Thursday, March 24, 2016

NNPC NNPC Said to Owe $25 Billion


Nigeria’s Revenue Mobilization Allocation and Fiscal Commission (RMAFC) has tagged NNPC’s bill to the federal government for 2011 through 2015 at $25 billion. According to  RMAFC, the state oil firm failed to transfer the necessary funds to the federal government.

Last week Nigeria’s auditor general said NNPC had failed to remit $16 billion to the state for 2016 alone. NNPC denied the charge. According to NNPC it only owed $1.64 billion. “NNPC wishes to state in strong terms that the AuGF’s (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.

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