The Nigerian Senate has initiated a comprehensive investigation into the alleged non-remittance of petroleum profit tax by the Nigerian National Petroleum Company Limited (NNPCL) and the Federal Inland Revenue Service (FIRS).
This move follows allegations raised by Senator Aliyu Wadada, Chairman of the Senate Committee on Public Accounts, who claimed that the two agencies have failed to remit the tax for several years [1).
Senator Wadada expressed concerns over the legitimacy of documents submitted by NNPCL and FIRS, which included handwritten and corrected documents allegedly from JP Morgan.
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He deemed this “extremely unacceptable” and emphasized the need for thorough investigation.
The Senate President, Godswill Akpabio, has mandated the Committees on Petroleum (Upstream), Petroleum (Downstream), and Gas to conduct a holistic investigation and report back promptly.
Additionally, Senator Wadada questioned the operational status of the Port Harcourt Refinery, citing discrepancies between NNPCL’s claims and ground realities. He demanded clarification on the number of trucks that have lifted products from the refinery since its purported commencement of operations.
The Senate has requested Senator Wadada to present a formal motion on the refinery’s status. This development underscores the Senate’s commitment to transparency and accountability in the country’s petroleum sector.