NNPCL dismisses report of failure to remit $15bn oil revenue to federation account

The Chief Corporate Communications Officer of

, Olufemi Soneye, made this statement in response to the 2021 report by the Nigeria Extractive Industries Transparency Initiative . The 2021 NEITI report had alleged that failed to remit $15 billion to the federation account, leading to a lawsuit by the Socio-Economic Rights and Accountability Project against President Bola Ahmed Tinubu's administration for failing to probe the missing fund.

clarified that, as of May 31, 2023, the subsidy bill had risen to N3.736 trillion. The company also stated that the receivables due from the Federation to NNPC Exploration & Production Limited as of May 31, 2023, amounted to $712 million for revenues that were not remitted to NEPL but paid into the Federation account.

failed to give details on the N200 billion budgeted to repair the refineries in Nigeria that are missing and unaccounted for between 2020 and 2021, as contained in the NEITI's report. Meanwhile, the company said it would collaborate with NEITI and all relevant stakeholders in the Reconciliation Committee set up by President Tinubu to investigate, review and reconcile the financial records.

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