NNPC tower
• States, others receive share of recovered fund • N58.369b unreported
• It’s all about data interpretation, says oil corporation’s spokesman
Full disclosure in the administration of crude sales remains an issue at the Nigerian National Petroleum Corporation (NNPC) despite current efforts at enthroning transparency in the conduct of government business.
An account reconciliation activity for crude oil transactions found gaps in the corporation’s reporting and remittances to the Federation Account for the month of October 2017.
State governments had boycotted the Federation Account Allocation Committee (FAAC) meeting on November 23, accusing the NNPC of cutting corners in reporting and remitting of receipts from oil in the period under review. The states insisted on thorough collation and reconciliation through representatives agreed upon by all the parties.
The ensuing investigation and reconciliation uncovered the sum of N58.
Probe reveals N30b oil revenue ‘hidden’ by NNPC
