House of Assembly uncovers $15 billion unremitted Oil revenue
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House of Assembly uncovers $15 billion unremitted Oil revenue

The Nigerian House of Assembly ad-hoc committee discovers over $15 billion oil and gas revenue unremitted into the Nation’s federation account.



house of reps - House of Assembly uncovers $15 billion unremitted Oil revenue

An Ad-hoc committee set up by the Nigerian house of representatives to investigate an alleged missing $17 billion crude oil and liquefied gas revenue has announced a shocking discovery of $15 billion unremitted revenue into the Federation account.

Details of the investigation contained in two documents submitted by the Nigerian National Petroleum Corporation(NNPC) during the committee’s sitting indicate that the funds were stolen and diverted to a foreign destination.

NNPC’s Chief Operating Officer, Bello Rabiu, While fielding questions from members of the committee, stated that there were discrepancies in the documents.In his presentation earlier, Jack Ukitetu, a Director in the Central Bank of Nigeria, CBN who represented the bank’s governor, explained that the Accountant-General of the Federation approved and determined the money accrued to the Excess Crude Account.

According to Ukitetu, before 2006, the CBN collected the money on behalf of government’s agencies and remitted into the Federal Reserve Account in New York and charged 0.25 per cent.He, however, added that after 2006, the oil companies paid directly what was due to the government.

The director further disclosed to the lawmakers that the CBN collected 0.25 percent via foreign exchange allocation and did not charge the federal government as deduction were made from central sales.

Meanwhile, Waziri Adio, Executive Secretary of Nigerian Extractive Industry Transparency Initiative, NEITI, who had accused NNPC and CBN of misleading the ad hoc committee, pleaded to withdraw the earlier documents submitted.

He, however, pledged to submit “more damaging documents” on the alleged crude oil theft to the committee on Wednesday “which will help in unearthing the unremitted revenue accrued from oil and gas but not remitted”.

Speaking earlier, the chairman of the committee, Abdulrazak Namdas, said that the committee would not hesitate to submit its report to the House without the inputs of major Ministries, Departments and Agencies (MDAs) which failed to honour the committee’s invitation.

Toward this, the committee mandated the CBN and NNPC to submit the audited report of the oil and gas account showing the remitted funds into the Federation Account between 2011 and 2014.The NNPC was also directed to submit the Bill of Laden relating to the 974,721 barrels of crude oil lifted on October 20, 2011, and 961,963 barrels lifted on October 10, 2011.It also included 974, 935 barrels lifted on July 9, 2011, and 974,953 barrels lifted on July 18, 2011, but were not declared.

The NNPC is also expected to provide details of the companies that paid oil tax between 2011 and 2014 as well as the Letter of Credits (LCs) of all the monies paid into the Federation Account within the period.


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Updated on September 12, 2018 at 10:15 am