The NNPC Limited and 47 oil companies failed to remit to the federal government the sum of $8.265 billion revenue from oil proceeds, royalties and fines in 2021.
According to NEITI in its 2021 report, 47 oil companies owed the federal government the sum of $1.342 billion and NNPC Limited, $6.923 billion.
The collectible revenues were due to FIRS and NUPRC, NDDC levies, transportation revenue and other miscellaneous revenues.
As stipulated by the NEITI Act 2007, NEITI engaged the services of an Independent Administrator (IA) to conduct the annual audit of Nigeria’s oil and gas sector.
This involves the reconciliation of payments made by companies with receipts of extractive revenues by government entities.
The report further shows that the total receipts from the 23 revenue streams of the nation’s oil sector was $23,046,088,000 in 2021.
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