Home Business NNPC denies owing N3.2 trn in 2014

NNPC denies owing N3.2 trn in 2014

by Business News Report

Nigeria National Petroleum Corporation NNPC, on Wednesday said a report credited to the Auditor-General which alleged that it had failed to remit N3.2 trillion in revenues to the federation account in 2014 was wrong and it only owed N326 billion.
The auditor-general made the allegations in a report two days ago.
Under the constitution, the Nigerian National Petroleum Corporation (NNPC) must hand over its oil revenue – which makes up about 70 per cent of total income – and money is then paid back based on a budget approved by parliament.
But the act establishing NNPC allows it to cover costs before remitting funds to the government.
“NNPC wishes to state in strong terms that the Auditor General of the Federation’s declaration is erroneous,” it said in a statement, adding that the auditor-general had failed to account for costs including a fuel subsidy, pipeline vandalism and maintenance.

“Consequently, the figure owed to the Federation Account as at January 2015 Federation Account Allocation Committee (FAAC) meeting report was N326,142,137,205.79 and not the N3.23 trillion alleged by the AuGF,” said NNPC.

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