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NNPC under-remitted N78b to Federation Account – NEITI

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The Nigeria Extractive Industries Transparency Initiative on Thursday announced that the Nigerian National Petroleum Corporation under-remitted N77.92bn to the Federation Account from domestic crude allocation in 2017.

It disclosed this in its latest report on Nigeria’s share in the sale of crude oil an gas produced in 2017.

Key findings in the report showed that NNPC deducted N297bn from earnings from the Domestic Crude Allocation as costs and losses.

This was broken down into N141.6bn for under-recovery of petroleum products, N25bn for crude and product losses, N130.4bn for pipeline repairs and maintenance.

It said, “The sum of N77.92bn was under-remitted by NNPC to the Federation Account from Domestic Crude Allocation in 2017.

“NNPC acknowledges the under-remittance and states that there is an ongoing reconciliation to net off the N77.92bn from the ‘established federation indebtedness to the corporation of N797bn arising from KPMG forensic audit of the corporation at the instance of the federation’.”

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