Audit Report Alleges N378 Billion Scam In NNPC 2013 Remittances

Posted by African Examiner Latest Headlines, News Monday, May 23rd, 2016

ABUJA, NIGERIA (AFRICAN EXAMINER) – The 2013 audit report Nigerian Extractive Industries Transparency Initiative (NEITI) has suspected sharp practices by the Nigerian National Petroleum Corporation (NNPC) and its sub units which involved up to N378.67 billion not appropriated to the Federation account.

Minister of Solid Minerals and NEITI Board Chairman Dr. Kayode Fayemi, exposed details of the just published report revealed that the Nigerian National Petroleum Corporation (NNPC) and its sub-units during the year either lost or refused to remit a total of N2.23 trillion, consisting $9.75 billion and N378.67 billion, to the Federation account as earnings from various aspects its operations in 2013.

NEITI has also declared eight per cent deficit in the report.

The former Ekiti State Governor disclosed the report indicated total revenue flows into the Federation Account from the oil and gas sector in 2013 was about $58.07 billion as against the $62.9 billion income generated in 2012.

The shortfall he explained represented about eight per cent decline when compared the 2013 intake to the $62.9 billion of 2012 fiscal year.

The slide Dr. Fayemi explained was due to the drop in oil and gas sales, which he added was informed by divestment of Federation equity in some oil mining leases, OMLs, crude oil losses.

The Minister again linked this to destruction of production facilities, pipelines vandalism and crude oil theft.