Buhari Okays Panel For N2.66trn Recovery From Oil Firms   President Muhammadu Buhari has approved the recovery of debts owed the federation by government agencies and oil and gas companies in the country’s extractive sector. On September 29, 2021, The Economic Confidential reported that the indebtedness of...

Fed Govt Releases Fresh Debtors’ List Nov, 77 Oil Firms Owe N2.66trn           The indebtedness of 77 oil and gas companies to the Federal Government is now N2.66tn, the Nigeria Extractive Industries Transparency Initiative said on Tuesday. NEITI’s Executive Secretary, Orji Ogbonnaya-Orji, who said this in Abuja...

Oil Firms Borrowed N130bn From Banks In February – CBN     Operators in the downstream, natural gas and crude oil refining sectors of the Nigerian oil and gas industry borrowed N130bn from Nigerian banks in February amid the significant rise in global crude oil prices. The debt...

Oil Firms’ Income Tax Payments Decline To N47.74bn       The company income tax paid by oil and gas companies to the Federal Government fell by N4.94bn or 10.25 per cent in 2020, official figures have shown. An analysis of data collated from the National Bureau of Statistics...

Oil, Power Firms Owe Nigerian Banks N5.83trn – NBS         The debts owed by energy firms to Nigerian banks rose by N200bn to N5.85tn in the third quarter of this year, according to the National Bureau of Statistics. The N5.85tn represents 29.44 per cent of the N19.87tn...

Oil Firms Spent N2.64bn On Transportation In Nine Months         The total expenses made on transportation and freight costs of oil products by four major oil marketing companies in the country in the first nine months of the year amounted to N2.64bn. This is in contrast to...