How Corporation allegedly failed to remit N2.23trn to FG in 2013

dimeji akinloye

May 23, 2016 5:39 PM

This was revealed in an audit report published by the Nigerian Extractive Industries Transparency Initiative (NEITI).

It has emerged that the Nigerian National Petroleum Corporation (NNPC) failed to remit a total of N2.23 trillion to the Federation Account in 2013.

The Minister of Solid Minerals and Chairman of the NEITI Board, Kayode Fayemi, said the audit, which focused on all aspects of the extractive industries, showed that total revenue flows into the Federation Account from the oil and gas sector in 2013 was about $58.07 billion.

According to Fayemi, the figure represented about eight per cent decline when compared to the $62.9 billion realised in 2012.

The Minister said that the decline was attributed to the drop in oil and gas sales following divestment of federation equity in some oil mining leases (OMLs), crude oil losses as a result of destruction of production facilities, pipelines vandalism and crude oil theft.

READ: NNPC pays N69bn to Federation Account

It was further revealed that the 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.

dimeji akinloye