NNPC did not remit $12.9bn to the FG account from 2005-2-13- NEITI report alleges

An audit report of the Nigeria Extractive Industries Transparency Initiative (NEITI) which was released today May 23rd, has alleged that the Nigeria National Petroleum Corporation (NNPC) did not remit $12.9bn to the federation account between 2005 and 2013.

The audit report was read out by the Minister of Solid Minerals and Chairman of NEITI, Kayode Fayemi, at a press briefing in Abuja today May 23rd. “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.

Read the full report from the audit here and here