Comprehensive  Ghana Oil and Gas news, information, updates, analysis


News in Brief

Nigerian state oil firm ‘withheld $25bn over five years

  • SOURCE: | qwesa2big
  • poil ghaNigeria’s state-owned oil company has failed to pay the government $25bn (£17.5bn) over five years, the nation’s fiscal commission has said.

    It includes $15bn that the nation’s auditor general last week said the Nigerian National Petroleum Corporation (NNPC) failed to pay in 2014 alone.

    Oil revenue accounts for roughly two-thirds of the government’s funding.

    President Muhammadu Buhari has promised to crack down on corruption since coming to office last May.

    In a statement, the Revenue Mobilization Allocation and Fiscal Commission (RMAFC), an independent body, said: “Records at the Commission’s disposal indicate that between January 2011 and December 2015, the total indebtedness of NNPC to the Federation Account was 4.9 trillion naira.”

    Previous allegations

    Under the current set-up, the NNPC hands over its oil revenue and money is then paid back based on a budget approved by parliament.

    The state oil giant has been mired in corruption allegations and losing money for many years.

    Last month, the government announced that the NNPC would be broken up into seven different companies.

    A separate audit ordered under former President Goodluck Jonathan and carried out by global accountancy firm PwC, found that the NNPC had failed to pay the government $1.48bn between January 2012 and July 2013.

    Nigeria is Africa’s biggest oil producer, but the economy has suffered because of the recent decline in the price of oil.

    Source: http://thebftonline.com/world/africa/18063/nigerian-state-oil-firm-withheld-25bn-over-five-years.html#sthash.GusOoapx.dpuf

    Leave a reply

    About Us
    Reporting Oil and Gas project was launched on 4th June 2009 at Takoradi, Western Region, Ghana by Penplusbytes (www.penplusbytes.org) with the vision of providing a one stop online information and knowledge about Ghana’s oil and gas sector read more
    Twitter Activity Stream
     

    Partners We are proud to be associated with:

    Skip to toolbar