Nigeria: Senate invites NEITI boss on missing funds

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– The Nigerian National Petroleum Corporation (NNPC) failed to remit 12.9 billion dollars between 2005 and 2013. – The Senate has invited Nigerian Extractive Industries Transparency Initiative (NEITI) boss to that effect – The day when he will appear before the Senate is still unknown.

The Senate on Thursday, June 2, resolved to invite the executive secretary of Nigerian Extractive Industries Transparency Initiative (NEITI), Waziri Adio following his audit report. The audit report alleged that Nigerian National Petroleum Corporation (NNPC) did not remit 12.9 billion dollars between 2005 and 2013. This decision was taken after the motion by Senator Tijjani Yahaya Kaura representing Zamfara North senatorial district. The motion is titled: The urgent need for the Senate to look into the NEITI 2013 oil, gas and solid minerals audit report.

Kaura while making his contributions said the Senate notes that one of the key functions of NEITI is to conduct regular audits of the extractive sector. He also said the details from the 2013 audit and financial report of activities in Nigeria’s oil and gas industry which was conducted by the initiative has shown that Nigeria made $58.07 billion from its hydrocarbons indistry that year. The Senate is also further aware that the federation realised N33.86 billion from solid minerals sector in 2013 as contained in the 2013 solid minerals audit report of NEITI. “The sum of $3.8 billion and N358.3 billion stands as outstanding revenues from the NNPC and its subsidiaries in 2013. “These outstanding payments were dues from unpaid considerationfrom divested oil mining leases from NNPC to NPDC and cash call refunds by National Petroleum Investment and Management Services (NAPIMS). “The Senate is disturbed that between 2005 to 2013, the sum of $12.9 billion paid by the Nigerian Liquidifies Natural Gas (NLNG) to NNPC was not remitted to the federation account,” said Kaura. While making his contributions, Senate president Bukola Saraki said the normity of the report and findings when looked at unexplained causes is too enormous for the Senate.

“We should seek he leave of the Senate to let the MD explain the Senate because we are talking about losses of one trillion,” he said. The 2013 audit report of the Nigeria oil and gas as well as the solid minerals sectors Nigerian Extractive Industries Transparency Initiative (NEITI) has been published with the non-remittance of N2.23 trillion raising eyebrows. Kayode Fayemi who is the minister of solid minerals and also the chairman of the NEITI board said the audit focused on all aspects of the extractive industries.