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NEITI Accuses NNPC of not Remitting $3.8 billion and N358.3 billion to Federation Account in 2013



Minister of Solid Minerals and Chairman of NEITI Board, Kayode-Fayemi

Minister of Solid Minerals and Chairman of NEITI Board, Kayode Fayemi

The Nigerian Extractive Industries Transparency Initiative (NEITI), on Monday said that the Nigerian National Petroleum Corporation (NNPC), and its sub-units failed to remit $3.8 billion and N358.3 billion to the Federation Account in 2013.

According to PUNCH, the Minister of Solid Minerals and Chairman of NEITI, Kayode Fayemi, disclosed this while presenting the 2013 audit reports of the agency in Abuja.

Fayemi said some revenues that should have gone to the Federation in 2013 were not made or lost due to a number of reasons.

“These revenues were broken down as follows: Sum of $3.8bn and N358.3bn as outstanding revenues from NNPC and its sub-units in 2013. These outstanding payments were due from unpaid consideration from the divested OMLs (Oil Mining Liseases), cash call refunds from NAPIMS (National Petroleum Investment Management Services), and NPDC (Nigerian Petroleum Development Company) liftings from NAOC JV (Nigerian Agip Oil Company Joint Venture), etc.

Sum of $5.966bn and N20.4bn as revenue losses to the Federation. These losses were due to offshore processing agreement, crude swap, crude theft, etc. Sum of $599.8m as under-assessments/under-payments of petroleum profit taxes and royalties by oil and gas companies as a result of the use of different pricing methodology by the government and the companies because of the absence of a new fiscal regime,” he said.

1 Comment

  1. Prince

    May 23, 2016 at 4:16 pm

    Abeg e don do. our ears are full. people should be sentenced to death.

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