NEITI recommends that NNPC accounts for N5.15trn

December 29, 2017

The Nigerian Extractive Industries Transparency Initiative (NEITI), on Friday, released its 2015 Oil and Gas Industry Audit Report.

One of the most prominent recommendations of the report is that the Federal Government asks the Nigerian National Petroleum Corporation (NNPC), to fully account for over $16.8 billion (about N5.15 trillion at N306.3 to $1) collected as dividends since the inception of the Nigeria Liquefied Natural Gas (NLNG), in 2000.
The report released on Friday in Abuja also revealed that Nigeria’s oil and gas revenues dropped from $54.5 billion in 2014 to $24.8 billion in 2015.
The report also stated that Nigeria’s oil production capacity fell from a total 798 million barrels in 2014 to 776 million barrels in 2015.
The report showed that total outstanding revenue from the sector as at 2015 stood at about $3.7 billion and N80 billion, with losses incurred at $2.2 billion and N60 billion, while unreconciled revenues amounted to about N317 billion.
NEITI Executive Secretary, Waziri Adio, said at the release of the report that beyond the snapshots of what transpired in 2015, the latest report revealed monies to be recovered from different agencies, apart from recommendations on leakages to be blocked, and urgent reforms to be undertaken.

“The most critical takeaway is the need to expedite, expand and sustain reforms in this still critical sector of national life,” Adio said.

You can download either the highlights of the report or the detailed report below:

Omoleye Omoruyi… an apprentice web/game developer, novelist, sensitive to happenings in the world. Meet him @Lord_rickie on Twitter/Instagram

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