women Affairs), Lola Ade-John (Tourism), Tahir Mamman (Education), Abdullahi Muhammad Gwarzo (State for Housing), and Jamila Bio Ibrahim (Youth Development).
During Tuesday’s trading sessions, the Nigerian currency maintained its fluctuation against the greenback within official foreign exchange channels. Central Bank of Nigeria records indicated that the local currency exchanged at a value of $\text{₦}1,320.25$ per dollar, showing a slight shift from Monday’s rate of $\text{₦}1,320.56$. Conversely, trading at the parallel market settled at a rate of $\text{₦}1,400$ per dollar.....KINDLY READ THE FULL STORY HERE▶
Actual retail transactions handled by commercial banks, Bureau de Change networks, and independent FX dealers may fluctuate away from these baseline figures due to individual transaction costs as well as immediate supply and demand shifts. Observers and market analysts continue to watch foreign exchange inflows, general dollar demand, and upcoming monetary decisions by the Central Bank to determine if the local currency can maintain its performance through the remainder of the month.
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