NEITI Audit: NNPC Failed To Remit Over $1 Billion In 2013

NEITI, NNPC, Federation AccountThe Nigeria Extractive Industries Transparency Initiative (NEITI) has accused the Nigerian National Petroleum Corporation (NNPC) of not remitting over $1 billion paid by the Nigeria Liquefied Natural Gas (NLNG) in 2013 into the Federation Account.

The Executive Secretary of NEITI, Mr Waziri Adio made the accusation at a meeting to discuss the audit reports of the nation’s extractive industries in Abuja.

According to Mr Adio, although the NNPC acknowledged remittances from the NLNG to the tune of $13 billion in the last 8 years, NNPC never remitted same to the Federation Account.

The Executive Secretary highlighted some of the key findings of the audit report and urged the Nigerians to peruse.

Some of the findings include the alleged over $1 billion remitted to the NNPC by NLNG in 2013, but was never paid into the federation account.

The report also showed that the Federal Government processed as subsidy to the NNPC N1.3 trillion in 2013, a figure that represents 26 percent of the 2013 national budget.

However, the Minister of Solid Minerals, who was represented by a Director in the Ministry of Solid Minerals, Mr Lawan Lantewa, urged the National Assembly to pass the Petroleum Industry Bill, which will address some of the recurring issues in the sector.

Meanwhile, Mr Adio maintained that there is a need for stronger synergy among government agencies to checkmate each other’s operations.