NNPC denies embezzling $16billion

NNPC denies embezzling $16billion

Wednesday, March 16, 2016 6:49 pm

NNPC  headquarters

NNPC headquarters

The Nigerian National Petroleum Corporation, NNPC has debunked a report by the auditor-general which alleged that it had failed to remit 3.2 trillion naira ($16 billion) in revenues to the government in 2014.

The state-owned company said Samuel Ukura, the auditor was wrong.

Rather, it said, it only owes $1.64 billion.

The auditor-general made the allegations in a report two days ago.

“NNPC wishes to state in strong terms that the AuGF’s (Auditor General of the Federation’s) declaration is erroneous,” it said in a statement, adding that the auditor-general had failed to account for costs including a fuel subsidy, pipeline vandalism and maintenance.

“Consequently, the figure owed to the Federation Account as at January 2015 Federation Account Allocation Committee (FAAC) meeting report was N326,142,137,205.79 ($1.64 billion)…and not the N3.23 trillion alleged by the AuGF,” said NNPC.

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

But the act establishing the state oil company allows it to cover costs before remitting funds to the government.

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One Comment

  • New Nigerian says:

    3.2 Trillion Naira at 2014 Naira-Dollar exchange rate is actually
    $20billion. It is $16billion if you use today’s exchange rate – which
    would not be correct. So certain individuals have been hiding $20billion
    of the Nigerian commonwealth since 2014! . This is is over and above
    the $20billion that then CBN Governor Sanusi exposed as stolen over 12
    months between 2012-2013.

    So even if NNPC says it is $2billion that it has been hiding? That is still a load of change!

    Buhari was elected on the mandate of killing corruption before it kills Nigeria, recovering stolen commonwealth, ending corruption-twin-evil of ISL-aligned Boko Haram & terrorism and reviving the economy. he is doing a wonderful job and the Nigerian masses – 90% of Nigerian population of 180 million lives on less than $2 a day – are solidly behind the administration of
    President Buhari to execute on this popular mandate.

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