Petroleum Africa
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Tuesday, March 15, 2016
An audit of NNPC’s revenues for 2014 revealed the state-run company withheld about $16 billion in revenues from the government, according to Nigeria’s auditor-general.
Samuel Ukura, who presented his findings in a report to lawmakers at the national assembly, said other government ministries and agencies had also failed to remit funds.
Ukura’s report stated that it was based on an “examination of NNPC mandates to the country’s Central Bank of Nigeria on Domestic Crude Oil Sales and Reconciliation Statement of Technical Sub-committee of Federation Account Allocation Committee (FAAC) meeting held in January 2014.”
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