The Nigerian National Petroleum Company Limited and its subsidiaries owed the federal government the sum of N3 trillion in crude oil sales and taxes between 2021 and February this year,the House of Representatives has said up to February this year
This was disclosed by the House of Representatives Ad Hoc committee on the “Need to recover outstanding debts owed the federal government by oil and gas companies” chaired by
Hon. Nkeiruka Onyejeocha,chairman of House of Representatives Ad Hoc committee on the “Need to recover outstanding debts owed the federal government by oil and gas companies”,announced this in Abuja at its inaugural meeting,where he also lamented that huge sums of money belonging to government has been held in individual accounts, making it difficult for the implementation of the budget.
He said the trend must be reversed for the country to survive and warned that his committee would not tolerate government agencies undermining its efforts to recover public funds meant for the development of the nation.
The committee is yet to receive submissions from NNPC, and the Ministry of Finance which the chairman insisted must oblige with the required documents for investigations.
She advised the agencies must do so in two weeks within which it is expected that all outstanding payment would have been made to avoid the necessary legislative sanctions.
The lawmakers are worried that people have continued to do business without paying taxes to government, reason why Nigeria has remained indebted to foreign lenders.
Besides, a subsidiary of the NNPC, Eroton exploration and production is said to be owing the federal government $58 million crude oil proceeds, as well as royalty and gas flare taxes
The head, project management office of the company, Dele Aikhionbare who appeared before the committee said the company was making efforts to offset the outstanding and pleaded for more time to fine-tune ways of payment.
He said the company has placed one of its cargo ships on sale so as to raise funds and offset the outstanding.
