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    Monday, 23 May 2016

    NNPC fails to remit N2.23 trillion in earnings, $12.9bn NLNG funds to FG

    The Minister of Solid Minerals and Chairman of the NEITI Board, Kayode Fayemi, has said that the NEITI audit report for 2013, which focused on all aspects of the extractive industries, showed that total revenue flows into the Federation Account from the oil and gas sector in 2013 was about $58.07 billion, representing about an 8% decline when compared to the $62.9 billion realised in 2012,
    Details of the report further revealed that the Nigerian National Petroleum Corporation (NNPC) and its sub-units during the year either lost or refused to remit a total of N2.23 trillion, consisting $9.75 billion and N378.67 billion, to the federation account as earnings from various aspects of its operations in 2013.
    This comes as ThisDay reports that details from the 2013 audit and financial report of activities in Nigeria’s oil and gas industry done by the NEITI disclosed that the NNPC has not remitted $12.9 billion it received from the Nigeria Liquefied Natural Gas (NLNG) to the government.  It said the shortfall of the remittance of the NLNG from NNPC to the federation account was from 2005 to 2013, a period of eight years. It noted that as at 2013 which the report focused on, the state oil firm did not remit $1.289 billion it got from the NLNG.

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