Following the submission of
the audit report on the Nigeria National Petroleum Corporation (NNPC), by
PriceWaterhouseCoopers, which indicated that only $1.48b was yet to be remitted
to the federation account as against $49b mentioned as missing, a Civil Society
group, Move On Nigeria, has commended the Federal Government and the Minister
of Petroleum Mrs. Allison Madueke for taking immediate steps towards
remitting the said 1.48BN to the Federation Account.
The group said the
implementation of the Committee’s report shows responsiveness and commitment to
reform and best practices.
In a statement signed by its
National Co-ordinator, Mr Clem Aguiyi, the group stated that the
allegation on the missing money was an embarrassment to Nigeria, President
Goodluck Jonathan and Minister of Petroleum Resources, Mrs. Diezani
Alison-Madueke. It stressed the need for top level officers to check their
facts well before going public in order not to tarnish the image of Nigeria.
MoveOn Nigeria commended the
President for authorizing the probe and also for making public the result of
the probe. It further urged the national Assembly to expedite action on the
passage of the Petroleum Industry Bill (PIB), which according to it, will
expressly resolve some of the findings of the audit as regards NNPC procedures
and enabling law.
According to the group, “the
auditors stated in the report that:
*The gross revenue generated
from FGN crude oil lifting for the period 1 January 2012 to 31 July 2013, was
US$69.34billion and not US$67billion reported by the Reconciliation Committee.
*The total cash remitted into
the Federation Accounts in relation to these crude oil lifting, was
US$50.81billion and not US$47billion as earlier reported by the Reconciliation
Committee.
*The balance of the generated
revenue is accounted for as follows: a)Revenue reported by NPDC of
US$5.11billion reported by the MD, Mr. Briggs during the Senate hearings
will be accounted for through the financial statements of NPDC, and any
dividend declared will flow into the Federation account. b) PMS and DPK Subsidy
of US$8.7billion c) NNPC’s initial costs verified and accepted by the senate of
US$2.65billion d) Additional NNPC costs following the forensic audit
US$2.81billion e) Added to the Revenue is the unremitted NPDC signature bonus
due for divested assets and taxes/royalties totaling US$2.22billion. e) Hence
the net amount attributable to the federation account following the above
summary is US$1.48billion”
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