Audit Report Says NNPC Actually Overpaid Nigeria by $750m

 

The PwC audit report on the finances of the Nigeria National Petroleum Corporation, NNPC, says the state company remitted an excess $750m into the federation account during the period being audited, Reuters reports. 'President Goodluck Jonathan had released the audit days after Gen. Muhammadu Buhari had pledged to issue the report and crack down on corruption in the energy company once in office.

Details in the PriceWaterhouseCoopers (PwC) audit said NNPC actually overpaid by $0.74-billion in the period between January 2012 to July 2013, after remitting $50.81-billion to federation accounts of the $69.34-billion it had received. The balance of $18.53-billion was accounted for through various operational costs, unremitted revenues by a subsidiary and gasoline and kerosene subsidies, it said. The probe of Nigeria National Petroleum Corporation’s (NNPC) books was instituted last year after former central bank governor Lamido Sanusi said the firm had withheld $20-billion in oil revenue from government coffers, jeopardising the country’s finances.