The Nigeria Extractive Industries Transparency Initiative has disclosed that as of August 2024, operators in the oil and gas sector are collectively indebted to the Federal Government, with outstanding liabilities totalling $6.1bn.
It noted that the outstanding liabilities were made up of outstanding royalties, taxes, rents, and other collectible revenues due to be collected into government coffers.
The agency also advised the government to recover the outstanding liabilities in the oil and gas industry to finance the 2025 Budget.
The Executive Secretary of NEITI, Ogbonnaya Orji, gave the advice while interacting with the Senate Committee on Public Accounts on its industry reports for the oil, gas, and mining sectors covering years 2021, 2022, and 2023.
Orji, in a statement on Wednesday by the Director of Communications and Stakeholders Management, Obiageli Onuorah, said the oil sector is yet to fulfil its potential despite achieving recent milestones.
The statement read, “A total sum of $6.1bn as outstanding liabilities owned by the oil and gas industry to the federation as of August 2024. These are made up of outstanding royalties, taxes, rents, and other collectible revenues due to be collected into government coffers.”
