Diezani’s NNPC failed to remit $16billion, reveals auditor-general

Diezani’s NNPC failed to remit $16billion, reveals auditor-general

Monday, March 14, 2016 8:30 pm

Lamido Sanusi: vindicated

Lamido Sanusi: vindicated

The NNPC withheld 3.2 trillion naira ($16 billion) in revenues from the federal government in 2014, the auditor-general said on Monday, the same year that Emir Sanusi Lamido, then the central bank governor was suspended after making a similar assessment.

Constitutionally, the Nigerian National Petroleum Company (NNPC) must hand over all oil revenue – which makes up about 70 percent of total income – and money is then paid back based on a budget approved by parliament.

Samuel Ukura, who presented his findings in a report to lawmakers at the National Assembly, said other government ministries and agencies had also failed to remit funds, taking the total not passed on to 3.3 trillion naira for 2014.

No one at the NNPC could immediately be reached to comment or provide details of the amount remitted that year. According to the latest figures on OPEC’s website, Nigeria’s oil exports are worth about $77 billion a year.

Development in Nigeria, Africa’s biggest oil producer and largest economy, has been stunted by decades of corruption and mismanagement. President Muhammadu Buhari took office last year on an anti-corruption ticket.

Ukura’s report stated that it was based on an “examination of NNPC mandates to CBN (Central Bank of Nigeria) on Domestic Crude Oil Sales and Reconciliation Statement of Technical Sub-committee of Federation Account Allocation Committee (FAAC) meeting held in January 2014”.

“Amount not remitted to FAAC was N3,234,577,666,791.35,” the auditor-general said in his report.

In 2014, the then central bank governor, Lamido Sanusi, was suspended after accusing the NNPC of failing to pay $20 billion into government accounts between January 2012 and July 2013.

Join The Conversation

One Comment

  • New Nigerian says:

    Now to the weighty discovery of what the ineffectual buffoon and the pdplutocrats did in 2014 alone – ” NNPC, did not remit N3.235 trillion to the Federation Account Allocation Committee, FAAC, in 2014. Similarly, he said the sale of gas to Nigeria Liquified Natural Gas, NLNG, to the tune of $235,685,861 was not paid to the federation account, noting that the money was transferred to what he called “some undisclosed escrow accounts.”

    And for whatever revenue made it to the federation a peak into some spending as revealed here – N36.4 billion – Office of National Security Adviser , for the rehabilitation and construction of dams

    NASS made payments of N9.514 billion without payment voucher
    NASS personal advances N1.162 billion

    NASS properties acquisition with no CofO N3.63billion

    Diverted payments – N73.55 billion total

    Hand sanitizers for schools and critical public spaces – N2.895billion

    Fertilizer Subsidy and youth employment in Agriculture programs – N31.325Billion. and the list goes on…..even the embassy in Washington was not spared, who would have thought…$3m+

    Now we see why Nigeria needed special prayers and why the leadership had to go on special prayers of intervention….I am convinced that it is because God said, enough already of death, destruction and destitution at the hands of evil doers lording it over Nigerians, that the pdplutocrats headed by the ineffectual buffoon were voted out. I have faith that God in His infinite mercies will support the administration of the government of the people by the people for the people headed by president Muhammadu Buhari to kill corruption before it kills Nigeria, recover stolen commonwealth, eliminate terrorism in the land and bequeath to future generations of Nigeria a progressive country where peace, liberty and freedom for all is guaranteed with everyone’s right to the pursuit of happiness as dividends. So help us God!

  • What do you think?

    This site uses Akismet to reduce spam. Learn how your comment data is processed.