The Nigeria Extractive Industries Transparency Initiative (NEITI) has disclosed that outstanding collectible revenues due to the federal government in the oil and gas industry as of June this year have risen to over $6.071 billion and N66.4 billion (over N10 trillion), respectively.
In a statement yesterday, it said the figures were among crucial information and data contained in NEITI’s 2022 and 2023 Independent Oil and Gas Industry Report, released on Thursday in Abuja.
“A breakdown shows that the outstanding liabilities were $6.049bn and N65.9bn in unpaid royalties and gas flare penalties, due to the Nigerian Upstream Petroleum Regulatory Commission as collectible revenues by August 31, 2024. The report also provides a detailed analysis of the information and data regarding who owes what in outstanding revenues due to the government.”
A further breakdown shows outstanding petroleum profit taxes, company income taxes, withholding taxes, and VAT due to the Federal Inland Revenue Service, amounting to $21.926m and N492.8m as of June 2024.
It noted that 23.54 billion litres of PMS (premium motor spirit) were imported into the country in 2022 and 20.28 billion litres in 2023.
