UNREMITTED REVENUE BY GOVERNMENT AGENCIES, OIL AND GAS COMPANIES OVER $9.85B IN 2021: NEITI 18-09-23
By Sadiq Aminu The Nigeria Extractive Industries Transparency Initiative, NEITI, has established that the total unremitted revenues to the Federation account by some relevant government agencies and companies in the oil and gas sector in the year 2021 have risen to over $9.85bn.
Executive Secretary of NEITI, Dr. Orji Ogbonnaya Orji made this known while presenting the report of the 2021 Oil and Gas audit report in Abuja. Dr. Orji stated that the information and data contained in the NEITI latest reports paid special attention to helping the government at all levels to shore up revenue, support national development and poverty reduction through resource mobilisation.
He expressed worry that despite the concerted efforts made last year to recover some of the revenues through the Ad Hoc Committee that was set up by the National Assembly, the 2021 figures showed outstanding financial liabilities due to the Federation to the tune of $13.591mn payable to the Federal Inland Revenue Service (FIRS) as of July 31, 2023, while the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) had outstanding tax collectible revenues of $8.251bn as at December 31, 2022.
The Secretary to the Government of the Federation, Senator George Akume represented by the Permanent Secretary, Political and Economic Affairs Mrs. Esuabana Nko while unveiling the report reaffirmed the federal government’s commitment to support and deepen the implementation of the NEITI in Nigeria.
According to the SGF, President Bola Tinubu’s administration was fully committed to the fight against corruption in the extractive industry in particular and in other sectors of the economy.
Chairman Senate Committee on Oil and Gas Host Communities, Sen. Benson Agadaga, reaffirmed government’s commitment to implement the recommendations of the NEITI oil and gas report while assuring the stakeholders that the Federal Government would carefully study the report and adopt it as a working document for the overall reform programme in the oil and gas sector.
The Chairman Senate Committee on Petroleum Upstream Sen. Eteng Williams commended the vital role NEITI had played and urged NEITI to continue to ensure revenue mobilization for the country now that subsidy had been removed .
The Chairman, House Committee on Petroleum Resources, (Downstream) Hon. Ikeagwuonu Ugochinyere (Ikenga Imo) pledged the support of his Committee to lay the report on the floor of the House and debate it extensively to ensure the implementation of the recommendations made therein, as enshrined in Sections 3 and 4 of the NEITI Act.
The Minister of Budget and National Economic Planning Sen. Abubakar Atiku Bagudu represented by the Permanent Secretary, Nebeolisa Anako stated that the data generated by NEITI would help the ministry in its planning mandate for the country.
The report showed that Nigeria earned a total revenue of $23.046bn from the sector in 2021. The sum is about 13 percent higher than the corresponding total of $20.43bn realized in 2020.