“NNPCL and 13 Other Entities Accused of Withholding $9.85 Billion in Government Revenue – NEITI Report”

According to the Nigeria Extractive Industries Transparency Initiative (NEITI), the Nigerian National Petroleum Company Limited (NNPCL) and 13 other organizations are allegedly responsible for not remitting a total of $9.85 billion to the federation account within a single year.

This revelation comes from NEITI’s 2021 Oil and Gas Industry Report, which conducted audits on 69 companies, including the Nigeria Liquefied Natural Gas (NLNG), as well as 13 government bodies and one state-owned enterprise, the NNPC. This unremitted sum constitutes 8.47 percent of the $23 billion in revenue generated by the federal government during the assessed year.

Specifically, NEITI identified NNPCL as unable to account for $1.951 billion from its revenue generated for the federal government in 2021. However, it did not disclose the names of the other agencies implicated in this default.

The report, which was presented in Abuja, also outlined various components of the unremitted funds, including $286.423 million from export crude sales, $871.145 million from unremitted domestic crude sales, $722.596 million in LNG dividends, $859.583 million in miscellaneous revenue, $24.332 million in transportation revenue, and $45.758 million in unremitted domestic gas proceeds. Additionally, the report disclosed that NNPCL’s expenditures during the same period amounted to $6.931 billion.


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