Abuja — Oil companies believed to be evading taxes in Nigeria are expected to face the Senate Committee on Public Accounts today to either offer explanations or prove the records wrong.

The records before the Senate panel shows some of the oil companies whose mandatory taxes to the Federal Government coffers are yet to reflect on the records.

Chairman of the Senate Committee on Public Accounts, Senator Ahmad Ibrahim, stated over the weekend that all the companies who failed to appear previously before the panel would appear today.Some of the companies who failed to honor the committee's summon includes Oando, Shell, AP and Total oil.

Irked by this development, the Senate committee had resolved to review the existing laws regulating the operations of all oil companies in the country with a view to ensuring that they pay their taxes when due. This was discovered by the committee on public accounts that some of the companies are in the habit of withholding their tax.

Lawan expressed concern that many oil companies owed as much as N1.5 billion as unpaid petroleum equalisation fund. This revelation was made at the meeting between the committee and 20 oil companies.

According to the invitation, the companies are expected to show proof of payment of PEF, withholding and Value Added Tax, (VAT).

The committee chairman also expressed concern over the staggering amount owed to government by the oil companies, and ordered the Managing Director of Shield Oil Company, Jeff Mills, to pay off N55 million his company is owing PEF by next Tuesday.

Mills had confirmed to the committee that his company was paid N800 million from the Petroleum Support Fund (PSF). This infuriated the committee and the company was ordered to pay the amount within the specified time.