March 21, 2019

NEITI — NNPC, NPDC, Oil Firms Yet to Remit $22bn, N482bn since 2010

NEITI — NNPC, NPDC, Oil Firms Yet to Remit $22bn, N482bn since 2010

Nigeria Extractive Industries Transparency Initiative, NEITI, yesterday, provided an update on its remediation efforts in its various audits of the extractive industry, stating that Nigerian National Petroleum Corporation, NNPC; Nigerian Petroleum Development Company, NPDC, and companies operating in the oil and gas industry in Nigeria are yet to remit $22.06 billion and N481.75 billion to the Federation Account.

In a report presented at its National Conference on Remedial Issues in Abuja, NEITI also disclosed that Nigeria lost $3.038 billion and N60.997 billion from crude oil production, and transportation, while unreconciled differences arising from the allocation, sale and remittance of proceeds from domestic crude oil allocated to the NNPC amounted to N317.475 billion.

NEITI stated that these issues arose from its audits of the petroleum industry between 2010 and 2015, but which had remained unresolved till today. According to Vanguard, Giving a breakdown of the unremitted revenue, NEITI disclosed that oil and gas companies involved in production and companies involved in offshore processing contracts were yet to remit $152.69 million and N5.2 billion and $498.6 million respectively; NPDC was yet to remit $2.38 billion and N51.95 billion, while the NNPC unremitted revenue amounted to $19.04 billion and N424.57 billion.

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The report further noted that the NPDC was yet to remit $1.02 million and N934.02 million; oil and gas royalty and Petroleum Profit Tax yet to be remitted stood at $457.91 million and $1.69 billion; while unremitted withholding tax, Value Added Tax,  Pay As You Earn, PAYE, and Education tax amounted to N12.54 billion, N486 million, N42.33 million and N15.7 billion respectively. Others are unremitted Niger Delta Development Commission, NDDC, levy and cash calls paid for transferred Oil Mining Leases,   OML, not refunded stood at $81.08 million and N19.835 billion, and $148.278 million and N2.42 billion respectively.

On the part of the NNPC, the report stated that the corporation was yet to remit domestic crude oil proceed of N418.993 billion; balance of eight OMLs, valued by NNPC at $1.8 billion, transferred from Shell Petroleum Development Company Joint Venture to NPDC $1.7 billion; Nigerian Liquefied Natural Gas, NLNG, unremitted dividends $16.899 billion; while pending refund due to over-recovery of subsidy under the Petroleum Support Fund scheme in 2012 stood at N3.98 billion.
Others,  according to the report, is that the cash calls refunded to the National Petroleum Investment Management Services, NAPIMS, but not remitted, $424.185 million; and pipeline transportation fee paid by international oil companies unremitted by NNPC, $16.478 million and N1.597 billion.

Lilian Osigwe Editor

A Creative and Versatile Writer.  
Currently writes for SabiNews Media

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