NNPC Insists No Funds Missing

Channels Television  
Updated January 5, 2014

The Nigerian National Petroleum Corporation, NNPC, is insisting that there are no funds missing from the un-remitted $49.8bn oil revenue.

The corporation said that despite its efforts at clarifying the issues on the funds based on the allegations, there is still misinformation.

The agency insists 30 billion dollars of the alleged un-remitted oil revenue had been reconciled by all the parties involved and that the Coordinating Minister of The Economy, Dr. Okonjo-Iweala, explained last year that the reconciliation was an ongoing process and the balance of $10.8bn is still being reconciled.

The NNPC however stated that the yet to be reconciled $10.8bn can be located in the expenses on some of the responsibilities which the corporation carries out on behalf of the Federal Government with respect to the domestic crude oil utilization.

These include, fixing and management of vandalised pipelines and facilities, also is the unpaid subsidies on kerosine and Premium Motor Spirit (PMS), which for kerosine the NNPC said has been paid since 2007.

The NNPC said that it has about 32 days’ sufficiency of petrol at the rate of 40 million litres of PMS national consumption per day. It says the cost incurred in this mandate is also part of the $10.8bn yet-to-be-reconciled outstanding figure.