Oil companies now owe the Federal Government $6.175bn for tax and royalties. This is according to an audit of the petroleum industry by the Nigeria Extractive Industries Transparency Initiative (NEITI).
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The oil and gas industry report, which was presented on Friday in Abuja, reveals a breakdown of $6.071bn and ₦66.4bn in unpaid royalties and gas flare penalties owed to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) as of August 31, 2024.
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