Nigerian Govt. Uncovers Fresh N2.23trillion Fraud in NNPC

Minister of Solid Minerals and Chairman of the NEITI Board, Kayode Fayemi

 

An audit report of the Nigeria Extractive Industries Transparency Initiative (NEITI) has alleged that the Nigeria National Petroleum Corporation (NNPC) did not remit $12.9billion (approximately N2.23trillion) to the federation account between 2005 and 2013.

 

According to the report which was unveiled on Monday in Abuja‎ by the minister solid minerals,  Kayode Fayemi, who is also the chairman of NEITI board, the unremitted funds were the sum of dividends, interest and loan repayment from the Nigeria Liquefied Natural Gas (NLNG).

 

The Minister of Solid Minerals and Chairman of the NEITI Board, Kayode Fayemi, said the audit, which focused on all aspects of the extractive industries, showed that total revenue flows into the Federation Account from the oil and gas sector in 2013 was about $58.07 billion. The figure represented about eight per cent decline when compared to the $62.9 billion realised in 2012