NNPC, oil companies yet to remit $22bn, N481bn – NEITI

The Nigeria Extractive Industry Transparency Initiative says the Nigerian National Petroleum Corporation and other stakeholders in the industry have yet to remit 22.06 billion dollars and N481.75 billion to the Federation Account.

NEITI made this known in its audit report released at the National Conference on Remedial Issues in Abuja on Monday. It named the other stakeholders to include oil companies in the oil and gas sector and the Nigerian Petroleum Development Company.

The report noted that the unremitted fund was part of the remedial issues contained in the 2010 to 2015 audit reports yet to be resolved. A breakdown of the money indicated that oil and gas producing companies owed the sum of 152.69 million dollars and N5.2 billion and companies involved in offshore processing contracts 498.6 million dollars.

It showed that NPDC owes the Federation Account the sum of 2.38 billion dollars and N1.95 billion while the NNPC owed 19.04 billion dollars and N424.56 billion. It further noted that the country lost 3.038 billion dollars and N69.997 billion from crude oil production, processing and transportation.

Source: The Punch

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