A team of accountants and tax experts assembled by THISDAY to scrutinise the 2005 oil and gas industry audit report just released by the Nigerian Extrac-tive Industry Transparency Initiative (NEITI) returned this verdict in their submission.
A breakdown shows a discrepancy of $1.091 billion or N162 billion (converted at N148.75/$) has five components: petroleum products imports ($544.296 million), share of NLNG profit for 2005 ($207.00 million), royalty ($164.265 million), Petroleum Profit Tax or PPT ($91.076 million) and reserve addition bonus ($84.502 million).
According to the team of experts, the Hart Group that conducted the audit confirmed on page six of its report that total petroleum products imports in 2005 was 5,901,879 metric tonnes (mt) of petrol (premium motor spirit) and kerosene (DPK) and AGO. 
However, records the Nigerian National Petroleum Corporation (NNPC) deposed to on oath show that the national oil company paid for 6,739,257 mt of petrol, kerosene and AGO in 2005.
This means that the country was forced to pay for 837,379 mt of products not supplied. At an average price of $650.00 per mt, the country was allegedly fleeced by $544.296 million or N80.964 billion.
“The quality of data the Petroleum Products Marketing Company (PPMC) is questionable,” the Hart Group reported, adding that “measurement practices are not consistent or in accordance with international best practice”.

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Na wa! 419 at official levels.