Audit report: NNPC, others failed to remit $3.8bn, N358.3bn in 2013 – NEITI

A sum of $3.8billion and N358.3billion oil revenues that should have gone to Federation in 2013 was not remitted by the Nigerian National Petroleum Corporation (NNPC) and its sub-units, the Nigeria Extractive Industries and Transparency Initiative (NEITI) has said in a latest report.

The report, which covered activities of the oil and gas and mining sectors in 2013, was unveiled by the Chairman of NEITI, Kayode Fayemi on Monday in Abuja.

Aside the outstanding revenues from NNPC, Fayemi said, citing the report, that the sums of $5.966billion and N20.4billion revenues were denied the federation due to crude oil swaps and crude theft.

Highlights of the report  added that the sum of $599.8million was also lost as a result of under-payments of petroleum profit taxes and royalties by oil and gas companies.

The audit also revealed that the Nigeria Liquefied Natural gas (NLNG) paid the sum of $1.289 billion as dividends, interest and loan repayment for 2013.

However, while NNPC acknowledged receipt of the amount, it did not remit the money to either the federal government or the Federation.

The amount brings to a total of $12.9 billion the total NLNG payments received by NNPC between 2005 and 2013 but not remitted by NNPC to the federal government, the report showed.

NLNG is a joint venture project owned by four shareholders namely, the Federal Government of Nigeria, represented by the NNPC which has a 49 per cent stake, Shell Gas BV, SGBV, 25.6 per cent; Total LNG Nigeria Limited, 15 per cent; and Eni International (N.A,) N.V. S. A, 10.4 per cent.