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.