x

N2.6 trillion debt: Reps invite NNPC, NDDC, others for investigation

By Isaac Kertyo

In its bid to investigate over N2.6 trillion debt owed by oil companies, the House of Representatives has invited the Nigerian National Petroleum Corporation, the Niger Delta Development Commission, and many others before the House.

The other bodies invited by the House Ad-hoc Committee on the recovery of outstanding debts owed to the Federal Government by Oil and Gas companies in Nigeria include the Federal Inland Revenue Service, Upstream Regulatory Commission, Midstream and Downstream Petroleum Regulatory Authority.

This is based on the report of the National Extractive Industries Extractive Initiative that 77 Oil and Gas companies operating in Nigeria were owing the Federal Government over N2.6 trillion.

The Clerk of the Committee, Mr Eric Makwe, said this in a statement on Monday in Abuja, against the backdrop of the 2020 NEITI report.

He said that the invitation was based on the motion at plenary on November 30, 2021, which cited the NEITI report that 77 Oil and Gas companies operating in Nigeria were owing the Federal Government over N2.6 trillion.

The clerk also noted that the House directed NEITI, the National Oil Spill Detection Agency, and the FIRS to provide necessary data that was needed in the investigation that would help to facilitate recovery of the debts.

He also said that the head of the 18-member ad hoc committee investigating the debt, Representative Nkeiruka Onyejeocha, had assured that the committee would thoroughly investigate all issues raised in the NEITI report.
“The probe is in respect of outstanding liabilities owed by Oil and Gas which include payments of royalties, levies, rents, concessions, rentals, and penalties,” he said.

Others are taxes, including petroleum profit tax, company income tax, education tax, Value Added Tax, withholding tax, among others.
Makwe also noted that the major concern of the lawmakers was on the current poor revenue structure and rising debt profile which the government was battling.

It was gathered that the committee had already begun the investigation and was already making interesting discoveries.

Hot this week

Editors Urge Government To Create Safe, Enabling Environment For Journalists

· Ask security agents to find missing Vanguard journalistAs...

EXCLUSIVE: Buhari orders probe of Isa Funtua, AMCON over keystone and Etisalat

Following the controversy generated by the leading opposition party,...

6 Signs your boyfriend thinks you are ugly -Take note of No. 2

They say there are three kinds of people; the...

2023: South-East, Middle Belt Forum Endorses Peter Obi

The South-East and Middle Belt Forum has endorsed the...

Kano Judiciary Sanctions Judges, Registrars for Misconduct

The Kano State Judicial Service Commission (JSC) has disciplined...

Wike Orders Crackdown On Quack Hospitals in FCT

By Joyce Remi-BabayejuThe Minister of Federal Capital Territory (FCT),...

Why FG throws weight behind indigenous companies acquisition of IOCs assets

Amgbare Ekaunkumo, YenagoaThe Federal Government has thrown it's weight...

A political group Loyal to Nysome Wike inaugurates Bayelsa chapter

Amgbare Ekaunkumo, YenagoaThe new Associates , a pro- political...

Benue, Plateau Genocides, CRA says ISWAP in control of 80 communities

… cautions FG on cosmetic approach.By Gabriel UdehThe Christian...

Ango Resumes, Charges Agric Secretariat Workers to Buckle Up for Work

By Joyce Remi-BabayejuAs the Mandate Secretary of the Agriculture...

A’Ibom HIV/AIDS Anti-Stigma Bill awaiting Governor’s assent –

By Ogenyi Ogenyi,UyoA Bill aimed at protecting people living...
spot_img

Related Articles

Popular Categories

spot_imgspot_img