NNPC should be made to account for N5.15 trillion – NEITI

The Nigerian Extractive Industries Transparency Initiative, NEITI, on Friday released its 2015 Oil and Gas Industry Audit Report.

One of the key recommendations of the report is a demand for the federal government to ask the Nigerian National Petroleum Corporation, NNPC, to fully account for over $16.8 billion (about N5.15 trillion at N306.3 to $1) collected as dividends since the inception of the Nigeria Liquefied Natural Gas, NLNG, in 2000.

The report released on Friday in Abuja also revealed that Nigeria’s oil and gas revenues dropped from $54.5 billion in 2014 to $24.8 billion in 2015.

The report also stated that Nigeria’s oil production capacity fell from a total 798 million barrels in 2014 to 776 million barrels in 2015.

The report showed that total outstanding revenue from the sector as at 2015 stood at about $3.7 billion and N80 billion, with losses incurred at $2.2 billion and N60 billion, while unreconciled revenues amounted to about N317 billion.

NEITI Executive Secretary, Waziri Adio, said at the release of the report that beyond the snapshots of what transpired in 2015, the latest report revealed monies to be recovered from different agencies, apart from recommendations on leakages to be blocked, and urgent reforms to be undertaken.

“The most critical take-away is the need to expedite, expand and sustain reforms in this still critical sector of national life,” Mr. Adio said.

Details later…