Oil companies owe Federation Account $6.17bn in royalties according NEITI
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, […]
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