The Nigerian Petroleum Development Company (NPDC), a subsidiary of the Nigerian National Petroleum Corporation (NNPC), and 22 other oil companies are yet to pay to the federation $3,632,075 as fines for flaring gas beyond their allowed thresholds. The NPDC and four other oil companies also failed to remit $46,674,360.78 to the federation as royalty on the volume of oil they produced within the period, bringing the outstanding to over $49 million, an audit report has revealed.
Also, Nigeria has just about $34,432,432 to draw from the Nigeria Liquefied Natural Gas (NLNG) Limited, being reimbursement for the $2,672,926,309 loan it gave for the establishment and running of the gas company. These were contained in an audit report of operations in the country’s oil and gas industry by the Nigeria Extractive Industries Transparency Initiative (NEITI).
The audit report, which covered the 2016 operations of the industry, was released at the weekend in Abuja by NEITI.
Among others, it shows how much money Nigeria earned from oil and gas production within the period, as well as issues such as loan repayments by NLNG to the country, gas flare fines defaults and unremitted oil royalties.
Source: THIS DAY