NNPC fails to remit $4.2bn oil revenue in 6 months
Continuous rot still pervades the operations of the Nigeria National Petroleum Corporation (NNPC) as fresh findings say the organization failed to remit about$4.2 bn into the federal purse by year end 2015. The period under review coincides with the first 6 months of the Buhari-led administration which has trumpeted ‘change’ as the cardinal thrust of its government.
NNPC recently took centre stage of national discourse when attempts to break up the institution by the Minister of Petroleun, Dr Ibe Kachikwu, met with stiff resistance by oil workers under the umbrella of NUPENG and PENGASSAN.
Reports of systematic resistance to transparent operations at the NNPC were filed by the Natural Resource Governance Institute. It noted in an article published Thursday that the organisation withheld $4.2bn from $6.3bn oil revenue allegedly generated in the last 6 months of 2015. The federation account, therefore, got a paltry $2,1bn by the accounts of the institute.
Read also: IMF cuts Nigeria growth forecast again
The report identified the income stream of $6.3bn for the last half of 2015 to comprise $1.4 billion earnings from Nigeria’s regular crude oil exports for the period; $3.4 billion from domestic crude oil sales, and $1.5 billion from oil sold from the corporation’s upstream subsidiary, the Nigerian Petroleum Development Company, NPDC oil fields.
An interesting find which currently agitates watchers of the economy is the comparative performance of NNPC in the first half of 2015 which the report also covers. The findings noted that the withheld revenue for the last half of 2015 was about 14 per cent more than the amount withheld by the corporation under the Goodluck Jonathan administration in the first half of 2015, and about 12 per cent higher than the figures withheld in 2013 and 2014.
Nigeria is facing its worst economic crisis in the ten years, bogged down by declining oil revenues, decrepit infrastructure and massive corruption in the public service.
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