AGS NEWS – A report by the Nigerian Extractive Industries Transparency Initiative (NEITI) revealed that oil companies owe the Nigerian Federation $6.175 billion as of June 2024.

Over the past decade, the Federal Government has spent N15.8 trillion on petrol subsidies for 200.85 billion litres of imported fuel.

The report, covering 2022/2023, was presented in Abuja, showing that the highest subsidy amount, N4.71 trillion, was recorded in 2022.

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NEITI’s Executive Secretary, Dr. Orji Ogbonnaya, described the report as a vital tool for transparency and governance reform in Nigeria’s oil sector.

It identified revenue leakages and called for better regulatory compliance. The government spent N3.01 trillion on fuel subsidies in 2023, down from N4.71 trillion in 2022.

The government is owed unpaid royalties, taxes, and gas flare penalties. The Economic and Financial Crimes Commission pledged to recover these debts.