The Nigeria Extractive Industries Transparency Initiative (NEITI) says outstanding collectible revenues due to the federal government in the oil and gas industry have risen to $6.071 billionand N66.4 billion as of June 2024, respectively.
NEITI disclosed this on Thursday in Abuja at the public presentation of its 2022 and 2023 Independent Oil and Gas Industry Reports.
The News Agency of Nigeria (NAN) reports that the report was prepared by the NEITI Board and the National Stakeholders Working Group (NSWG).
Ola Olukoyede, chairperson of the Economic and Financial Crimes Commission (EFCC), unveiled the report alongside George Akume, Secretary to the Government of the Federation and chairperson of NSWG, NEITI, and other dignitaries.
The breakdown of the report showed that outstanding liabilities were $6.049 billion and N65.9 billion in unpaid royalties and gas flare penalties due to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) as collectable revenues by 31 August 2024.
Subscribe our newsletter to stay updated
Thank you for subscribing!
Subscribe our newsletter to stay updated
Thank you for subscribing!