The House of Representatives ad-hoc Committee on the recovery of outstanding debts owned the Federal Government by Oil and Gas companies in Nigeria, has invited the Nigeria National Petroleum Corporation (NNPC) and many others for investigation.
Others invited include the Niger Delta Development Commission (NDDC), Federal Inland Revenue (FIRS), Upstream Regulatory Commission, Midstream, Downstream Regulatory Authority, among others.
This is based on the report of the National Extractive Industries Extractive Initiative (NEITI) that 77 Oil and Gas companies operating in Nigeria are owing the Federal Government over N2.6 trillion.
Mr Eric Makwe, the Clerk of the Committee, said this in a statement on Monday in Abuja, against the backdrop of the 2020 NEITI report.
He said that the invitation was based on the motion at plenary on Nov. 30, 2021, which cited the NEITI report that 77 Oil and Gas companies operating in Nigeria are owing the Federal Government over N2.6 trillion.
The clerk said the House had urged NEITI, the National Oil Spill Detection Agency (NOSDRA) and the Federal Inland Revenue Service (FIRS) to provide necessary data needed to facilitate recovery of the debts.
He, however, said that Rep. Nkeiruka Onyejeocha, who is heading the 18-member ad hoc committee investigating the matter, assured that it would thoroughly investigate all issues raised in the report.
According to him, the probe is in respect of outstanding liabilities owed by oil and gas which include payments of royalties, levies, rents, concessions, rentals, and penalties.
Others are taxes, including petroleum profit tax, company income tax, education tax, Value Added Tax, withholding tax, among others.
Makwe said that the major concern of the lawmakers is on the current poor revenue structure and rising debt profile which the government is contending with.
He said that the committee had gone into action and is already making interesting discoveries. (NAN)
