Victor EzejaAS Nigeria grapples with revenue shortfalls, President Muhammadu Buhari has given approval to Nigerian Extractive Industry and Transparency Initiative (NEITI) and some other anti-corruption agencies in the country to recover N2.65trillion unremitted by 77 companies in oil and gas sector.
Other agencies to join NEITI in the exercise are, Independent Corrupt Practices and Other Related Offences Commission (ICPC), Economic and Financial Crimes Commission (EFCC) and Nigerian Financial Intelligence Unit (NFIU).
Join our WhatsApp ChannelNFIU Director and Chief Executive Officer, Mr. Modibbo Tukur who made this known, expressed displeasure over such huge debt owed to the government.
Approval for the exercise followed a report by NEITI some weeks ago that about 77 companies in the oil and gas sector are owing the government N2.659 trillion as a result of failure to remit taxes such as petroleum profit tax, company income tax, royalties, and concession on rentals, among others.
Tukur said that NFIU has through its fund flow, discovered that a huge amount of money raised through illegal extractive businesses like mining, was either being moved out of the country or used to finance terrorism.
The NFIU boss who signed a memorandum of understanding between the two government agencies, stated that it was unacceptable for the government to be owed such debt, especially in this period when it was experiencing heavy financial insufficiency, adding that they were moving to ensure that all firms maintain transparency and remit what is due to the government.
His words, “Mr. President has officially approved all the recoveries to be done in this area. The Minister of Finance has been directed to set up a recovery panel with the EFCC, NEITI and NFIU in it and even NAPIMS and all the others.
“So, we are heading to maximum transparency. And there will be consolidation of data coming from NEITI, from NFIU and other agencies and there will be very clear reconciliation with the players and those regulating the sector. So, no more hiding of our national revenues. We all know what we are going through. Nobody wants to see the government borrow.
“This is also a natural environment issue where people hide and they do illegal mining, they exploit, then they do certain things and they move it out of the country without even the Ministry of Mining knowing and sometimes they go as far as using this sector to finance terrorism.
“We ran into so many cases, in this particular area when we were doing our analysis on terrorism. So, I think today is the day to congratulate you because we are taking off and you will see the results because now we have all seen the zeal.
“We are talking about N2.6 trillion, then we also reported over $5 billion not paid in the area where the players are, which is the Niger Delta area. And then over N700 billion not paid, and in some cases companies receiving as agents and not even remitting.”
Executive Secretary, NEITI, Ogbonnaya Orji said the government can’t sit down and watch some people and organizations unscrupulously fritter away resources meant for the country through illegal diversion.
“We can’t all sit down and watch as a few people will want to fritter the resources that are available to this country. This country is in a haste to develop and needs resources to provide roads, water, electricity, build infrastructure for our people and our teeming youths and make life abundant and to reduce the exodus of our youths to other jurisdictions where they go and even things get tougher.
“When we travel around the world and we meet Nigerians, I feel pained because some of them are the best talents and brains that could have been more useful in our country.
“Everyday, we get reports of illegal mining, extortion and selling of our mineral resources in the international market without any consideration, especially in the area that these activities border on our national security,’’ Orji stated.
Victor Ezeja is a passionate journalist with six years of experience writing on economy, politics and energy. He holds a Masters degree in Mass Communication.
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