Abubakar Applauds NNPC On Capacity Building
NNPC GMD, Maikanti Baru. Image: Pulse NG

The Nigerian National Petroleum Corporation (NNPC), its subsidiary, the Nigerian Petroleum Development Company have not paid $22.06bn and N481.75bn to the Federation Account.

Also, other companies in the oil and gas sector are part of those owing the said amount of money as revenue payment.

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This was revealed in a report on Monday in Abuja by the Nigerian Extractive Industries Transparency Initiative (NEITI).

According to NEITI, the report showed a summation of unremitted revenue, losses and unreconciled differences from operations and transactions in the oil and gas sector.

It noted that the NNPC had not remitted $19.04bn and N424.57bn as revenue to the federation account.

In addition, the report showed that oil and gas producing firms were withholding $152.69m and N5.2bn; companies in offshore processing contracts, $498.6m; and NPDC, $2.38bn and N51.95bn.

Also, the report said losses to the federation from crude oil production, processing and transportation were $3.04bn and N60.99bn.

And on unreconciled differences from the allocation, sale and remittance of proceeds from domestic crude allocated to NNPC, the report pegged it at N317.48bn.