Reps: NNPC Didn't Remit $81.2b In Four Years
The House of Representatives ad hoc committee, is investigating the alleged export of $17bn worth of undeclared crude oil and gas resources has claimed that the Nigerian National Petroleum Corporation did not remit a total of $81.2bn crude oil proceeds to the Federation Account in four years.
The investigation is reported to cover the year 2011 to 2014. According to our source who gathered on Monday that the committee, which is chaired by a member of the All Progressives Congress from Adamawa State, Mr. Abdulrazak Namdas, had analysed documents from various sources, including the Nigerian Extractive Industries Transparency Initiative, Central Bank of Nigeria, Department of Petroleum Resources and the NNPC itself before coming to the conclusion.
Parts of its squestions sent to the Nigerian Oil Company, stated that the total receipts from crude proceeds for the four years tallied at $123.9bn.
The source added that the lawmakers found out that the NNPC remitted only $42.7bn to the Federation Account, “giving a frightening shortfall of $81.2bn.”
The average crude oil prices per barrel for the respective years were $111.90 (2011); $112.01 (2012); $110.12 (2013); and $101.91 (2014).
The barrels sold for the respective years were 301.7 million; 296.4 million; 267.1 million; and 270.7 million, bringing the total for the four years to 1.136 billion barrels.
The committee Stated that, the year-by-year breakdown of the expected earnings were $33.7bn (2011); $33.2bn (2012); $29.4bn (2013); and $27.5bn (2014), totalling $123.9bn.
However, the committee noted that the corporation declared only $ 42.7bn, a figure which was confirmed by the CBN.
This was broken down into $14.3bn (2011); $10.2bn (2012); $8.4bn (2013); and $9.8bn (2014).
"The committee’s worries are anchored on the fact that out of the expected receipt of $123.9bn, the CBN confirmed a total receipt of only $42.7bn, giving a shortfall of $81.2bn,” the document stated.
The NNPC was mandated to explain the
conflicting reports by the corporation and the DPR on crude lifting from Pennington in 2011.
NNPC on its own side claimed that 991.4 million barrels and 960.4 million barrels were lifted in May and October, respectively, the DPR reported that there was only one lifting of 960.4 million barrels in October.
"The committee wants you (NNPC) to prove how the sale of 991.4 million barrels of crude oil was consummated,” the document added.
The investigation is reported to cover the year 2011 to 2014. According to our source who gathered on Monday that the committee, which is chaired by a member of the All Progressives Congress from Adamawa State, Mr. Abdulrazak Namdas, had analysed documents from various sources, including the Nigerian Extractive Industries Transparency Initiative, Central Bank of Nigeria, Department of Petroleum Resources and the NNPC itself before coming to the conclusion.
Parts of its squestions sent to the Nigerian Oil Company, stated that the total receipts from crude proceeds for the four years tallied at $123.9bn.
The source added that the lawmakers found out that the NNPC remitted only $42.7bn to the Federation Account, “giving a frightening shortfall of $81.2bn.”
The average crude oil prices per barrel for the respective years were $111.90 (2011); $112.01 (2012); $110.12 (2013); and $101.91 (2014).
The barrels sold for the respective years were 301.7 million; 296.4 million; 267.1 million; and 270.7 million, bringing the total for the four years to 1.136 billion barrels.
The committee Stated that, the year-by-year breakdown of the expected earnings were $33.7bn (2011); $33.2bn (2012); $29.4bn (2013); and $27.5bn (2014), totalling $123.9bn.
However, the committee noted that the corporation declared only $ 42.7bn, a figure which was confirmed by the CBN.
This was broken down into $14.3bn (2011); $10.2bn (2012); $8.4bn (2013); and $9.8bn (2014).
"The committee’s worries are anchored on the fact that out of the expected receipt of $123.9bn, the CBN confirmed a total receipt of only $42.7bn, giving a shortfall of $81.2bn,” the document stated.
The NNPC was mandated to explain the
conflicting reports by the corporation and the DPR on crude lifting from Pennington in 2011.
NNPC on its own side claimed that 991.4 million barrels and 960.4 million barrels were lifted in May and October, respectively, the DPR reported that there was only one lifting of 960.4 million barrels in October.
"The committee wants you (NNPC) to prove how the sale of 991.4 million barrels of crude oil was consummated,” the document added.
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