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NNPC didn’t remit $81.2bn in four years – Reps’ panel

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The House of Representatives believes that the Nigerian National Petroleum Corporation did not remit a total of $81.2bn crude oil proceeds to the Federation Account in four years.

Its ad hoc committee, which is investigating the alleged export of $17bn worth of undeclared crude oil and gas resources, has demanded explanations from the corporation.

The investigation covers the year 2011 to 2014.

Punch correspondent gathered on Monday that the committee, which is chaired by a member of the All Progressives Congress from Adamawa State, Mr. Abdulrazak Namdas, had analysed documents from various sources, including the Nigerian Extractive Industries Transparency Initiative, Central Bank of Nigeria, Department of Petroleum Resources and the NNPC itself before coming to the conclusion.

In its set of questions sent to the NNPC, a copy of which was obtained exclusively in Abuja, the committee noted that the total receipts from crude proceeds for the four years tallied at $123.9bn.

However, lawmakers found out that the NNPC remitted only $42.7bn to the Federation Account, “giving a frightening shortfall of $81.2bn.”

The average crude oil prices per barrel for the respective years were $111.90 (2011); $112.01 (2012); $110.12 (2013); and $101.91 (2014).

The barrels sold for the respective years were 301.7 million; 296.4 million; 267.1 million; and 270.7 million, bringing the total for the four years to 1.136 billion barrels.

Punch, April 18, 2017

 

 

 

 

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