Nigerian oil firm abstained to pay $25 billion over five years of evasion
Nigeria’s state-owned oil company has failed to pay the government $25bn (£17.5bn) over five years, the nation’s fiscal commission has said.
It includes $15bn that the nation’s auditor general last week said the Nigerian National Petroleum Corporation (NNPC) failed to pay in 2014 alone.
Oil revenue accounts for roughly two-thirds of the government’s funding.
President Muhammadu Buhari has promised to crack down on corruption since coming to office last May.
In a statement, the Revenue Mobilization Allocation and Fiscal Commission (RMAFC), an independent body, said: “Records at the Commission’s disposal indicate that between January 2011 and December 2015, the total indebtedness of NNPC to the Federation Account was 4.9 trillion naira.”
Previous allegations
Under the current set-up, the NNPC hands over its oil revenue and money is then paid back based on a budget approved by parliament.
The state oil giant has been mired in corruption allegations and losing money for many years.
Last month, the government announced that the NNPC would be broken up into seven different companies.
A separate audit ordered under former President Goodluck Jonathan and carried out by global accountancy firm PwC, found that the NNPC had failed to pay the government $1.48bn between January 2012 and July 2013.
Nigeria is Africa’s biggest oil producer, but the economy has suffered because of the recent decline in the price of oil.
How to submit an Op-Ed: Libyan Express accepts opinion articles on a wide range of topics. Submissions may be sent to oped@libyanexpress.com. Please include ‘Op-Ed’ in the subject line.
- Libyan lawmaker challenges presidential council’s referendum powers - November 04, 2024
- Bluetongue disease affects sheep populations in Libya - November 04, 2024
- Al-Huwaij: No More Europe’s Policeman - November 04, 2024