$4.2 billion missing in NNPC under Buhari’s watch
$4.2 billion missing in NNPC under Buhari’s watch since he resumed office in 2015 has drawn the[….]attention of The U.S government.
The $4.2 billion missing in NNPC under Buhari’s watch came as a great shock despite his struggle to fighting coruption and assuring accountability and transparency in the Nigerian National Petroleum Corporation, the sector still went ahead to amaze over $4 billion from the oil revenues meant for government’s own account.
The National Resources Governance Institute, has confirmed that NNPC successfully withheld $4.2 billion out of the $6.3 billion recovered from the sell of crude oil in the last six months of 2015 which President Muhammadu Buhari was incharge.
This revenues withheld by NNPC, covers up to 66 per cent of the total revenue generated from the country’s regular crude oil for that period; The domestic crude oil sales had about $3.4 billion while oil sold from the corporation’s upstream subsidiary and NPDC oil fields was at about $1.5 billion.According to the report, the Federation Account only received $2.1 billion from the sales.
The group also revealed that the unremitted revenues during the six months was over 14 per cent more than the amount withheld by the corporation during Jonathan’s administration in the first six months of 2015.
According to the report, the amount of unremitted oil revenues in 2015 differs greatly from that of 2005, which indicates that NNPC remitted 68 per cent as the total oil sale earnings to the Federation Account while it withheld 32 per cent for that period.
According to the group, NNPC claimed that part of the money was used to service Nigeria’s share of the joint venture operating obligations but the corporation failed to give an insight as to what the remaining part of the fund was used for.
The report concluded by confirming that under the present administration of President Muhammadu Buhari, the current reforms in the oil sector has failed and the NNPC is still bent at continually retaining the major share of oil sale profit and lavishing it at will.