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Mind boggling revelation: NNPC, oil firms yet to remit $22bn, N481bn to FG’s account


…NNPC owes Federation Account $19.04bn, N424.56bn; NPDC owes $2.38bn, N1.95bn
…NEITI: Unremitted funds part of unresolved remedial issues in 2010 to 2015 audit reports
The Nigeria Extractive Industry Transparency Initiative (NEITI) has disclosed that the Nigerian National Petroleum Corporation (NNPC) and other stakeholders in the oil and gas sector and Nigerian Petroleum Development Company (NPDC) have yet to remit a whopping $22.06billion and N481.75billion to the Federation Account.

NEITI made this starling revelation in its audit report released at the National Conference on Remedial Issues on Monday.

The report revealed that the unremitted fund was part of the remedial issues contained in the 2010 to 2015 audit reports yet to be resolved.

It said, “Total revenue yet to be remitted to the Federation Account by NNPC, NPDC, and companies in the oil and gas sector is 22.06 billion dollars and N481.75 billion.”

A breakdown of the money indicated that oil and gas producing companies owed the sum of $152.69million and N5.2 billion and companies involved in offshore processing contracts $498.6 million.

It showed that NPDC owes the Federation Account $2.38billion and N1.95 billion while the NNPC owed $19.04 billion and N424.56 billion.

It further noted that the country lost $3.038 billion and N69.997 billion from crude oil production, processing, and transportation.

“Unreconciled difference arising from the allocation, sales, and remittance of proceeds from domestic crude allocated to NNPC amount to N317.475,” it added.

The Executive Secretary of NEITI, Mr. Waziri Adio, had earlier said that it was unfortunate that most of the remediation issues raised by the audit reports remained unresolved.

He said that government authorities should strengthen the Inter-ministerial Task Team (IMTT) to function effectively to resolve the pending issues.

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Ihesiulo Grace

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