NEITI Demands Proof of Recovery of N4.4bn Subsidy Funds from PPPRA

The Nigeria Extractive Industries Transparency Initiative (NEITI) has challenged the Petroleum Products Pricing Regulatory Agency (PPPRA) to show evidence that it remitted about N4.423 billion recovered from oil marketers as over-payment between 2008 and 2009 into the federation account. NEITI, in further response to the inaccuracy charge on its 2009 to 2011 independent audit report of activities in Nigeria’s oil and gas sector by the PPPRA, stated that claims by PPPRA that it was wrongfully indicted by it on the alleged subsidy fund “over-recovery” remained baseless considering that PPPRA had failed to account for the funds which were recovered from 10 oil marketers within the period covered by the audit.

According to NEITI’s Director of Communications, Orji Ogbonnaya Orji, yesterday at a briefing with journalists in Abuja, NEITI’s position on the “over-recovery” remained that no form of evidence that the recovered fund was remitted to the federation account had been shown to it by PPPRA, adding that the agency’s claim that NEITI was misleading Nigerians with its audit report was unfortunate. Apart from the misunderstanding on the subsidy fund “over-recovery”, Orji also shed light on PPPRA’s claims that it never participated in the audit process and indeed “signed off” on the report before it was made public and said the agency duly participated in all of the meetings, including providing additional information two days before the final validation deadline.

http://www.thisdaylive.com/articles/neiti-demands-proof-of-recovery-of-n4-4bn-subsidy-funds-from-pppra/156135/

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s