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FG owed $5bn by oil coys – Report

…indicts NNPC, DPR, FIRS, AGF

By Oscarline Onwuemenyi

Abuja- The latest report on oil and gas revenues released by the Nigeria Extractive Industries Transparency Initiative (NEITI) has uncovered financial discrepancies and outstanding payments totaling over US$5 billion from revenues generated by the sector in 2005.

The report also identified unprecedented financial discrepancies, mispaid taxes, and system inefficiencies in the financial, physical and process audit of the sector.

Presenting the report on Monday during the Stakeholders’ Roundtable on the Report of the 2005 Audit of the Oil and Gas Sector, in Abuja , the Chairman of the National Stakeholders’ Working Group (NSWG) of NEITI, Professor Assisi Asobie, said the report addresses the sensitive issue of the correctness of the underlying calculations that result in revenue flows.

For instance, the report showed over US$800 million of unresolved differences between what oil companies said they paid in taxes, royalties and signature bonuses, and what government said it received.

Of this amount, US$560 million was identified as shortfalls in taxes and royalties owed to the government and around US$300 mullion in payment discrepancies relating to signature bonuses, paynments of dividends, interest and loan repayments.


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