Government & Politics

Nigerian Govt. Uncovers Fresh N2.23Trillion Fraud In NNPC…See Details

According to a new 2013 audit report published by the Nigeria oil and gas as well as the solid minerals sectors, Nigerian Extractive Industries Transparency Initiative (NEITI), the President Muhammadu Buhari-led federal government, has uncovered a fresh N2.23trillion fraud in NNPC.
The Minister of Solid Minerals and Chairman of the NEITI Board, Kayode Fayemi, said the audit, which focused on all aspects of the extractive industries, showed that total revenue flows into the Federation Account from the oil and gas sector in 2013 was about $58.07 billion.
According to Premium Times, the figure represented about eight per cent decline when compared to the $62.9 billion realised in 2012.
Kayode Fayemi said 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.
Details of the report revealed that the Nigerian National Petroleum Corporation (NNPC) and its sub-units during the year either lost or refused to remit a total of N2.23 trillion, consisting $9.75 billion and N378.67 billion, to the federation account as earnings from various aspects its operations in 2013.
We’ll be updating you with more details later…
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