The Nigeria Extractive Industries Transparency Initiative (NEITI) on Thursday stated oil and fuel firms working in Nigeria owed the Federal Authorities over $6.071 billion and N66.4 billion in taxes and royalties.
These figures have been disclosed within the 2022-2023 NEITI Impartial Oil and Fuel Trade Report, launched at present in Abuja.
In keeping with the report, nearly all of these excellent liabilities—$6.049 billion and N65.9 billion—are unpaid royalties and fuel flare penalties as a result of Nigerian Upstream Petroleum Regulatory Fee (NUPRC).
Along with royalties and penalties, the report famous unpaid petroleum revenue taxes, firm revenue taxes, withholding taxes, and VAT, totalling $21.926 million and N492.8 million owed to the Federal Inland Income Service (FIRS) as of June 2024.
NEITI additionally disclosed that Nigeria imported 23.54 billion litres of premium motor spirit (PMS) in 2022, a determine that declined to twenty.28 billion litres in 2023 following the removing of gas subsidies.
The report additionally famous that the best yearly PMS import quantity of 23.54 billion litres was recorded in 2022, whereas the bottom, 16.88 billion litres, occurred in 2017.
When it comes to crude oil manufacturing, the report revealed that Nigeria’s fiscalized crude manufacturing dropped by 11 % in 2022 to 490.945 million barrels from 556.130 million barrels in 2021.
Nonetheless, in 2023, crude manufacturing rebounded to 537.571 million barrels, a 9.5 % enhance from the earlier 12 months.
On crude lifting, NEITI reported 482.074 million barrels lifted in 2022, a decline from 551.006 million barrels in 2021.
By 2023, crude lifting rose to 534.159 million barrels, a rise of 58.08 million barrels.
The report famous that oil theft and crude losses skilled a major discount in 2023, indicating {that a} whole of seven.68 million barrels have been both stolen or misplaced, marking a 79 % drop from the 36.69 million barrels recorded in 2022.
