NNPC Yet To Remit $22bn To Federation Account

The Nigerian National Petroleum Corporation (NNPC), its subsidiary, the Nigerian Petroleum Development Company have not paid $22.06bn and N481.75bn to the Federation Account.

Also, other companies in the oil and gas sector are part of those owing the said amount of money as revenue payment.

This was revealed in a report on Monday in Abuja by the Nigerian Extractive Industries Transparency Initiative (NEITI).

According to NEITI, the report showed a summation of unremitted revenue, losses and unreconciled differences from operations and transactions in the oil and gas sector.

It noted that the NNPC had not remitted $19.04bn and N424.57bn as revenue to the federation account.

In addition, the report showed that oil and gas producing firms were withholding $152.69m and N5.2bn; companies in offshore processing contracts, $498.6m; and NPDC, $2.38bn and N51.95bn.

Also, the report said losses to the federation from crude oil production, processing and transportation were $3.04bn and N60.99bn.

And on unreconciled differences from the allocation, sale and remittance of proceeds from domestic crude allocated to NNPC, the report pegged it at N317.48bn.
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