The Nigerian National Petroleum Company Limited (NNPCL) and 13 other agencies allegedly failed to remit $9.85 billion in revenue to the federation account in one year, the Nigeria Extractive Industries Transparency Initiative (NEITI) said yesterday.
NEITI, in a 2021 Oil and Gas Industry Report, which audited the activities of 69 companies and the Nigeria Liquefied Natural Gas (NLNG), 13 government entities and one state-owned enterprise, NNPC, said the unremitted funds accounted for 8.47 per cent of the $23bn total revenue generated by the federal government during the year under review.
NEITI specifically said NPCL could not account for $1.951 billion from the revenue it generated for the federal government in 2021.
It, however, did not name the other defaulting agencies.
The report, which was unveiled in Abuja yesterday, showed that $286. 423m was unremitted export crude sales; $871.145m unremitted domestic crude sales, $722.596m LNG dividend, $859,583 miscellaneous revenue, $24.332m transportation revenue, and $45.758m unremitted domestic gas proceeds. The report also revealed that the NNPCL spent $6.931bn as expenditure during the period.
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It added that only $13.2bn, making 57.27 per cent of total revenue, was remitted into the federation account.
Read more : https://dailytrust.com/nnpcl-12-others-failed-to-remit-9-85bn-in-1yr-neiti/
