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NEITI tasks NNPC on N5.15 trillion

December 29, 2017

By Olayinka Ajayi

Executive Secretary, NEITI, Waziri Adio. The Executive Secretary, Nigeria Extractive Industries Transparency Initiative

Executive Secretary, NEITI, Waziri Adio. The Executive Secretary, Nigeria Extractive Industries Transparency Initiative

The Nigerian Extractive Industries Transparency Initiative, NEITI, has task the Nigerian National Petroleum Corporation, NNPC, to account for about N5.15 trillion collected as dividends since the inception of the Nigeria Liquefied Natural Gas, NLNG, in 2000.

In a release of its 2015 Oil and Gas Industry Audit Report recently, NEITI in its recommendations, urged 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 in Abuja further 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 “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.

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