NNPC yet to remit $15.8bn to Federation Account, says NEITI

The Nigeria Extractive Industries Transparency Initiative (NEITI) says the Nigerian National Petroleum Corporation (NNPC) is yet to remit $15.8 billion collected from Nigeria Liquefied Natural Gas (LNG) to the Federation Account, in spite of the report submitted to the Federal Government.
Mr Peter Ogbobine, Director Legal, NEITI, said in Abuja on Tuesday that the figure was the accumulation from 2000 to 2014.
He observed that although NEITI had presented a report to that effect to the Federal government, no action had been taken against NNPC.
“When LNG started operating, it paid dividend to the NNPC but the corporation was claiming that it was supposed to be the owner of the shares in LNG and not the Federal Government.
“When the LNG pays the money to the NNPC, it used some of it to run its operations.
“But we are saying no; that this money, once it is paid to them by LNG, it should go straight to the Federation Account and it has been accumulating over the years.
“We always bring it to the burner anywhere we go, that this money has to be remitted to the federation account,’’ Ogbobine said.
The director, however, called on the Federal Government to compel NNPC to remit the amount into the federation account for the benefit of all Nigerians.
NEITI is set to establish an Open Contracting Data Standard platform for procurement of goods and services, especially in the oil and gas sector.
The initiative also ensures transparency in procurement process through the whole value chain of extractive sector, down to exploration, mining, revenue generated and how it is spent.