23 June 2017

Nigeria: Neiti - Over U.S.$21.8 Billion Unaccounted for By NNPC

The Nigeria Extractive Industries Transparency Initiative (NEITI) has revealed that the Nigeria National Petroleum Corporation (NNPC) is supposed to remit over $21.8 billion billions to the Federation Account.

The agency's Director of Communications, Orji Ogbonnaya Orji, on spoke thursday on ARISE Television, a THISDAY sister broadcast station, said the discovery came as a result of the audited account of the NNPC.

He explained that the unremitted amount was a combination of monies earned by the NNPC and all its subsidiaries from several projects executed in the oil sector in the past few years, but were not remitted to the federation account.

He further said the agency's report had been made known to the Acting President, Prof. Yemi Osinbajo, who was impressed with its findings.

He said the agency discovered that the money was earned but not remitted to the Federation Account.

He added that such unremitted money could be used for major critical government projects, adding that investigations are ongoing into how monies were appropriated and spent within the NNPC.

Nigeria

Buhari Won't Return Until UK Doctors Give Green Light - Officials

A delegation of the ruling All Progressives Congress Governors on Sunday night said President Muhammadu Buhari would… Read more »

Copyright © 2017 This Day. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 900 reports a day from more than 150 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.