09 Oct Buhari Approves Plan to Go After 77 Defaulting Oil Firms
President Muhammadu Buhari has approved the recovery of about N2.65 trillion unremitted funds by 77 oil companies operating in the country by a coalition of anti-graft agencies.
They include the Nigeria Extractive Industries Transparency Initiative (NEITI), Nigerian Financial Intelligence Unit (NFIU), the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the Economic and Financial Crimes Commission (EFCC) to recover
NEITI has revealed that 77 oil and gas companies operating in Nigeria were indebted to the federation to the tune of N2.659 trillion, arising from failure to remit petroleum profit tax, company income tax, education tax, value added tax, withholding tax, royalty and concession on rentals.
The NFIU Chief Executive Officer, Modibbo Tukur, who spoke when he visited the NEITI secretariat to officially sign a Memorandum of Understanding (MOU) between the two government organisations, broke the news of the president’s approval yesterday, nothing that it was unacceptable that government would be owed such huge funds at a time it was borrowing to fund major projects around the country.
He said that the Minister of Finance had been directed by the President to oversee the process, including the setting up of a panel of the anti-corruption agencies to recover the unremitted monies.
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