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NNPC failed to remit N998bn oil proceeds in 2014 – NEITI

NNPC Failed To Remit N998bn Oil Proceeds In 2014 – NEITI

Domestic crude valued at N2.45 trillion, about $15. 6 billion was sold in 2014 but only N1.44 trillion was paid into the Federation’s Account by the Nigerian National Petroleum Corporation (NNPC), resulting to an unreconciled and unremitted sum of N998 billion, THISDAY reports.

This was according to the highlights of remedial issues in the Nigerian Extractive Industries Transparency Initiative (NEITI) 2014 audit report of the oil and gas sector, presented at the weekend in Abuja during the Civil Society and Media Consultation on remediation. NEITI has also indicted the Nigerian Maritime Administration and Safety Agency (NIMASA) for failing to provide records of Cabotage freight levy collection.

The report stated that revenue losses in the oil and gas sector was as a result of ineffective and inefficient agencies of government who are supposed to be alive to their statutory responsibilities to ensure transparency and accountability in the sector. For instance, it said the Department of Petroleum Resources (DPR) has inadequate measurement infrastructure to determine the volume of gas flared, adding also that the agency has no effective receipt issuance and collection system.

The post Nnpc Failed to remit N998bn oil proceeds in 2014 – NEITI appeared first on Energy News | Oil and Gas News.



This post first appeared on Energy Mix Report, please read the originial post: here

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