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Reps ask FG to recover outstanding debts owed by oil and gas companies

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By Emman Ovuakporie

Disturbed by the huge debts incurred by oil and gas companies in Nigeria, the House of Representatives on Wednesday asked the Federal Government to immediately such outstanding debts.

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TheNewsGuru.com, (TNG) reports this was based a motion promoted by Hon. Ahmed Munir while in session.

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Making his submission, Hon. Munir cited a report by the Nigeria Extractive Industries Transparency Initiative (NEITI) that 77 Oil and Gas Companies operating in Nigeria are owing the Federal Government over 2.6 trillion naira.

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He explained that the debts accrued from the 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 Federal Government.

The lawmaker explained that such a huge debt is being overlooked at a critical time when the country needs funding for its annual budget.

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Following the adoption of the motion, the House further urged the Nigeria Extractive Industries Transparency Initiative (NEITI), the National Oil Spill Detection and Response Agency (NOSDRA), and the Federal Inland Revenue Service (FIRS) to provide necessary data needed to facilitate recovery of debts owed the Federal Government by the companies.

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