The Nigeria Extractive Industries Transparency Initiative (NEITI) on Monday, released its 2020 audit report which shows that 51 oil and gas companies owe the Federal Government a total of $3.17billion (N1.32 trillion). The report also noted that revenue in the year under review dipped by 40 percent.
NEITI 2020 oil and gas industry report, the latest of its financial indicators in the oil and gas industry was unveiled in a public presentation of the oil, gas, mining sector’s operation and the fiscal allocation and statutory disbursement. It further highlighted that the number of defaulting companies dropped from 77 reported by NEITI in 2019 to 51 in 2020. Speaking at the unveiling, the Executive Secretary of the NEITI, Dr. Orji Ogbonnaya Orji, announced that companies’ liabilities to the Federation as at “December 31, 2020 was N1.32trillion or $3.17billion compared to the N2.6 trillion owed in 2019”. He described the current debts as collectable revenues that are due to the Federation by the Department of Petroleum Resources and the Federal Inland Revenue Service.
