Oil Firms Owe FG $2billion Unpaid Levies and Taxes

The Federal Government on Thursday, May 26, said it has lost about $2bn to oil companies avoiding payment of compulsory fees.

To this end, the House of Representatives ad hoc committee mandated to investigate all oil prospecting licenses (OPLs) and Oil Mining Leases (OMLs) granted by t

Chairman of the Ad Hoc committee, Gideon Gwani, said the oil companies are owing the government hundreds of millions of dollars thus compounding the problem, when they should have been the ones helping to salvage the situation of the country by prompt payment of their taxes.

He said the situation is alarming and worrisome, adding that “this is a dangerous trend that cannot be allowed to continue.”