NNPC should be made to account for N5.15 trillion – NEITI

NNPC TOWERS

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

One of the key recommendations of the report is a demand for the federal government to ask 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 take-away is the need to expedite, expand and sustain reforms in this still critical sector of national life,” Mr. Adio said.

Details later…


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  • Julius

    When you have a Minister of Petroleum who can’t remember his age of just 2 digits how do you expect him to keep track of figures in the accounting records in the neighborhood of 13 or 14 digits? Indeed Nigerians have entered a one chance Molue.

    • Abdul

      Shut up and stop this mischievousness, that is why president recruit and pay people to provide this information and NEITI has provided the needed information, your petroleum minister need not do all the work. now that the information has been provided, it is left for the govt request NNPC to account for the money and by the way the report accounted for period under the previous govt.

      • Du Covenant

        My broda, why bother yourself with such an imbecile?. He does not care about the recommendations of the report instead his problem is pure and blind hatred. The NNPC has for long been a country within Nigeria operating its own numerous accounts, laws etc without the responsibilities that comes with that and therefore has been the hotbed of corruption in Nigeria. We must end this nonsense even if it means recruiting foreigners to come and run this organisation for us.

      • bruce uba

        Bro. Abdul, I appreciate your straight forwardness on this matter. But this subject is “very deep” and strikes at the heart of the problem of corruption in Nigeria! When PMB decided to be Petroleum Minister, I was excited, thinking he has a plan to rid the country of corruption, once and for all. But alas, we are back to square one! We can talk about restructuring, corruption, insecurity, whatever, but my brother, the big issue with Nigeria is this NNPC! A mono product economy that depends exclusively on the proceeds of oil to function and survive must be removed from political, executive and military interference for the good of the country. The NNPC should have an MD that must be approved by both houses of assembly! NNPC should have a board of directors that must be approved by both houses of Assembly. NNPC should have an Accountant and Auditor General that must be approved by both houses of assembly. NNPC should have a budget Director that must be approved by both houses of Assembly. NNPC must not be allowed to spend any money that is not appropriated by the National Assembly. NNPC must not be allowed to award any contracts exceeding $1 million that is not approved by the National Assembly. NNPC Budget and Annual Accounts must be made public anually. This is the Reform we expected from PMB, but alas, as Julius has noted, we have a president that doesn’t even have a School Certificate, who is sick and senile and totally incapable of instituting the structural changes that are needed in Nigeria!

        • pheliciti

          Can someone be really this slow or is your daftness computer generated?

          • bruce uba

            pheliciti, No! It’s your ignorant brain loaded with cheap sycophancy and hero worship mind that is daft! You have mortgaged your soul to foolishness and thugish living. Your duplicity has kept you and the entire generations after you poor and totally bereft of a future!

      • Julius

        lolz abeg, that’s a fake Julius !..You see, I don turn them into cowards that can’t handle me so they clone my name…That’s biafraudians for ya..always into fake and fraudulent way of life. It’s in heir DNA..smh !

    • pheliciti

      When you clownishly comment based on the headline without reading the full report, how do you expect to know it’s a review of the period ending 2015 and not after?

  • share Idea

    NEITI should have acknowledged in his report that current administration actually used part of the NLNG dividen to bribe some of the governors in the name of bailout, that way, it would show that they did some level of work.

    Every Nigerian that have been following activities of this administration since it came onboard would acknowledge that we were told that first bailout funds to states were dividend paid by NLNG that was saved by previous administration. Hence, it does not show diligent work on the part of NEITI if their report did not acknowledge existence of such but rather reported blanket indictment of NNPC on that regards.

    • SeniO.

      I may be wrong… I believe that the bailout sum you’re referring to is $150m which represents dividend shared with states in Nov 2015, right? NEITI is asking for report on dividends since 2000 amounting to $16.8b.

      FG’s share of NLNG dividends are paid directly to NNPC. I expect NNPC to have details of how dividends have been disbursed over the years.

      • FineBoy

        He commented without reading the report. All he read was NEITI and missing money, hence Buhari must be guilty

      • share Idea

        Even if it was $1, the article never mentioned of seeing any dividend payment record – hence, my initial comment.

        VP told us that NNPC was bearing the burden of fuel subsidy under this administration, do we know how much NNPC incurred for subsidy under previous administrations in the past, could it be that some of the subsidy payments were serviced from the dividend?

        Accountability is good but the way some of Nigerian institutions write their report, you wonder if they are actually working under same government.

        What prevents NEITI from presenting the efforts they made in getting details of what they are requesting the presidency to do?

        How can audit report of NNPC not reveal how and where such dividends were used?