Nigeria To Reclaim N2.659trn Unremitted Funds From 77 Oil Companies

The Nigeria Extractive Industries Transparency Initiative has been revealed that 77 oil and gas companies operating in Nigeria are indebted to the country to the tune of N2.659 trillion.<br />The Nigeria Extractive Industries Transparency Initiative attributed the debt to their failure to remit petroleum profit tax, company income tax, education tax, value-added tax, withholding tax, royalty and concession on rentals.<br />The Executive Secretary of the organisation, Dr Ogbonnaya Orji, stated that when converted to a dollar, the government was being owed $6.48 billion at today’s official exchange rate of N410.35.<br />He noted that a breakdown of the figures showed that a total of $143.99 million was owed as petroleum profit taxes, $1.089 billion as company income taxes and $201.69 million as education tax.