NNPC, Oil Companies Yet To Remit $22bn, N481bn

The Nigeria Extractive Industry Transparency Initiative (NEITI) says the Nigerian National Petroleum Corporation and other stakeholders in the industry have yet to remit 22.06 billion dollars and N481.75 billion to the Federation Account.
NEITI made this known in its audit report released at the National Conference on Remedial Issues in Abuja on Monday.
It named the other stakeholders to include oil companies in the oil and gas sector and Nigerian Petroleum Development Company (NPDC).
The report noted that the unremitted fund was part of the remedial issues contained in the 2010 to 2015 audit reports yet to be resolved.
“Total revenue yet to be remitted to the Federation Account by NNPC, NPDC, and companies in the oil and gas sector is 22.06 billion dollars and N481.75 billion.”
A breakdown of the money indicated that oil and gas producing companies owed the sum of 152.69 million dollars and N5.2 billion and companies involved in offshore processing contracts 498.6 million dollars.