The ability of the Federal government to generate revenue is threatened as the Nigeria Extractive Industries Transparency Initiative (NEITI) has revealed huge revenue debt owed the federal government by oil and gas companies operating in the country.
In its ‘2022/2023 Independent Oil and Gas Industry Report’ unveiled in Abuja on Thursday, the oil and gas industry watchdog claimed that the federal government is owed $6.071 billion and N66.4 billion, respectively, in unpaid revenue by oil companies operating in the country as of June 2024.
In his opening address, Executive Secretary of NEITI, Dr Orji Ogbonnaya Orji while highlighting the key highpoints of the report called for improved compliance with regulatory frameworks, and increasing transparency in the industry.
