Finance, energy and tax experts, yesterday, raised concerns over the inability of the Federal Government to harness existing opportunities in the country before resorting to borrowing as oil companies operating in Nigeria are currently owing the country over $6.48 billion.

Apart from the oil and gas industry, many of the stakeholders insisted that borrowing may have appeared as the easier option for the Muhammadu Buhari-led administration instead of the difficult work of exhausting all other options.

In fact, the stakeholders are worried about widening budget deficits, warning that the nation may have normalised the template for loans acquisition, which easily receive approvals of the National Assembly.

In a release, yesterday, in Abuja, the Nigeria Extractive Industries Transparency Initiative (NEITI) audit report for 2019, shows that oil and gas companies in Nigeria owe government $6.48 billion, about N2.659 trillion based on the official exchange rate of N410.35 to a dollar.

A breakdown of the figures shows that a total of $143.99 million is owed as petroleum profit taxes, $1.089 billion as company income taxes and $201.69 million as education tax.

Read more: https://www.newslead.ng/2021/09/29/experts-lament-fgs-incessant-borrowing-amid-6-48bn-debt-by-oil-firms/