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Tuesday, 19 September 2023 07:31

NNPCL Didn’t Remit $1.9bn To Federation Account In 2021 – NEITI

By the end of 2021, the Nigerian National Petroleum Corporation Limited (NNPC) had not remitted $1.9 billion to the government’s account.

This is according to the Nigeria Extractive Industries Transparency Initiative (NEITI) audit report.

NEITI publishes a yearly audit of the oil, gas, and solid minerals sector.

Ogbonnaya Orji, the head of NEITI, said at the report’s unveiling in Abuja on Monday that the organization “discovered this information and felt it was important that the public knows about it.”

Crude oil losses due to theft and sabotage decreased by 3.86 percent in 202, according to the report.

Orji stated that crude oil production fell from 39.08 million barrels in 2020 to 37.57 million barrels in 2021, and that “this decline is attributed to reduced crude oil production during that period, affecting 29 companies.”

Former Kaduna State governor, Malam Nasir El-Rufai, had called for the privatisation of NNPCL due to non-remittance of funds.

El-Rufai said on Channels TV’s “Politics Today” last year that NNPCL caused more problems for Nigeria and failed in the country’s oil and gas sector.

He emphasized that the company has been unable to remit any funds to the federation’s account, citing the fact that their revenues have been reduced by subsidies.

This year, NNPC has not brought N20,000 to the federation account. We are living on taxes. It is PPTs, royalties, income tax and VAT that is keeping this country going because NNPC claims that subsidy has taken all the oil revenues. I don’t believe it.”

Nothing has changed, it’s just a change in name with limited at the end. They are still taking our money, declaring profit that we have not seen the dividends, he had said.

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