• Says Nigeria’s revenue dropped to $24.8bn in 2015
From Uche Usim, Abuja
The Nigerian Extractive Industries Transparency Initiative (NEITI) has tasked the Nigerian National Petroleum Corporation (NNPC) to fully account for $16.8 billion dividends derived from the Nigerian Liquefied Natural Gas (NLNG).
The agency also urged the Federal Government to ensure the proper metering of oil facilities and the recovery of $3.7 billion outstanding revenues from the sector.
The Executive Secretary of NEITI, Waziri Adio, who made the appeal while commenting on the agency’s 2015 oil and gas industry audit report also revealed that Nigeria’s oil and gas revenues plunged from $54.5 billion in 2014 and $24.8 billion in 2015, while oil production fell from 798 million barrels in 2014 to 776 million in 2015.
Adio, in the report, noted that while NNPC has always confirmed receipt of the payments, it has never shown evidence of remittance to either the Federal Government or to the Federation Account.
“NNPC maintains that it has authorization from the presidency to hold the dividends in trust and utilize as directed by the government. NEITI recommends that NNPC should provide documentary evidence of the authorization to hold the money in trust and to give account of the expenditure from and the status of the $16.8 billion collected in 16 years”, he said in the report.
The report further disclosed that the total outstanding revenue from the sector as at 2015 was $3.7 billion and N80 billion, while losses stood at $2.2 billion and N60 billion. He revealed that non-reconciled revenues amounted to N317 billion.
“Beyond providing a snapshot of what transpired in 2015, this report reveals money to be recovered, leakages to be blocked, and urgent reforms to be undertaken,” Adio stated, adding that the most critical take-away was the need to expedite, expand and sustain reforms in the sector.