The House of Representatives on Wednesday resolved to set up a 12-member adhoc committee to appear at and suggest strategies to recover the N2.6 trillion owed the Federal Government with the aid of way of oil groups strolling in Nigeria.
This accompanied the adoption of a motion by using skill of Ahmed Munir (APC, Kaduna) who quoted a file by way of the usage of the Nigeria Extractive Industries Transparency Initiative that 77 oil and fuel corporations had been owing the authorities over N2.6 trillion
He stated the debts gathered from the failure of the companies to remit Petroleum Profit Tax, Company Income Tax, Education Tax, Value Added Tax, Withholding Tax, Royalties, Penalties and Concession on rentals to the government.
He said: “Such a large debt is being unnoticed at a crucial time when the united states of the us needs funding for its annual budget
“If cash owed are recovered, the cash should be used to issuer some of the Federal Government’s money owed as excellent as fund up to 16.2 per cent of the 2022 price range deficit.
“Recovery of the money owed is quintessential in this duration of dwindling revenues especially as the Covid-19 pandemic has grossly affected the country’s economy”.
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