Nigeria Recovers N1.2tr Unpaid Oil debts, May Revoke Debtor Licencees

Nigeria’s Minister of State for Petroleum Resources, Dr. Emmanuel Kachikwu, disclosed that the Federal Government had recovered no less than N1.2 trillion in unpaid royalty from crude oil sales, following the Ministry’s automation initiatives.With some oil firms yet to remit their royalty to the Federal Government at the expiration of the statutory deadline, the Minister said such firms may lose their licences if they failed to make remittances within the extended timeline.

Having generated $1.5 billion from renewal of licences, Kachikwu said the Ministry is speeding up licensing procedure in Nigeria, by taking away the discretionary parameters of directors as well as creating a platform for the resolution of issues that may arise. Addressing journalists on the Crude Oil and LNG Tracking (COLT) and other automation initiatives embarked upon by the Ministry through the Department of Petroleum Resources (DPR), Kachikwu explained that the automation of many of the processes in the crude oil value chain has aided tracking of revenue by the government.

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