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| Nigeria’s Minister of Petroleum Diezani Allison-Madueke |
Oil producing companies operating in Nigeria have been disclosed by the Nigeria Extractive Transparency Initiative (NEITI) to owe the Federal Government a total sum of N1.3 trillion in taxes.
Stating it to be a high level economic sabotage, Chairman of NEITI and human rights activist, Mr. Ledum Mitee revealed this at a recent stakeholders forum on the Petroleum Industry Bill (PIB) in Abuja, the disclosure being the outcome of an audit report on the operations of the oil companies and what they ought to have paid to the covers of government as tax, which consisted of underpayment and outright non-payment of taxes.
Central Bank of Nigeria (CBN), Office of the Accountant-General of the Federation, Department of Petroleum Resources (DPR) and Federal Inland Revenue Services (FIRS) are among the government institutions that should be supervising and monitoring the operations of the oil companies, while ensuring that they pay their taxes.
Government should however see the report by NEITI as an opportunity to demonstrate its commitment to checking all sources of revenue leakage and ensuring that oil producing companies make their paymenst when due, however the revelation by NEITI does not paint a good image of Nigeria and the way oil companies are conducting their operations in the country.
This tax liability, if drastic measures are not taken immediately to recover the debts may further soil Nigeria's poor corruption profile.
(Edited by: Blueblock)
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