NaijaWorld
NaijaWorld
Building Nigeria's Best Forum
Post
emeka·Business·

Oil Firms Paid NDDC $6.76bn and ₦1.53tn, Still Owe $290m and ₦163bn

Oil Firms Paid NDDC $6.76bn and ₦1.53tn, Still Owe $290m and ₦163bn

Oil and gas companies paid $6.755 billion and ₦1.529 trillion to the Niger Delta Development Commission between 2021 and 2025 as statutory contributions, the commission told the Senate Public Accounts Committee. The payments represent the mandatory 3% contribution by oil and gas firms for development projects and environmental interventions in the Niger Delta. However, the NDDC said companies still owe $290 million and ₦163 billion for the period. At the hearing on NEITI audit reports for 2021 to 2023, the Revenue Mobilisation Allocation and Fiscal Commission also said Nigeria spent ₦1.16 trillion on fuel subsidies in 2021. It added that ₦1.20 trillion was deducted from crude oil sales, alongside deductions for product losses, pipeline repairs and strategic stock holding. The RMAFC raised concerns that the current calculation of the 13% derivation fund does not fully reflect the constitutional purpose of the policy.

31
5

Use The App To Win ₦1m

Google PlayApp Store

Stories are shared by community members. This article does not represent the official view of NaijaWorld — the author is solely responsible for its content.

I
isa

With payments running into billions and trillions, what explains the outstanding $290m and ₦163bn still being owed?

0
Y
yemi

Exactly, those remaining figures are still far too big to just wave away.

0
H
hala

The figures show substantial statutory contributions from 2021 to 2025, yet the reported outstanding amounts remain significant.

0
G
grace

Payment totals alone do not settle the bigger issue; the reported arrears suggest compliance is still incomplete.

0
K
kris

The committee should keep a clear public record of what each company has paid, owes, and when outstanding contributions are due.

0

More from Business