The report by the Natural Resource Governance Institute, titled “NNPC still holds blank check” said that within the first six months of the Buhari administration, the NNPC withheld over $4.2 billion (about N824.7 billion) out of a total of $6.3 billion (N1.24 trillion) revenues realised from crude oil sales in the second half of 2015.

The withheld revenues represented about 66 percent of the total revenue – $1.4 billion earnings from Nigeria’s regular crude oil exports for the period; $3.4 billion from domestic crude oil sales, and $1.5 billion from oil sold from the corporation’s upstream subsidiary, the Nigerian Petroleum Development Company, NPDC oil fields.
The report said only $2.1 billion (about N413.7 billion) was transferred to the Federation Account.

The group said the unremitted revenues for the six months was about 14 percent more than the amount withheld by the corporation under the Goodluck Jonathan administration in the first half of 2015, and about 12 percent higher than the share withheld in 2013 and 2014.

The report said the figure of unremitted oil revenues in 2015 contrasted sharply with 2005 figures, which showed the NNPC remitted about 68 percent of its total oil sale earnings to the Federation Account and kept only 32 percent that year.

The report said while part of the withheld funds was used for servicing Nigeria’s share of the joint venture operating obligations, the NNPC did not fully explain what the other retained revenues from domestic crude and NPDC oil sales were used for.

In general, the report said despite the on-going reforms in the oil sector, the NNPC under the present administration was still retaining a major share of oil sale earnings and spending at will.

Some of the reforms by the Buhari government, the report noted, have cut the number of passive, well-connected middlemen that pocketed billions of oil revenues, while the administration has cancelled costly, unbalanced NNPC swap contracts as well as seek more efficient replacements.

The report lamented that recent announcements on NNPC reforms and the latest drafts of the Petroleum Industry Bill, PIB, by the Ministry of Petroleum Resources, failed to adequately address how NNPC and the government would share future oil revenues
“Until government establishes a clear, legally enforceable rule governing which revenues NNPC can keep and how they can be spent, oil sector corruption and waste could return to their prior devastating levels once the president (Buhari) leaves or prices rise,” the report noted.

While encouraging the government to push ahead with its reform plans for the oil sector, NRGI stressed the need for NNPC to adopt new financial controls and transparency measures for its subsidiaries, especially bordering on the several billion revenues retained each year from NPDC operations and its oil trading and marketing subsidiaries.

The Institute also called for the immediate replacement of the 445,000 barrels per day crude oil allocation for domestic refining with a fit-for-purpose mechanism for supplies to the country’s four refineries.

https://therepublicannews.net/2017/10/13/bombshell-another-4-2bn-missing-in-nnpc-under-buhari-says-us-governance-institute-report-rn/

In case.....

Listening to Fela with my beats headphones catch am catch am, thief Thief thief

RZArecta:
Listening to Fela with my beats headphones catch am catch am, thief Thief thief

no better source..don't worry put a credible source and permanent site will b sure thing.

Spylord48:

no better source..don't worry put a credible source and permanent site will b sure thing.

yessa

Hmmm

Like Big Fredo, I Dey Sidon Dey Look O.

Stealing is not corruption...but I know

If GEJ with all his academic soundness could loss so much to his cabinet members how much more Buhari who does not know the difference between 100% and 95%. Even his Minister of Finance do not know simple arithmetic and was offered free GCE form.

When he is done with his northern 95% rule, then Nigeria will truly know what it was.

AM SPEECHLESS...

Where is d thief baru? He should come n release statement on this missing money

Buhari is no doubt one of the most privileged and charismatic Nigerian leaders ever but his performance so far has been F. his government a d governance is fantastically corrupt and he is a green snake. how come he's this dumb to let money slip off right under his nose. I think he's been extra careful for what happened in 1985 not to repeat itself

Oh Nigeria what ailieth thee bikonu APC have simply buried this country in corruption while the NASS is as equally useless.

The day a Nigerian rule us, may be we will have peace as a nation. But for now, and in the past, I can't say...
.,.

This Buhari is the wickedest leader ever.... wth

The new is false and shouldn't even be taken with a pinch of salt.

IPOB media are the number one enemies of the state. They keep spreading propaganda to tarnish Sai baba's repute but Insha'Allah they shall be dealt with.

Sai baba is only working hard to fix the Nigeria that PDP destroyed for 16 years, and he's going to succeed.

God bless Nigeria!

God bless APC!

God bless Sai baba!

When Buhari is done with Nigeria..... there won't be anything left..!!

Barawo...

By 2019 Nigerians will know how far.

Now you know why he appointed himself the minister of petroleum.

r

Jonathan we are sorry

I think Jonathan's management of NNPC was better, this one is thrash

At this rate the whole Aso rock will go missing one day!

I have said it before, that one area GEJ administration might be better than PMB administration is on proper record keeping.

I saluted GEJ group because they left clear records of all the income and expenditures during their time.

Am afraid if this present Buhari/APC administration will leave a clear record in same manner so their successors can use such to evaluate their time on power.

Buhari's government is the most clueless,stupid corrupt one in the history of Nigeria. Sarrki will never be found in this kind of thread.

GavelSlam:
Fake news as usual.

Cos it didn't favor you?