The Nigeria Extractive Industries Transparency Initiative (NEITI) has reported that outstanding collectible revenues due to the Federal Government from the oil and gas industry have reached $6.071 billion and N66.4 billion as of June 2024.
This announcement was made during the public presentation of NEITI’s 2022 and 2023 Independent Oil and Gas Industry Reports in Abuja. The report, prepared by the NEITI Board and the National Stakeholders Working Group (NSWG), was unveiled by the Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, alongside Senator George Akume, Secretary to the Government of the Federation and Chairman of NSWG, NEITI.
Mr. Olukoyede pledged to address the findings that revealed the industry owes the government $6 billion and N66 billion. He also disclosed that he had recently authorized the transfer of over N1 billion in recovered funds from previous NEITI audits into the Federation Account, emphasizing the EFCC’s commitment to taking necessary actions on the report’s findings, especially those involving financial infractions and violations of financial laws.
The report highlighted unpaid royalties and gas flare penalties of $6.049 billion and N65.9 billion owed to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) by August 31, 2024. It further detailed outstanding petroleum profit taxes, company income taxes, withholding taxes, and Value Added Tax (VAT) owed to the Federal Inland Revenue Service (FIRS), totaling $21.926 million and N492.8 million as of June 2024.
Regarding fuel importation, NEITI disclosed that Nigeria imported 23.54 billion litres of Premium Motor Spirit (PMS) in 2022, a figure that declined to 20.28 billion litres in 2023 after the removal of the fuel subsidy – a reduction of 3.25 billion litres (14%).
Additionally, the report noted that a total of N15.87 trillion was claimed as under-recovery/price differentials between 2006 and 2023, with the highest claim of N4.714 trillion recorded in 2022.
In terms of crude oil production, fiscalised crude production was reported at 490.945 million barrels in 2022, marking an 11% decline from the 556.130 million barrels produced in 2021. However, production increased to 537.571 million barrels in 2023, representing a 9.5% rise from the previous year. A 10-year trend analysis (2014-2023) showed the highest production volume of 798.542 million barrels in 2014, while the lowest was recorded in 2022.
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