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Oil, gas companies owe FG $6bn, N66bn in unpaid revenues – NEITI report
The liabilities of oil companies to the Federation have increased to $6.175bn as of June 2024, a new report by the Nigerian Extractive Industries Transparency Initiative has stated.
It noted that in last decade, the Federal Government HAD spent a total sum of N15.8tn on price differentials and under-recovery (subsidy) on the importation of 200.85 billion litres of petrol into the country.
This revelation was contained in the 2022/2023 oil and gas industry report, presented by the agency on Thursday in Abuja. The report’s details were based on an audit of the petroleum industry conducted by the agency during the review period, according to the NEITI Executive Secretary, Dr Orji Ogbonnaya.
“A total of N15.87tn has been claimed as under-recovery/price differentials between 2006 and 2023, with 2022 recording the highest of N4.714tn,” the report read in part.
In his address at the event, Orji said the released report was not just a document but a call to action, marking a significant milestone in the ongoing efforts to promote transparency, accountability, and good governance in Nigeria’s extractive sector.
“This report, produced by the Nigeria Extractive Industries Transparency Initiative, comes at a critical time when the nation is intensifying its reforms in the oil and gas sector. The report provides valuable insights that will help guide policy, encourage robust public debate, and ultimately improve governance in the management of our natural resources,” he said.
Orji further noted the report contains several key findings and recommendations, which include the identification of revenue leakages, the need for improved compliance with regulatory frameworks, and suggestions for increasing transparency in oil and gas operations.
An analysis of the report showed that the government expended a considerable amount of its resources to pay for price differentials, also known as subsidies, between 2014 and 2023, while its petrol imports surged yearly increasing the cost of subsidies.
The report disclosed that the government paid N3.01tn for the petrol subsidy in 2023 compared to N4.71tn paid in 2022.
It stated that a total of 23.54bn litres of PMS (Premium Motor Spirit) were imported into the country in 2022, while 20.28bn litres were imported in 2023. This represents a reduction of 3.25bn litres, or a 14 per cent decline, following the removal of the subsidy.
“A detailed 10-year trend analysis (2014–2023) shows that the highest annual PMS importation into the country, 23.54bn litres, was recorded in 2022, while the lowest, 16.88bn litres, was recorded in 2017. A total of N15.87tn was claimed as under-recovery/price differentials between 2006 and 2023, with the highest amount, N4.714tn, recorded in 2022,” it stated.
A further breakdown showed that N480bn was spent as subsidies for the importation of 18.93bn litres of fuel in 2014. This figure reduced to N320bn despite an increase amount of fuel import of 19.27bn litres in 2015.
In 2016, the NEITI said the government spent N100bn to import 18.76bn liters of fuel while N140bn was disbursed for the for the import of 16.88bn liters of petrol products in 2017.
However, by the following year of 2018, the figure for subsidy increased drastically by N580bn to N720bn, for the import of 20bn liters. The figure dropped sharply to N580bn for an increased import of 20.60bn litres in 2019.
By 2020, the amount spent on subsidy reduced further to N130bn. The government imported a total sum of 22.05bn litres within this period.
In contrast, the government spent N1.16tn as subsidy on the import of 22.54bn liters in 2021, disbursed N4.71tn as a price differential for the import of 23.54bn liters in 2022, and N3.01tn for the import of N20.28bn liters in 2023.
It added that liabilities owed to the federation include $6.071bn and N66.4bn in unpaid royalties and gas flare penalties owed to the Nigerian Upstream Petroleum Regulatory Commission by August 31, 2024.
Additionally, there are outstanding petroleum profit taxes, company income taxes, withholding taxes, and VAT owed to the Federal Inland Revenue Service amounting to $21.926m and N492.8m as of June 2024.
Reacting to this, the Chairman of the Economic and Financial Crimes Commission, Olanipekun Olukayode, pledged to recover the owed debts of $6bn and N66bn to the federation.
The EFCC chairman also announced that he had approved the transfer of over N1bn derived from funds recovered through previous NEITI audits into the Federation Account.
