The Nigerian National Petroleum Corporation (NNPC)
has been dragged into fresh controversy after an audit revealed that
the state run oil corporation failed to remit $16 billion to the Federal
Government in 2014.
Nigeria’s auditor General told the National Assembly
that no explanation was provided for failure to remit the funds which
are the proceeds from the sale of oil. It is the second time in the
space of three years that the organisation has been dragged into
allegations of fraud since Sanusi Lamido Sanusi alleged that the NNPC had failed to remit $20 billion.
Although Nigeria derives most of its revenue from crude oil, the NNPC
has always been shrouded in an air of secrecy and has defied several
attempts to make it transparent, the latest of which is a recent
restructuring.
The NNPC is yet to respond to the Auditor General’s claims.
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