NEITI: Companies Owed FG N1.32trn in 2020, Oil Revenue Dipped by 40%

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The Nigeria Extractives Industries Transparency Initiative (NEITI) revealed yesterday that oil companies’ liabilities to the federation as of December 31st, 2020, were N1.32 trillion or $3.17 billion, up from N2.6 trillion in 2019.

The Executive Secretary of the NEITI, Dr. Ogbonnaya Orji, stated that the number of defaulting companies has also decreased from 77 in 2019 to 51 in 2020 while highlighting highlights of the NEITI 2020 oil and gas industry report released in Abuja.

The reports presented were the oil and gas as well as mining and Fiscal Allocation and Statutory Disbursement documents for the year under review.

Orji stated that the current debts were collectable revenues that due to the Federation by the defunct Department of Petroleum Resources (DPR) and the Federal Inland Revenue Service (FIRS).

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