The Nigerian Extractive Industries Transparency Initiative (NEITI) on Monday reported that the Nigerian National Petroleum Corporation, NNPC, its subsidiary, Nigerian Petroleum Development Company, and other companies in the oil and gas sector were yet to remit $22.06 billion and N481.75 billion to the Federation Account.
The agency in its latest report on the summary of unremitted revenue, losses and unreconciled differences from operations and transactions in the oil and gas indicated that NNPC’s liability on the unremitted revenue totalled $19.04 billion and N424.57 billion.
A further analysis of the report on the unremitted revenues by the other oil and gas producing companies showed that they were yet to remit still $152.69 million and N5.2 billion to the Federation Account while others engaging in offshore processing contracts were still holding back $498.6 million.
The report indicated that NNPC’s subsidiary, the NPDC, was yet to remit $2.38 billion and N51.95 billion to the same account.
In addition, the NEITI reported $3.04 billion and N60.99 billion as the total losses to the federation from crude oil production, processing and transportation. This is even as it stated that N317.48 billion represented the unreconciled differences arising from the allocation, sale and remittance of proceeds from domestic crude allocated to NNPC.