x

NNPC, NPDC, others yet to remit $22.06bn, N481.75bn to Federation Account

The Nigerian National Petroleum Corporation (NNPC) and its subsidiary, Nigerian Petroleum Development Company (NPDC), and other companies in the oil and gas sector have yet to remit a total revenue of $22.06bn and N481.75bn to the Federation Account.

Latest report on the summary of unremitted revenue, losses and unreconciled differences from operations and transactions in the oil and gas sector released in Abuja on Monday by the Nigerian Extractive Industries Transparency Initiative showed that the NNPC alone had yet to remit a total revenue of $19.04bn and N424.57bn.

Providing a breakdown of the unremitted revenues by the other firms, the report stated that oil and gas producing companies were still withholding $152.69m and N5.2bn; companies involved in offshore processing contracts, $498.6m; and NPDC, $2.38bn and N51.95bn.

The NEITI report stated that the total losses to the federation arising from crude oil production, processing and transportation was $3.04bn and N60.99bn.

It said unreconciled differences arising from the allocation, sale and remittance of proceeds from domestic crude allocated to NNPC was N317.48bn.

Hot this week

Editors Urge Government To Create Safe, Enabling Environment For Journalists

· Ask security agents to find missing Vanguard journalist As...

EXCLUSIVE: Buhari orders probe of Isa Funtua, AMCON over keystone and Etisalat

Following the controversy generated by the leading opposition party,...

6 Signs your boyfriend thinks you are ugly -Take note of No. 2

They say there are three kinds of people; the...

2023: South-East, Middle Belt Forum Endorses Peter Obi

The South-East and Middle Belt Forum has endorsed the...

7-year-old boy commits suicide in Abuja

By Achadu Gabriel, Kaduna  An oddity has occur as a...

Guild of Editors suspends editor for one year

The Nigerian Guild of Editors (NGE) has suspended one...

life of service: Chinese doctor’s heroic sacrifice in Tanzania

By Huang Weixin, Xiao Jiaxin, People's Daily "Serving the people...

Low-altitude economy lifts off as Chinese automakers enter the eVTOL era

By Xu PeiyuWhat once belonged to the realm of...

China expands efforts to boost global e-commerce cooperation

By Liao Ruiling Products from Southeast Asian dried fruits and...

Tears as Diogo Jota and Brother Andre’s Bodies Arrive in Portugal for Burial

Grief-stricken supporters filled the streets of Gondomar, northern Portugal,...
spot_img

Related Articles

Popular Categories

spot_imgspot_img