NNPCL Fails To Remit $1.9b In 2021, Says NEITI

The Nigerian National Petroleum Corporation Limited (NNPC) didn’t remit $1.9billion to the government’s account at the end of 2021.

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

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

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

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

Orji said crude oil production dropped from 39.08 million barrels in 2020 to 37.57 million in 2021, adding; “This decline is attributed to reduced crude oil production in that period, affecting 29 companies.”

Malam Nasir El-Rufai, former governor of Kaduna State, had called for the privitaisation of NNPCL over non-remittance of funds.

Speaking on Channels TV’s programme, “Politics Today” last year, El-Rufai had said NNPCL created more problems for Nigeria and failed in the oil and gas sector of the country.

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He stressed that the company has not been able to remit any amount to the federation’s account except excuses that their revenues are being quelled by subsidy.

“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.

(Daily Trust)


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