Oil companies owe FG $9.1 Billion in taxes -NEITI

The Nigeria Extractive Industries Transparency Initiative, NEITI has revealed that Oil producing companies operating in Nigeria owe the Federal Government $9.81Billion in underpayment and non-payment of taxes on their operations.

According to a statement issued by the Director of Communications, NEITI, Mr. Ogbonnaya Orji, in Abuja the Chairman of the Initiative Mr. Ledum Mitee, disclosed this at a stakeholders’ forum on the Petroleum Industry Bill.

Mr. Mitee urged relevant government agencies responsible for the custody and management of extractive resources’ revenue, including the Federal Inland Revenue Services, Central Bank of Nigeria, Office of the Accountant-General of the Federation and the Department of Petroleum Resources to take practical steps to recover the outstanding money.