The Nigerian Extractive Industries Transparency
Initiative (NEITI) has tasked the Nigerian
National Petroleum Corporation (NNPC) to fully account for $16.8 billion
dividends derived from the Nigerian
Liquefied Natural Gas (NLNG).
The
agency also urged the Federal Government to ensure the proper metering of oil
facilities and the recovery of $3.7 billion outstanding revenues from the
sector.
The
Executive Secretary of NEITI, Waziri
Adio, who made the appeal while commenting on the agency’s 2015 oil and gas
industry audit report also revealed that Nigeria’s oil and gas revenues plunged
from $54.5 billion in 2014 and $24.8 billion in 2015, while oil production fell
from 798 million barrels in 2014 to 776 million in 2015.
Adio,
in the report, noted that while NNPC has always confirmed receipt of the payments,
it has never shown evidence of remittance to either the Federal Government or
to the Federation Account.
“NNPC maintains that it has authorization from the presidency to
hold the dividends in trust and utilize as directed by the government. NEITI
recommends that NNPC should provide documentary evidence of the authorization
to hold the money in trust and to give account of the expenditure from and the
status of the $16.8 billion collected in 16 years”, he said in the report.
The
report further disclosed that the total outstanding revenue from the sector as
at 2015 was $3.7 billion and N80 billion, while losses stood at $2.2 billion
and N60 billion. He revealed that non-reconciled revenues amounted to N317
billion.
“Beyond providing a snapshot of what transpired in 2015, this report
reveals money to be recovered, leakages to be blocked, and urgent reforms to be
undertaken,” Adio
stated, adding that the most critical take-away was the need to expedite,
expand and sustain reforms in the sector. (SUN)
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