OurNigeria News Magazine
Online Read Magazine in Nigeria

Reps Committee probes oil companies, summons FIRS over tax evasion

Reps

Reps Committee probes oil companies, summons FIRS over tax evasion

The House of Representatives Ad hoc Committee Investigating the Structure and Accountability of the Joint Venture (JV) Businesses and Production Sharing Contracts (PSCS) of the Nigerian National Petroleum Limited has commenced probe of Oil Companies accused of tax evasion.

The probe was at the backdrop of alleged tax evasion by some oil companies operating in Nigeria, which led to the constitution of the Committee by the Speaker, Hon. Femi Gbajabiamila.

The Committee Chairman, Hon. Abubakar Hassan Fulata at a meeting with stakeholders in the oil and gas industry on Monday cited relevant a sections of the 1999 Constitution as amended.

He urged heads of agencies in the oil and gas industry to make their submissions.

Failure to do so, he said, Police and other security agencies would be asked to get involved, noting that the ongoing investigation cannot be frustrated by anyone.

Read Also: FG to establish task force on pollution, warns international oil companies

Related Posts

He said: “This Committee is relying on

Section 88 and 89 of the 1999 Constitution of the Federal Republic of Nigeria as amended and we are asking heads of agencies who failed to forward their submissions to do so.

“This Committee cannot fail in its mandate and we might resort to the use of Police and other security agencies to compel heads of agencies to do so.”

He decried that tax evasion by oil companies; particularly the International Oil Companies (IOCs) has negatively affected the revenue for the country.

Hon. Fulata expressed disappointment that several letters of invitation sent out to some organizations were not responded, revealing that those who responded did so shabbily

The Committee Chairman stated that the report of the Committee was expected to be submitted to the House in good time, hence, the committee gave 7 days to 21 organizations to make submissions before it would resort to the use of force.

Meanwhile, the Federal Inland Revenue Service, Chevron Nigeria Ltd, Shell Nigeria Exploration Nigeria Ltd are among the organizations to appear before the committee at the National Assembly on Tuesday, 1st November, 2022.

Reps Committee probes oil companies, summons FIRS over tax evasion

Leave A Reply

Your email address will not be published.