NNPC did not remit $12.9bn to the FG account from 2005-2-13- NEITI report alleges

An audit report of the Nigeria Extractive
Industries Transparency Initiative (NEITI) which
was released today May 23rd, has alleged that
the Nigeria National Petroleum Corporation
(NNPC) did not remit $12.9bn to the federation
account between 2005 and 2013.
The audit report was read out by the Minister of
Solid Minerals and Chairman of NEITI, Kayode
Fayemi, at a press briefing in Abuja today May
23rd. “The audit revealed that NLNG paid the
sum of $1.289bn as dividend, interest and loan
repayment for 2013. NNPC acknowledged receipt
of this amount, but did not remit it to either the
federal government or the federation.
However, it is important to also note that the
2013 figure brings to $12.9 bn the total NLNG
payments received by the NNPC between 2005
and 2013, but not remitted by the NNPC to the
federal government or the federation.
Government should investigate the status of
NLNG dividends; NNPC should discontinue
alternative importation arrangements and limit
itself to export of crude and import of refined
products; NNPC should abide by the federal
government financial regulations, and always
comply with the 90-day credit period,” he said.