NEITI To Recover N2.07trn Oil Taxes

The new executive secretary of the Nigeria Extractive Industries Transparency Initiative (NEITI), Dr Orji Ogbonnaya Orji, has vowed to recover N69.51billion and $5.31billion (about N2 trillion) as taxes from oil companies, totalling over N2.07tr.

Orji made the promise in his inaugural press conference on Tuesday in Abuja.

“The current NEITI management under my leadership is already evolving policies and strategies that would ensure that the recommendations in our reports are followed through and statutory recoverable revenues due to government, which is put at N69.51billion and $5.31billion respectively (as revealed by 2018 NEITI audit reports) are recovered into government coffers,’’ he said.

Orji said the recoverable revenues consisted of payments on oil royalty, gas royalty, gas flare penalties, petroleum profit tax, company income tax, education tax, withholding tax, value added tax and NNDC levy, added that the agency would be working with others to recover the revenues.

He said NEITI will unveil a framework that will involve stakeholders in this process.”