Africa Business Radio

The House of Representatives has ordered an immediate investigation into debts totalling N2.6 trillion allegedly owed the Federal Government by oil and gas companies operating in the country. A report by the Extractive Industries Transparency Initiative says 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 House raised an Adhoc committee to investigate the matter after the lawmaker representing Lere Federal Constituency of Kaduna State, Rep. Ahmed Munir, brought it up the floor through a motion on notice. He says that if debts are recovered, the money could be used to service some of the Federal Government’s debts as well as fund up to 16.2 per cent of the 2022 budget deficit.