Federal Government Recovers N2.6 trillion Revenue From Oil Companies

The Federal Government has revealed that it has recovered the sum of N2.6 trillion revenue from oil firms through the Nigeria Extractive Industries Transparency Initiative, NEITI, intervention.

This was disclosed by the Executive Secretary of NEITI, Orji Orji, during the Civil Society Organizations and Media engagement on Extractive Industries Transparency Initiative validation in Abuja.

Orji noted that the revenues include all taxes and VAT being collected by the Federal Inland Revenue Service and all royalties being collected by the Nigeria Upstream Petroleum Regulatory Commission.