NEITI Blasts NNPC Over Failure To Remit N77.92bn To Federatoin Account

The Nigerian Extractive Industries Transparency Initiative (NEITI) has disclosed that the Nigerian National Petroleum Corporation (NNPC) under-remitted N77.92billion to the Federation Account in 2017.
The pilot study report on the sale of crude oil, however, noted that there is an ongoing reconciliation of the amount that arose from KPMG Forensic Audit.
The watchdog organisation, in a statement by its Director Communications and Advocacy, Dr Orji Ogbonnaya Orji, yesterday, said: “Sum of N77.92 billion was under-remitted by NNPC to the Federation Account from Domestic Crude Allocation in 2017.
“NNPC acknowledges the under-remittance and states that there is an ongoing reconciliation to net off the N77.92 billion from the established Federation indebtedness to the Corporation of N797bn arising from KPMG Forensic Audit of the corporation at the instance of the Federation.”
NEITI noted that the total revenue from sale of federation share of oil and gas for 2017 was $14.5 billion—$13.18 billion or 90.8 per cent from crude oil and $1.32 billion or 9.1 per cent from gas.
The NNPC, said the report, deducted N297billion from earnings from the Domestic Crude Allocation as costs and losses, broken down as follows: N141.6billion for under-recovery on petroleum products; N25billion for crude and product losses; N130.4billion for pipeline repairs and maintenance.