Oil companies owe Federation Account $6.17bn in royalties according NEITI

09/27/2024

A recent audit report by the Nigeria Extractive Industries Transparency Initiative (NEITI) has revealed that the debt owed by oil companies to the Federal Government has escalated to $6.175 billion.

The report, released on Friday in Abuja, indicates that as of August 31, 2024, unpaid royalties and gas flare penalties owed to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) totaled $6.071 billion and ₦66.4 billion.

Additionally, as of June 2024, the Federal Inland Revenue Service (FIRS) is owed $21.926 million and ₦492.8 million in petroleum profit taxes, company income taxes, withholding taxes, and VAT.

NEITI also reported a 9 percent decline in industry revenue, with $16.467 billion recorded in 2023, down from $18.106 billion in 2022.

The report also highlighted a significant reduction in crude oil losses caused by theft and measurement errors, dropping from 36.69 million barrels in 2022 to 7.68 million barrels in 2023.

Written by: bossgmsi

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