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.
View Comments (1)
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.