The Nigerian National Petroleum Corporation, NNPC has debunked a report by the auditor-general which alleged that it had failed to remit 3.2 trillion naira ($16 billion) in revenues to the government in 2014.<\/p>\n
The state-owned company said Samuel Ukura, the auditor was wrong.
\nRather, it said, it only owes $1.64 billion.
\nThe auditor-general made the allegations in a report two days ago.
\n\u201cNNPC wishes to state in strong terms that the AGF\u2019s (Auditor General of the Federation\u2019s) declaration is erroneous,\u201d it said in a statement, adding that the auditor-general had failed to account for costs including a fuel subsidy, pipeline vandalism and maintenance.
\n\u201cConsequently, the figure owed to the Federation Account as at January 2015 Federation Account Allocation Committee (FAAC) meeting report was N326,142,137,205.79 ($1.64 billion)\u2026and not the N3.23 trillion alleged by the AuGF,\u201d said NNPC.
\nUnder the constitution, the Nigerian National Petroleum Corporation (NNPC) must hand over its oil revenue \u2013 which makes up about 70 percent of total income \u2013 and money is then paid back based on a budget approved by parliament.
\nBut the act establishing the state oil company allows it to cover costs before remitting funds to the government.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Nigerian National Petroleum Corporation, NNPC has debunked a report by the auditor-general which alleged that it had failed to remit 3.2 trillion naira ($16 billion) in revenues to the…<\/p>\n","protected":false},"author":1,"featured_media":42151,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[17],"tags":[],"class_list":["post-47651","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-exclusive"],"yoast_head":"\n