The Nigeria Extractive Industries Transparency Initiative (NEITI) has stated that many operators in the nation’s mining industry are underpaying royalties to the government, while also overstretching their exploration licenses. The agency stated that under the mining law, operators with exploration licenses are not supposed to engage in mining as many companies are taking advantage of the unregulated mining industry. We also found out that many companies were operating under different licenses, saying that companies with exploration licenses are not supposed to mine. “But we find companies that have overstretched their exploration licenses and have been mining and it means they are not remitting to the government’s purse,” he added. The Assistant Director, Oil and Gas, NEITI, Mr. George Abiye, while delivering the oil and gas report, said from the total 735.661mmbbls crude oil lifted, companies lifted 469.01mmbbls.

Source: The Guardian July 14, 2021 04:30 UTC