Olukayode said, “Over the years as an anti-corruption agency in the country we are part of the success of the work of NEITI. Where the work stops at the level of presenting this report, then we take off from there to ensure that the recommendations therein and revelations therein particularly as relates to criminal infractions, and violation of our financial laws, it is taken up seriously.
“I am also happy to announce to you that as of yesterday (Wednesday), I still approved that over a billion so remitted to the Federal Government account as a result of the work of the last report of NEITI.”
On his part, the Secretary to the Government of the Federation, George Akume, assured stakeholders that the government would continue to grant NEITI the freedom to do fulfill its mandate to the country and the global Extractive Industries Transparency Initiative.
Akume said, “As the Chairman of the NEITI Board, I stand before you today to underscore the Federal Government’s respect for NEITI’s independence. While my role as Chairperson is a testament to the importance the government places on NEITI, it also signifies the commitment to ensure that NEITI operates independently, without interference, as mandated by the EITI standard.
“We have to safeguard this independence with great care and diligence, ensuring that NEITI can operate free from undue influence.”
By Mario Deepromoter
*** She was apillar of support to the Eno – Sanwo-Olu
***As PDP suspends LG campaign in Akwa Ibom
By Francesca Hangeior
Mrs Patience Umo Eno, wife of Akwa Ibom State Governor, Pastor Umo Eno, is dead.
The state Commissioner for Information, Ini Ememobong, announced the First Lady’s death in a press statement issued in the early hours of Friday.
According to the commissioner, the First Lady died at a hospital on September 26, 2024, surrounded by family members
The statement titled “Unexpected Sunset” read, “It is with heavy hearts that we announce the passing of the Wife of the Executive Governor of Akwa Ibom State, Her Excellency, Pastor Mrs. Patience Umo Eno, following an illness.
“She passed away peacefully at the hospital on 26th September 2024, in the presence of her family.
“The family submits to the will of the Almighty and asks for the prayers and support of kind-hearted individuals during this difficult time.
“Further details will be provided by the family as necessary. In the meantime, the family kindly requests privacy as they mourn their beloved wife, mother, and grandmother.
“His Excellency, the Governor, Pastor Umo Eno appreciates all who have stood by the first family in this period and assures all the citizens that despite this huge personal loss, his commitment to the service of the state is unwavering.”
Meanwhile, Lagos State Governor, Babajide Sanwo-Olu, has expressed his heartfelt condolence with his Akwa Ibom State counterpart, Umo Eno, over the passing of his wife, Patience Eno.
Sanwo-Olu, in a statement on Friday, through his Special Adviser on Media and Publicity, Gboyega Akosile, described the deceased as a “pillar of support” to the governor, as he lauded her leadership and humanitarian work in the state.
The statement read partly, “On behalf of my wife, Ibijoke and family, the government and people of Lagos State, it is with a deep sense of sorrow that I commiserate with my brother Governor, Pastor Umo Eno, on the passing of his beloved wife, Pastor (Mrs) Patience Umo Eno.
“I also express my deepest condolences to the people of Akwa Ibom State and the entire Eno family, as well as wives of all the state governors in Nigeria over the demise of the Akwa Ibom First Lady.
“Pastor (Mrs.) Patience Umo Eno was not just a wife and mother, but a soulmate and pillar of support to our brother, Governor Eno. She supported thousands of people in Akwa Ibom State through the Golden Initiative For All (GIFA), a foundation that focused on providing shelter, food, and education to the poor and vulnerable in Akwa Ibom.
“The First Lady, fondly referred to as Eka Iberedem Akwa Ibom, meaning “Mother and Strong Pillar of Akwa Ibom,” was widely loved for her compassionate leadership and humanitarian work in Akwa Ibom during her lifetime.”
Sanwo-Olu prayed for the repose of the deceased, saying, “I pray that the Almighty God will grant the deceased eternal rest and Governor Umo Eno, the entire family, and the people of Akwa Ibom the fortitude to bear the irreparable loss.”
In the meantime, the Peoples Democratic Party (PDP) in Akwa Ibom State has put its political campaign for local elections in the state on hold following the death of the Akwa Ibom First Lady, Patience Eno.
