September 18, (THEWILL) – The Nigerian National Petroleum Company Limited (NNPCL) under-remitted a total of $1,951,115bn in 2021, the Nigeria Extractive Industries Transparency Initiative (NEITI), said on Monday, in its 2021 Oil & Gas Industry Report.
Executive Secretary and National Coordinator of Nigeria Extractive Industries Transparency Initiative (NEITI), Dr Orji Ogbonnaya Orji, who presented the report in Abuja, also said a total of 69 companies and Nigerian Liquified Natural Gas (NLNG), were covered, out of which 22 fell within the criteria for reconciliation.
Orji added that their payments represented 95.65% of total payments by companies which amounted to $11,332,792.48 billion.
He explained that NEITI’s standard for reconciliations was for companies that pay royalties in excess of $5m.
Orji, however, disclosed that the Nigerian National Petroleum Company Limited (NNPCL), under-remitted $1,951,115 billon during the period under review.
He said revenue payments by companies and received by government agencies totalled $23,046,088 billion.
“Revenue not remitted by the state owned enterprise (SOE) (NNPCL) is $1.951,115bn representing 8.4%; quasi-fiscal expenditure by SOE $6.931,285bn (30.08%), subnational payments (payments by NDDC and NCDMB) $963,629,000 (4.18%); while total remittances to the Federation amounted to ($13,200,059bn), (57.27).
“All the companies, including the NNPCL, provided us with the data and we also looked at their audited financial statements. These revenues were not remitted. NNPCL has its explanation. NEITI feels strongly that this should be brought to public knowledge and we have made our statement. It is a very balanced report and we then allow the public to judge”, he said.
