NEITI report: Reps vow to probe N8trn unremitted revenue, subsidy scam

The House of Representatives, at its plenary Wednesday, vowed to probe the N8 trillion unremitted revenue and fuel subsidy scam.

This comes after the Green Chamber received the Nigerian Extractive Industries Transparency Initiative (NEITI) 2021 Oil and Gas Report.

The report presentation, which was in line with Section 4(3) of the NEITI Act, was laid by the sponsor and chairman of the House Committee on Petroleum Resources (Downstream), Hon. Ikenga Ugochinyere, co-sponsored by chairman Committee on Petroleum Resources (Upstream), Hon Alhassan Ado-Doguwa.

After receiving the report, the House referred it to its Committees on Petroleum Resources (Upstream and Downstream).

Ugochinyere had, while laying the report, noted that Section 4(2) of the Constitution of the Federal Republic of Nigeria 1999 (As Amended) empowers the National Assembly to make laws for the peace, order and good governance of the Federation or any part thereof.

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“The unremitted revenues consist of $278.813 million earned by the Federation from trial marketing under the First Exploration and Production JV, $7.61million from OML 116 operated by Nigerian Petroleum Development Company (NPDC) and $5.85 billion proceeds from the sales of domestic crude oil, including about $871.15million unremitted crude oil sales.

“The report, the total outstanding taxes payable to Federal Inland Revenue Service as of 315 of July 2023 was US$ 13.591 million, while the total amount of outstanding Federation revenue payable to NUPRC as of 31 per cent of December 2022 stood at US$8.251 billion”, he said.

Newspot recalls that the NEITI 2021 report was released on Monday 18th, September 2023, with far-reaching findings and recommendations critical to the development of the oil and gas sector.