Nigeria Extractive Industries Transparency Initiative, NEITI, has uncovered unremitted taxes amounting to N1.538 trillion by oil companies into the federation account.
This came as President Goodluck Jonathan, promised that the Federal Government would soon review the law setting up the agency to strengthen its operations for optimum performance.
Speaking to newsmen after meeting with the President, NEITI Chairman, Ledum Mitee, who disclosed this, however, said NEITI had been able to recover N314 billion, being money owed the Federal Government as unremitted taxes by companies operating in oil, gas and mineral sectors of the economy.
Mitee lamented that the cut in agency’s budgetary allocation was negatively affecting its operations, adding that between 2011 and 2013, the agency’s budget had been reduced by about 50 percent; a situation he added was affecting its smooth operation.
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