The Nigeria Extractive Industries Transparency Initiative (NEITI) revealed that oil and gas companies in Nigeria owe the Federal Government over $6.071 billion and N66.4 billion in taxes and royalties. The 2022-2023 NEITI Independent Oil and Gas Industry Report, released in Abuja, highlighted these outstanding liabilities, with the majority being unpaid royalties and gas flare penalties to the NUPRC.
The report also pointed out unpaid taxes and VAT totaling $21.926 million and N492.8 million owed to the FIRS as of June 2024. Additionally, Nigeria imported 23.54 billion litres of PMS in 2022, which decreased to 20.28 billion litres in 2023 post fuel subsidy removal.
In terms of crude oil production and lifting, the report indicated fluctuations with a significant reduction in oil theft and losses in 2023. Crude production dropped by 11% in 2022 but rebounded in 2023, while crude lifting also saw a rise. The report’s insights provide a comprehensive view of the oil and gas industry’s financial and operational landscape in Nigeria.
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