The Nigerian Extractives Industries Transparency Initiative (NEITI) has lamented the whopping $1.3886b revenue loss accruable to the federal government in unpaid gas royalty and gas flare penalties.
Giving a breakdown, NEITI disclosed that unpaid gas royalty stands at $559.8 million, while the debt stock to gas flare penalty stands at $828.8 million.
The revenue is due to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and is payable by the NNPCL and oil companies in Nigeria.
NigeriaDNA is a Direct News source that delivers the latest news, buzz, and stories from some of Nigeria’s most popular and trusted news websites. NigeriaDNA facilitates this by publishing headlines linking to breaking news and curated snippets from a diverse range of Nigerian credible, independent, and public-interest news sources. Our editors make it easy for Nigerians abroad and diaspora to discover top news stories in real-time as they're posted and directly linked to Nigeria's authoritative News Sources.
© 2024 All Rights Reserved | Curated and Powered by Nigeria DNA
