The Nigeria National Petroleum Corporation (NNPC) has cleared the air over the Auditor General’s query on non remittance of N4 trillion into the Federation Account.
The AuF 2016 report before the Senate Public Account committee had queried the development.
The committee, headed by Senator Mathew Urhoghide, insisted that the
NNPC had a case to answer on why it allegedly failed to remit N4tn into the federation account as contained in the AuGF report
However, the NNPC in its written response to the committee claimed that the unremitted N4tn was arrived at without taking cognisance of the subsidy and pipeline repairs and management associated with domestic crude oil transactions.
“Subsidy approved and certified by Petroleum Products Pricing Regulatory Agency from 2010 to 2015 stood at N4tn.
“Also in 2016, PMS under recovery stood at N28.6bn which brings the total subsidy /PMS under recovery to N4tn.
“Aside the above, pipeline repairs and product losses so incurred stood at N966bn for the same period,” it explained.
