Connect with us

Politics

Reps threaten oil firms owing Nigeria N2.6tn, say govt can’t continue to borrow

Published

on

Jibrin moved as Dogara reshuffles House committees’ leadership

The House of Representatives ad hoc committee constituted to investigate the recovery of outstanding debts owed to the federal government by oil and gas companies on Tuesday demanded them to pay.

The lawmakers threatened that the federal government would come up with sanctions if they failed to pay.

The investigation revolved round the National Extractive Industries Extractive Initiative (NEITI) report that 77 oil and gas companies operating in Nigeria owed the federal government over N2.6 trillion.

The committee had invited the Nigerian National Petroleum Corporation (NNPC), Niger Delta Development Commission (NDDC), Federal Inland Revenue Service (FIRS), and other agencies as part of the investigation.

The head of the 18-member committee, Nkeiruka Onyejeocha, gave the order in an interview in Abuja, saying that Nigeria could no longer borrow money to fund major projects.

READ ALSO: Oil firm Seplat announces name change

“We cannot continue to borrow money. It is an infraction when people withhold levies, taxes or any other payments; it does not happen anywhere, so we can’t be borrowing money while some people owe us.

She said that it was better for the companies involved to appear before the committee and clear their names, adding that they had been given enough time to pay the debts.

“I don’t know why people don’t come when invited for investigation, but the rule will apply in this case. People owe and there is evidence to show that they owe, and if you don’t pay, that shows you are violating certain laws of the land.

“Any company found guilty in the business agreement would have to face the law. There is no crime without punishment, so if we find you culpable of violating the business agreement, you have to pay for it.”

According to her, the committee, after the investigation had been concluded, would make sure that companies that did business with Nigeria but failed to remit taxes, levies or royalty are dealt with.

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now