NNPC 'pocketed' N3.88 Trillion Belonging To Nigerian Govt. By 2017

Cumulative unremitted revenue from domestic crude oil sales by the Nigerian National Petroleum Corporation, NNPC, stood at about N3.878 trillion as at December 31, 2015, a report by the technical sub-committee of the Federation Accounts Allocation Committee, FAAC, revealed.

The report, which formed part of the submissions in the 2015 Annual Audit Report of the Federal Government Account by the Office of the Auditor General of the Federation, AuGF, said the state–owned oil company withheld about N644.377 billion in 2015 alone.

Out of about N1.55 trillion revenue from crude oil sales due for remittance to the Federation Account during the year, the report said the NNPC deducted about N892.124 billion and withheld the balance.

Further details showed that cumulative amount withheld from the Federation Account by NNPC as at January 1, 2015 was about N3.234 trillion, with another N67.556 billion withheld in February 2015.

It is not clear what the corporation used the unremitted funds for.

Throughout the year, remittances totaling N13.907 billion, were recorded in February and April (see table BELOW).

The AuGF requested the Group Managing Director of the NNPC to explain why the N3.878 trillion was not remitted to the Federation Account. The AuGF also ordered the corporation to henceforth remit all revenues due to the Federation Account accordingly and evidence of such remittances tendered to his office.

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