How NNPC failed to remit $3.8bn, N358.3bn to FG in 2013

A recently released report by the Nigeria Extractive Industries and Transparency Initiative (NEITI) has alleged that the Nigerian National Petroleum Corporation failed to remit $3.8 billion and N358.3 billion to the Federation account in 2013

This was disclosed by the Chairman of NEITI, Kayode Fayemi, while presenting the 2013 audit reports of the agency in Abuja.

Fayemi said: “These revenues were broken down as follows: Sum of $3.8bn and N358.3bn as outstanding revenues from NNPC and its sub-units in 2013. These outstanding payments were due from unpaid consideration from the divested OMLs (Oil Mining Liseases), cash call refunds from NAPIMS (National Petroleum Investment Management Services), and NPDC (Nigerian Petroleum Development Company) liftings from NAOC JV (Nigerian Agip Oil Company Joint Venture), etc.

“Sum of $5.966bn and N20.4bn as revenue losses to the Federation. These losses were due to offshore processing agreement, crude swap, crude theft, etc. Sum of $599.8m as under-assessments/under-payments of petroleum profit taxes and royalties by oil and gas companies as a result of the use of different pricing methodology by the government and the companies because of the absence of a new fiscal regime.”

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