NEITI Says NNPC Yet To Remit $3.8bn To Federation Account

An audit report by the Nigeria Extractive Industries and Transparency Initiative (NEITI) is accusing the Nigerian National Petroleum Corporation (NNPC) of refusing to remit 3.8billion dollar and 358.3billion Naira to the federation in 2013.

The Minister of Solid Minerals and Chairman of the NEITI board, Dr. Kayode Fayemi, said that the audit showed that total revenue flows into the federation account from the oil and gas sector in 2013 was about $58.07 billion.

This represents about 8% decline when compared to the $62.9 billion realised in 2012.

Fayemi said that the decline was attributed to the drop in oil and gas sales following divestment of federation equity in some oil mining leases (OMLs), crude oil losses as a result of destruction of production facilities, pipelines vandalism and crude oil theft.