President Muhammadu Buhari has confirmed approval of the Nigeria Extractive Industries Transparency Initiative (NEITI) and other anti-corruption agencies like the Nigerian Financial Intelligence Unit (NFIU), the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the Economic and Financial Crimes Commission (EFCC) to recover about N2.65 trillion unremitted funds from 77 oil companies operating in the country.
This follows the recent revelation about 2 weeks ago by NEITI that 77 oil and gas companies operating in Nigeria were indebted to the federation to the tune of N2.659 trillion due to their failure to remit petroleum profit tax, company income tax, education tax, value added tax, withholding tax, royalty and concession on rentals, according to ThisDay.
This was disclosed by the NFIU Director and Chief Executive Officer, Mr. Modibbo Tukur, who broke the news of the President’s approval, pointing out that the Minister of Finance had been directed by the President to oversee the process, including the setting up of a panel of the anti-corruption agencies to recover the unremitted funds.
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