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An audit report of the Nigeria Extractive Industries Transparency Initiative (NEITI) unveiled on Monday shows that, between 2005 and 2013, the Nigerian National Petroleum Corporation (NNPC) did not remit $12.9bn to the federation account.

Minister of solid minerals and chairman of NEITI board, Mr Kayode Fayemi, said the unremitted funds were the sum of dividends, interest and loan repayment from the Nigeria Liquefied Natural Gas (NLNG).

NEITI recommended that the NNPC‎ and its subsidiaries refund outstanding payments to the federation. “Government should investigate the status of NLNG dividends; NNPC should discontinue alternative importation arrangements and limit itself to export of crude and import of refined products; NNPC should abide by the federal government financial regulations, and always comply with the 90-day credit period,” it added.

On the occasion held in Abuja, NEITI’s executive secretary Mr Waziri Adio said the report would aid transparency in the operations of the oil sector.

A response is expected from the NNPC on Tuesday. It is likely to deny that it withheld any money.



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