Monday, May 23, 2016

NETTI reports:'NNPC did not remit $12.9bn to the FG account from 2005-2013'.

          Accounting to the audit report read by the Minister of Solid Minerals and Nigeria Extractive Industries Transparency Initiative (NEITI) Chairman,Kayode Fayemi today,May 23rd at a press briefing in Abuja,the Nigerian National Petroleum Corporation (NNPC) did not remit $12.9bn to the federation account between 2005 and 2013.

       “The audit revealed that NLNG paid the sum of $1.289bn as dividend, interest and loan repayment for 2013. NNPC acknowledged receipt of ‎this amount, but did not remit it to either the federal government or the federation.
        However, it is important to also note that the 2013 figure brings to $12.9 bn the total NLNG payments received by the NNPC between 2005 and 2013, but not remitted by the NNPC to the federal government or the federation. Government should investigate the status of NLNG dividends; NNPC should discontinue alternative importation arrangements and limit itself to export of crude and import of refined products; NNPC should abide by the federal government financial regulations, and always comply with the 90-day credit period,” he said.

The full report from the audit is avaliabe here and here

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