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NEITI Report: Oil Firms Owe FG $6.17bn In Unsettled Royalties And Taxes

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NEITI Report: Oil Firms Owe FG $6.17bn In Unsettled Royalties And Taxes....KINDLY READ THE FULL STORY HERE▶

Oil companies’ indebtedness to the Federal Government in terms of royalties and taxes has risen to $6.175bn, according to an audit of the petroleum industry by the Nigeria Extractive Industries Transparency Initiative (NEITI).

The oil and gas industry report, presented on Friday in Abuja, revealed a breakdown of  $6.071bn and ₦66.4bn in unpaid royalties and gas flare penalties owed to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) as of August 31, 2024.

Additionally, there are outstanding petroleum profit taxes, company income taxes, withholding taxes, and VAT owed to the Federal Inland Revenue Service (FIRS) amounting to $21.926 million and ₦492.8m as of June 2024.

NEITI also revealed a 9 per cent drop in industry revenue in 2023, with $16.467bn recorded compared to $18.106bn in 2022.

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The NEITI report disclosed a total loss of 7.68 million barrels of crude oil in 2023 due to theft and measurement errors, a significant drop of 79 per cent from the 36.69 million barrels lost in 2022. Additionally, 153.44 million barrels of crude oil production were deferred in 2023, with companies like SPDC (39.13 million barrels), TEPNG (6.07 million barrels), and TUPNI (3.5 million barrels) being the most affected.

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The report disclosed that the government paid ₦3.01tn as a petrol subsidy in 2023 compared to ₦4.71tn paid in 2022.

It stated that a total of 23.54 billion litres of PMS (premium motor spirit) were imported into the country in 2022, while 20.28 billion litres were imported in 2023. This represents a reduction of 3.25 billion litres, or a 14 per cent decline, following the removal of the subsidy.

“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”.

Speaking 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.

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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”.

On his part, the Chairman of the Economic and Financial Crimes Commission (EFCC) Olanipekun Olukayode promised to use the latest report to ensure that the government recovers all outstanding revenues from the companies.

The Chairman announced that from NEITI’s past reports, EFCC recently recovered and remitted over ₦1bn to the Federal Government coffers.

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“I’m Not Linked to Violence Or Terrorism” — Sultan Of Sokoto Fires Back At US Cleric Mac Arnold.

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The Sultan of Sokoto, Muhammad Sa’ad Abubakar, has denied any involvement in violence or terrorist activities, dismissing recent allegations against him as false and unfounded.....KINDLY READ THE FULL STORY HERE▶

In a statement issued on Thursday, the Sultan’s media team, through Prince Bashir Adefaka, warned an American commentator identified as Mac Arnold to stop spreading what it described as baseless and defamatory claims.

The statement said Mac Arnold had made a series of sensational allegations aimed at drawing public attention while targeting the person and office of the Sultan.

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According to the Sultan’s media team, the claims suggesting any link between the traditional ruler and violence or terrorism are misleading and unsupported by credible evidence.

It stressed that the Sultan remains a respected religious and national leader who has consistently promoted peace, interfaith harmony, and national unity both in Nigeria and internationally.

The statement urged members of the public and the global community to verify information from reliable sources and avoid amplifying divisive content that could inflame tensions.

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It also warned that any defamatory material or comments capable of inciting discord would be subjected to legal action under both Nigerian and international laws.

The Sultanate reaffirmed its commitment to peace, justice, and national unity, insisting that it would continue working with relevant stakeholders to promote stability and coexistence.

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Former Ondo Governor Olusegun Mimiko Dumps PDP Again In Fresh Political Move.

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Former Ondo State Governor, Olusegun Mimiko, has formally resigned from the Peoples Democratic Party (PDP).....KINDLY READ THE FULL STORY HERE▶

Mimiko announced his decision in a resignation letter dated April 10, 2026, addressed to the PDP chairman of Ward 7 in Ondo West Local Government Area.

In the letter, the former governor said growing speculation about his political future made it necessary for him to clarify his status.

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He noted that he had been largely absent from party activities in recent times and wanted it clearly stated that he is no longer a member of the PDP.

“I am tendering my resignation from the Peoples Democratic Party, effective from April 10, 2026,” he wrote.

Mimiko added that his decision was made without bitterness or ill feelings toward anyone in the party.

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The development was confirmed by his former Chief Press Secretary, Eni Akinsola, who said the resignation letter had been duly submitted, although he did not disclose further details.

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Don’t Burn Tyres On New Roads — FERMA Begs Abia Residents.

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The Federal Road Maintenance Agency (FERMA) has appealed to residents of Abia State and other road users along the Aba–Azumini highway to protect the newly completed road from activities that could damage it.....KINDLY READ THE FULL STORY HERE▶

FERMA’s South-East 2 Zonal Director, Suleiman Mohammed Omonowo, issued the warning during an inspection of the project, cautioning against the burning of tyres during celebrations, which he said could damage the road surface.

He noted that destructive practices by some youths and community members often contribute to the early failure of road projects across the country.

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“Our advice to road users, especially indigenes, is to protect the road from destruction. Let nobody come and destroy it or burn tyres in the name of celebration,” he said.

Omonowo said the Aba–Azumini highway was previously in a very bad condition before FERMA intervened, describing it as a death trap for commuters and residents.

He also expressed satisfaction with the quality of work done on the project, adding that drainage structures such as catch pits would help prevent flooding and extend the lifespan of the road.

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According to him, the highway serves as a major link between Aba, several Abia communities, and Cross River State, carrying heavy traffic daily.

He urged local construction firms to improve on quality delivery to compete effectively with foreign contractors.

Meanwhile, the Federal Roads Maintenance Engineer in Abia State, Festus Okafor, said FERMA workers have not faced harassment or violence from residents during operations in the state.

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