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NNPC failed to remit.......... $16.8 billion into Federation Account- NEITI

NNPC Headquarters, Abuja

The Nigerian National Petroleum Corporation failed to remit $16.8 billion paid reportedly to it as dividends by the Nigeria Liquefied Natural Gas (NLNG) Limited, the Nigeria Extractive Industries Transparency Initiative (NEITI) said recently.
The revelation was made at the “Anti Corruption Situation Room Forum – Engaging the Oil and Gas Sector for Service Delivery, Transparency and Accountability: NEITI 2015 Oil and Gas Audit Report as a Case Study” held at Rockview Hotel Royale, Abuja.
The event is an initiative of Human and Environmental Development Agenda, HEDA resource centre, supported by the Mac Arthur Foundation.
The Executive Secretary of NEITI, Waziri Adio, during his presentation explained that there is a general assumption that countries with abundant resources are not doing well in terms of development than most countries with little or no resources.
“It is a shame that Nigeria with its abundance of resources has little or nothing to show for it in terms of development – good roads, balanced health care, quality education system and all that, It’s not that the resources are cursed. The problem is the reckless way those resources are utilised. NEITI as an agency is committed to ensuring that the opacity in the operation in the oil and gas sector becomes a thing of the past.
”For instance, the 2015 audit report of the sector has it that N316.7 billion was paid on subsidy in 2015 as against the budgeted sum of N145 billion by the government. According to our findings, The Nigeria Liquefied Natural Gas (NLNG) Limited, made a total payment of $16,898,725,000 to NNPC between year 2000 to 2015. NNPC however confirmed receipt of this fund but there was no evidence of remittance to Federation Account.
”When our auditors asked NNPC why it failed to remit the sum to the Federation Account, they said there was instruction from the president to warehouse the fund and spend as directed. When we requested to know the status of the funds and what has become of it, and also document from the president that gave NNPC approval to warehouse the fund, the NNPC said instruction from the presidency authorised it to hold income from NLNG on trust and to administer same as directed by the government. This and other many issues of transparency are what affects the fortune of our land,” he said.

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