Business
FG Recovers N600bn From Oil Companies Through Audit
The Federal Government has recovered N600bn from oil and gas companies operating in Nigeria.
The sum comprises unpaid taxes, royalties, penalties and commission on rentals that were identified in the audit report of the Nigeria Extractive Industries Transparency Initiative (NEITI).
Data from the audit showed that the total liabilities of the 77 oil firms that were involved as at 2019 was N2.6tn, based on figures captured in the audit report of NEITI.
The House of Representatives invited the firms in a bid to recover the funds and it gathered that after the intervention by the lawmakers, the companies commenced the process of remitting some of the funds.
Documents obtained so far have indicated that while the total recovery pre-2021 and before the pronouncement of NEITI was N900bn, the additional amount recovered after NEITI’s pronouncement/National Assembly review was N600bn.
NEITI conducts a financial, physical and process audit that assesses and reconciles physical and financial flows within Nigeria’s oil and gas industry in line with the Extractive Industries Transparency Initiative (EITI) Standard and the NEITI Act 2007.
The oil and gas audit has the objective of confirming the outstanding payments (liabilities) due to the federation from each covered company through the respective revenue collection government agencies.
The management of NEITI had repeatedly expressed concern about the liabilities highlighted in its various reports considering the high demand for government revenue for development projects.
The House of Representatives had, during a plenary session, noted the statement by NEITI that 77 oil and gas companies operating in Nigeria were owing the Federal Government over N2.6tn.
The House also noted that the debts accrued from the failure of the firms to remit Petroleum Profit Tax, Company Income Tax, Education Tax, Value Added Tax, Withholding Tax, Royalties, penalties and concession on rentals to the Federal Government.
Speaking to journalists on the development in Abuja, the Executive Secretary, NEITI, Orji Ogbonnaya-Orji, said it was the duty of the agency to make data of the country’s extractive industries available to government.
He also stated that the audit report of the oil industry for 2021 would be ready before the end of this year, adding that it would further provide updates on the remittances so far made by the oil firms to the Federal Government.
Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.
Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.
The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.
Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.
“I did my best and I am happy for this performance,” said Sawe.
“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”
Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.
In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.
Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.
Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.