Local elections in Akwa Ibom is scheduled for 26 October and political parties have been campaigning for votes.
Announcing the suspension of campaigns in a statement on Friday, the PDP Publicity Secretary in the state, Edwin Ebiese, said “This devastating news has left our party, and indeed the entire state, in a state of mourning.
“As we struggle to come to terms with this immense loss, we are compelled to pause our campaign activities as a mark of respect for the departed First Lady.
“We regret any inconvenience this suspension may cause and appreciate the understanding of our supporters and the general public during this difficult time.
“We extend our heartfelt condolences to His Excellency, Pastor Umo Eno, Executive Governor of Akwa Ibom State and his immediate family, the government, and people of Akwa Ibom State. May God grant the family of the deceased and our state the fortitude to bear this irreparable loss.”
By Mario Deepromoter
The Presidential Candidate of the Labour Party in the 2023 election, Peter Obi, has described the General Overseer of the Living Faith Church, Bishop David. O. Oyedepo is an exceptional servant in God’s vineyard.
In a congratulatory message to the Bishop on his 70th Birthday anniversary today, Obi said the cleric exemplifies the true purpose of God’s creation.
Writing on his X handle, the former Anambra State Governor said Bishop Oyedepo has remained “A remarkable figure in faith, a dedicated servant in God’s vineyard, and a leader who exemplifies the true purpose of God’s creation.
“Your life continues to be a source of blessing, reflecting dedication, tireless work, and a commitment to God’s mission.
“Through your ministry, countless lives have been touched, embodying faith, hope, and love. Outstanding Institutions such as Living Faith Church, Covenant University, and Kingdom Heritage Model School stand as lasting testimonies to your pursuit of excellence.
“Today, we honor your enduring legacy, your compassionate outreach, and your immense contribution to humanity. May God continue to strengthen, guide, and bless you in all your endeavors.
“Thank you for being a beacon of God’s grace. Your remarkable journey will inspire generations to embrace faith, integrity, and purposeful living.
“May your continued intervention through prayer in the affairs of our country help us to find direction for a new Nigeria.
By Mario Deepromoter
Local elections in Akwa Ibom is scheduled for 26 October and political parties have been campaigning for votes.
The Peoples Democratic Party (PDP) in Akwa Ibom State has put its political campaign for local elections in the state on hold following the death of the Akwa Ibom First Lady, Patience Eno.
Local elections in Akwa Ibom is scheduled for 26 October and political parties have been campaigning for votes.
Mrs Eno died on Thursday in a hospital following an undisclosed illness, according to a statement issued on Friday morning by the Commissioner for Information and Strategy in Akwa Ibom, Ini Emembong.
“She passed away peacefully at the hospital on 26th September 2024, in the presence of her family.
“The family submits to the will of the Almighty and asks for the prayers and support of kind-hearted individuals during this difficult time.
“Further details will be provided by the family as necessary. In the meantime, the family kindly requests privacy as they mourn their beloved wife, mother, and grandmother.
“His Excellency, the Governor, Pastor Umo Eno appreciates all who have stood by the first family in this period and assures all the citizens that despite this huge personal loss, his commitment to the service of the state is unwavering.”
Announcing the suspension of campaigns in a statement on Friday, the PDP Publicity Secretary in the state, Edwin Ebiese, said “This devastating news has left our party, and indeed the entire state, in a state of mourning.”
“As we struggle to come to terms with this immense loss, we are compelled to pause our campaign activities as a mark of respect for the departed First Lady.
“We regret any inconvenience this suspension may cause and appreciate the understanding of our supporters and the general public during this difficult time.
“We extend our heartfelt condolences to His Excellency, Pastor Umo Eno, Executive Governor of Akwa Ibom State and his immediate family, the government, and people of Akwa Ibom State. May God grant the family of the deceased and our state the fortitude to bear this irreparable loss.”
Condolence pour in as Akwa Ibom gov Umo Eno loses wife
Bishop Oyedepo @70: He is a dedicated servant in the Lord’s Vineyard -Obi
PDP Halts LG Campaign In Akwa Ibom Over Death Of Gov Eno’s Wife
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