NNPC DIDN’T REMIT $3.8BN, N358.3BN TO FEDERATION IN 2013

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Latest audit report by the Nigeria Extractive Industries and Transparency Initiative has accused the Nigerian National Petroleum Corporation of not remitting $3.8bn and N358.3bn to the Federation in 2013. The Chairman of NEITI, Kayode Fayemi, disclosed this on Monday while presenting the 2013 audit reports of the agency in Abuja.

Citing the audit, Fayemi said some revenues that should have gone to the Federation in 2013 were not made or lost due to a number of reasons. He said, “These revenues were broken down as follows: Sum of $3.8bn and N358.3bn as outstanding revenues from NNPC and its sub-units in 2013.

These outstanding payments were due from unpaid consideration from the divested OMLs (Oil Mining Liseases), cash call refunds from NAPIMS (National Petroleum Investment Management Services), and NPDC (Nigerian Petroleum Development Company) liftings from NAOC JV (Nigerian Agip Oil Company Joint Venture), etc.

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