A report by the Nigerian Extractive Industries Transparency Initiative (NEITI) shows that oil companies have not remitted $152.69 million and N5.2 billion to the federation account since 2015.
According to the report, the total sum that has not been remitted to the federation account is $22.06 billion and N481.75 billion.
There is no suggestion, however, that the money is missing.
The Nigerian National Petroleum Corporation is said to be holding on to $19.04 billion and N424.57 billion while Nigerian Petroleum Development Company (NPDC), a subsidiary of the NNPC, is said to have so far withheld $2.38 billion and N51.95 billion from the government’s coffers.
Companies involved in offshore processing contracts with the federal government owe $498.6 million.
Losses arising from crude oil production, refining and transportation were put at $3.04 billion and N60.99 billion, respectively.
Unreconciled differences arising from the sale of domestic crude allocated to NNPC was put at N317.48 billion.
Commenting on the report, Waziri Adio, executive secretary, NEITI said key issues that have gone unresolved include cash call expenditure, domestic crude allocation and management, unlimited crude oil lifting by NPDC and incomplete reporting by the Central Bank of Nigeria (CBN).
He said NEITI lacked the power to punish the agencies indicted by the report.
“Unfortunately, there is nothing in the NEITI act that allows it to punish those who do not undertake the right things,” he said.
“For instance, NEITI cannot punish the Nigerian National Petroleum Corporation (NNPC), Department of Petroleum Resources or other organizations indicted by the report.
“For instance, if the office of the vice president calls for a meeting and all stakeholders involved in the issues are invited and are asked to give a feedback, they will respond quickly.
“Remedial issues are too big to be left for NEITI because it has no powers.” (The Nation)
