Nigeria: $36.9bln crude proceeds for 2011 and 2014 is unaccounted for - NEITI
Friday, 09 June 2017 14:30
The Nigerian Extractive Industry Transparency Initiative (NEITI) has revealed that proceeds generated between 2011 and 2014 from crude oil amounting to $36.9 billion have not been paid into the federation account.
According to the agency, the Nigerian National Petroleum Corporation (NNPC) was responsible for $21billion out of the money while the remaining $15.9billion was payment for the country’s 49% ownership in the Nigerian Liquefied Natural Gas (NLNG) Limited. Speaking to a House of Representatives panel on Thursday, NEITI's Executive Secretary, Waziri Adio (photo), explained that even though records revealed that NNPC and NLNG received the money for the government, there is no proof to show that the money was actually paid.
The Executive Secretary, however, called the two agencies to come forward with documents proving otherwise.
Anita Fatunji
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