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

The Nigerian Extractive Industries Transparency Initiative(NEITI) has said the unremitted funds by the Nigerian National Petroleum Corporation (NNPC) covered 1999 to 2015.

According to a report by NEITI, the NNPC, its subsidiary firms, and other companies in the oil and gas sectors have not remitted $22bn, N481.75bn to the federation’s account.

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But the document did not clarify the period covered, leaving many in the dark.

Making a clarification on the matter, NEITI in a statement on Monday said its 2015 and 2016 report due for release in December would give an update on the real figures if any is outstanding.

“For the avoidance of doubt, NEITI wishes to state that the document covered the period 1999 to 2015,” the statement said.

“The unremitted amounts mentioned largely related to NLNG dividends paid for the period between 2000 and 2015 and money due from 12 assets divested to the NPDC between 2011 and 2013.

“Apart from these being legacy issues, at no point did NEITI mention money missing from the Federation Account.

“NEITI hereby reiterates the need for the media and other stakeholders to seek clarification when they are not clear, and resist the urge to politicize the work of the agency.”