The House of Representatives has urged relevant agencies to provide necessary data to facilitate recovery of debts owed the Federal Government by oil and gas companies.
The call was sequel to a unanimous adoption of a motion by Rep. Ahmed Munir (APC-Kaduna) at plenary on Wednesday.
The agencies included the Nigeria Extractive Industries Transparency Initiative (NEITI), the National Oil Spill Detection and Response Agency (NOSDRA), and the Federal Inland Revenue Service (FIRS).
Moving the motion, Munir said that report by NEITI had indicated that 77 Oil and Gas Companies operating in Nigeria owed the Federal Government over N2.6 trillion.
He said that the debts accrued from failure of the firms to remit Petroleum Profit Tax, Company Income Tax, Education Tax, Value Added Tax, Withholding Tax, Royalties, Penalties and Concession on rentals to the government.
According to him, that such huge debt is being overlooked at a critical time when the country needs funding for its annual budget.
“Cognizant that if debts are recovered, the money could be used to service some of the federal government debts as well as fund up to 16.2 per cent of the 2022 budget deficit.
“Also cognizant that recovery of the debts is critical in this period of dwindling revenues especially as the Covid-19 pandemic has grossly affected the country’s economy,’’ he said.
In his ruling, the Speaker, Rep. Femi Gbajabiamila mandated the Committee on Finance to liaise with relevant agencies to ensure that the 77 Oil and Gas companies pay the respective accrued debts to the government.
