Politics

Senate angry, summons NEITI boss over unremitted N1trn

PIB
Disturbed by revelations of huge unremitted funds in 2013 report of the Nigeria Extractive Industry Transparency Initiative, NEITI, the Senate,Thursday, summoned NEITI Executive Secretary, Mr. Waziri Adio, to appear before it in plenary and explain the details of the agency’s report.
It would be recalled that NEITI 2013 report, submitted by Adio to Senate President, Bukola Saraki, on Tuesday, shows that over N1 trillion oil revenue was  allegedly not remitted to the federation account between 2005 and 2013 by the Nigeria National Petroleum Corporation, NNPC.
Moving a motion for a debate on the report, Senator Tijjani Kaura, (Zamfara North), called for an urgent look into the report.
According to Kaura, the report of financial activities in Nigeria’s oil and gas industry showed that the nation made $58.07bn from hydrocarbon in 2013.
He said: “While N33.86bn was realised from solid minerals sector in 2013,  $3.8bn and N358.3bn stands as outstanding revenue from the NNPC and its subsidiaries in 2013, which were dues from unpaid consideration from divested oil mining leases.
“More worrisome was the non remittances by NNPC amounting to $12.9bn which was paid by the Nigerian Liquefied Natural Gas to the federation account between 2005 and 2013.”
According to him, it was outright theft for $5.966bn and N20.4bn of Offshore Processing Agreement involving some oil firms in the NNPC’s crude oil swap transaction not to have been remitted.
While contributing to the debate, Deputy Senate President, Ike Ekweremadu, demanded that the Executive Secretary of NEITI be made to formally present the report at plenary.
While ruling on the debate, Senate President, Bukola Saraki, said he was deeply concerned at the huge loss of revenue following the disclosures in the report.
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Ripples Nigeria

We are an online newspaper, very passionate about Nigerian politics, business and their leaders. We dig deeper, without borders and without fears.
www.ripplesnigeria.com