Nigerian Extractive Industries Transparencies Initiative (NEITI) has vowed to publish the status of the debt recoveries from 77 oil and gas companies that were owing N2.6 trillion in the 2019 audit report.
The report had exposed the firms that were owing Petroleum Profit Tax, Withholding Tax, Education Tax, Value Added Tax and others. But in the last report (2020 Oil and Gas Audit) not all the companies had paid up their liabilities.
As at last year there was an outstanding of N1.07 trillion of the liabilities that the oil firms were yet to pay.
Executive Secretary, Orji Ogbonnaya Orji, who was responding to The Nation’s inquest on the recoveries of the debts, said the 2023 audit report will unearth the level of the debt recovered so far.
He said: “On the recoveries from N2.6trillion. We are yet to publish our 2021 industry reports on the oil and gas sector. We hope to publish the report on or by the first quarter of next year. That report will provide a progress report.”
According to him, NEITI is also in close talks with the Oil Producing Trade Section (OPTS) of the Lagos Chamber of Commerce, Industries, Mines and Agriculture to define new rules of engagements with companies to establish clarity on both sides on the liabilities .
“We welcome the OPTS interests in NEITI reports and our public disclosure.”
He explained that the OPTS with over 29 oil companies as members has legitimate interest in NEITI and an institutional member of NEITI National Stakeholder’s Working Group requires all the confidence and trust that the process can possibly build.
The Executive Secretary stressed the NEITI and the OPTS are working together along that line.
He also revealed that NEITI has
planned to release three industry reports in the first quarter of (Q1 2023).
According to him, the industry, which has a monumental plan for the year, will make public the oil and gas, solid minerals and fiscal allocation and statutory disbursements audit reports.
Asked to reveal the watchdog organization plans for 2023, he said: “We will be releasing three independent industry reports in the first quarter of next year.
“These are in the oil and gas, solid minerals and fiscal allocation and statutory disbursements.
The reports commissioned this year are at advanced stage of completion.
“Indeed, NEITI has huge plans for this year under a 5-year strategic plan approved by our Board to cover the period 2021-2026.
The strategic plan defines our annual country work plans.”
Responding to why the organization could not publish the 2021 Oil and Gas Audit report, he noted that the report was adjusted to contain fresh items as alignment of the scope, content, depth and needs of the report to EITI requirements and key policy developments.
According to him, the report is on course and NEITI will present it early 2023.
“We are working so hard to meet the target to release the report early this year.
“We adjusted the date to accommodate important issues like alignment of the scope, content, depth and needs of the report to EITI requirements and key policy developments.
“But we remain on track and the progress of work quite encouraging,” Orji said.