According to PUNCH, the Federal Government collected N600 billion from Nigerian oil and gas corporations. This includes unpaid taxes, royalties, penalties, and commission on rents noted in the NEITI audit report.
According to information reviewed in Abuja and taken from the NEITI audit report; the 77 oil firms implicated had liabilities of N2.6 trillion as of 2019.
In an effort to recover the funds, the House of Representatives invited the companies, and reported that following their intervention, the enterprises started the process of remitting some of the money.
The data showed that while the overall recovery before NEITI’s announcement and prior to the year 2021 was N900 billion; the additional recovery following NEITI’s announcement and the National Assembly review was N600 billion.