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NEITI Report: Oil Firms Owe FG $6.17bn In Unsettled Royalties And Taxes
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.
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.
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.
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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THE MILLION-DOLLAR HAND: Maradona’s Infamous ‘Hand Of God’ Match Ball Sells For £2.5m At Auction.
The football utilized by Diego Maradona to score his controversial “Hand of God” goal against England during the 1986 World Cup has been auctioned in the United States for £2.5m.....KINDLY READ THE FULL STORY HERE▶
The Adidas Azteca ball brought in $3.3m via Heritage Auctions on Saturday, which fell short of the estimated £7.3m ($10m) projection from experts.
Key details of the historic item and match include:
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The Match: The ball was in play for the entirety of Argentina’s 2-1 quarter-final victory against England at the Estadio Azteca in Mexico City.
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The Infamous Goal: Maradona scored both of Argentina’s goals, with his first involving him punching the ball past England goalkeeper Peter Shilton—an infraction missed by the referee. Post-match, Maradona famously attributed it to “a little with the head of Maradona and a little with the hand of God”.
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Goal of the Century: Minutes later, the Argentina captain scored a legendary solo goal, weaving past five outfield players and rounding Shilton.
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Prior Ownership: The ball was kept for over three decades by Tunisian referee Ali Bin Nasser, who officiated the match. He initially sold it in 2022 for £1.74m ($2.37m), though a subsequent attempt to sell it in 2023 did not meet the reserve price.
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Related Memorabilia: This auction follows the 2022 sale of Maradona’s Argentina shirt from the same match, which fetched £7.1m.
entertainment
“PLEASE FORGIVE ME”: Inside Ijebu’s Dramatic Public Plea After The Loss Of Veteran Icon Ogogo.
Nollywood actor Olatayo Amokade, widely known as Ijebu, recently took to social media to appeal to his family, friends, colleagues, and associates for forgiveness regarding any past grievances.....KINDLY READ THE FULL STORY HERE▶
The emotional video message shared on his Instagram page followed the passing of veteran actor Taiwo Hassan, popularly called Ogogo, who died at the age of 66.
Key highlights from his statement include:
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Deep Reflection: Ijebu expressed that the veteran actor’s death weighed heavily on his heart, prompting him to reflect deeply on the brevity of life and the importance of resolving conflicts early.
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Public Apology: Addressing seniors, colleagues, staff, and younger actors in the industry, the actor asked everyone to overlook his shortcomings and pardon any offense.
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Call for Reconciliation: Emphasizing that human beings come into the world with nothing and leave with nothing, he urged people to let go of grudges because life is short.
The founder and General Overseer of Rock Word Church and Dominion International, Dr Adamson Aromaegbe, has passed away.....KINDLY READ THE FULL STORY HERE▶
Based in Port Harcourt, Rivers State, the late gospel preacher died on Friday, with the specific circumstances surrounding his death kept private.
Key takeaways from the announcement include:
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Official Confirmation: The church leadership formally announced his passing on Sunday through a statement issued by Rev. Nnamdy Echezona via the ministry’s official channels.
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Tributes to a Visionary: The ministry honored Dr. Aromaegbe as a dedicated Christian leader, mentor, teacher, and kingdom builder whose life and work deeply impacted countless individuals.
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Next Steps: The church has asked members, friends, and well-wishers to keep the family and the Dominion International community in their prayers, noting that details regarding his “Celebration of Life” ceremony will be shared later.
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