NEITI Report: NNPC Cornered N2.1trn Oil Proceeds In 2 Years

In a rather consistent trend, the 2009-2011 report of the oil and gas sector audit conducted by the Nigeria Extractive Industries Transparency Initiative (NEITI) has again revealed that the federation lost about N2.153 trillion to unwholesome activities of the Nigeria National Petroleum Corporation (NNPC).

The report released yesterday also showed that the federal government earned a total of $143.5 billion, about N22.24 trillion (at N155 to $1) from the oil and gas sector between 2009 and 2011.

A breakdown of the revenue lost to the activities of the NNPC as contained in the report showed that financial flows from the Nigeria Liquefied Natural Gas (NLNG), including dividends and repayment of loans, of which $4.84 billion was received by the NNPC, was not remitted by the Corporation. The report which was presented by NEITI chairman, Ledum Mitee, confirmed that the amounts had not been remitted either to the CBN/NNPC JP Morgan accounts or to the federation account.

http://www.leadership.ng/nga/articles/46585/2013/02/01/neiti_report_nnpc_cornered_n21trn_oil_proceeds_2_years.html

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