Reps declare N320bn missing from crude oil remittance

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From Iheanacho Nwosu, Abuja


Chairman, House of Representatives Committee on Finance, Hon Abdulmumuin Jibrin, last weekend declared N320billion missing from the remittance by the Nigeria Nationl Petroleum Corporation (NNPC). He said that the sum of  N1.516 trillion was paid in by NNPC into the Federal Government treasury.

Jibrin noted that what Nigerians want is total remittance of revenue generated from oil sales and not crude oil sales figures declared recently by the Ministry of Petroleum Resources. He said:  “It should be noted that this is after taking into consideration, payments for Joint venture cash calls (i.e. cost of production) and petrol subsidy payments. However, only N1.516 trillion has been remitted to the Federal Government coffers by the NNPC showing a shortfall of N320.654 billion for the period”, the lawmaker noted.

“Again, it should be noted that this is actual revenue generated at the prevailing market rate of crude oil and gas. The budget for the Fiscal year 2013 was based on $79 per barrel, whereas the price had hardly fallen below $100 per barrel for the whole year. This implies that even though we are receiving way above the benchmark on our crude oil and gas sales, we are not meeting our targets because our crude oil production has fallen way below budgeted estimates as a result of massive crude oil theft and unabated corruption in the oil and gas sector,”Jibrin lamented

The Finance Committee chairman maintained that Nigerians are not as keen on crude oil sales figures as the actual remittances from in NNPC to the federation account, adding that the amount remitted was more important and NNPC should have been more honest to present the figures so that Nigerians could understand what actually accrued  to the Federal Government.

His words: “For January to September 2013, the federation was expected to earn N1.837 trillion (or N204.168 billion per month) from the sale of crude oil and gas marketed by the NNPC with the Petroleum Minister as its board chairperson”.

The lawmaker insisted that figures available to the House Committee on Finance showed that revenue targets were only barely met in the months of April (N212.029 billion) and May (N210.202 billion). While in July, targets were not met (N191.549 billion), N35.103 billion was transferred to the excess crude account

According to him, “the Ministry of Petroleum/NNPC has to be held accountable for this shortfall. The MTEF deliberations and revenue framework for the fiscal 2014 year will have to look extensively into this worrying situation. If this trend is allowed to continue, it will have devastating consequences on our economy which is still dependent to the tune of over 80% on the petroleum industry”.

“At last, it is gratifying to note that after a barrage of well-deserved criticisms from well-meaning observers of the oil and gas industry, the Nigerian National Petroleum Corporation, NNPC, is finally making effort to come clean with the recent release of figures of crude oil sales allegedly totalling $20.9bn for the first seven months of 2013, Jibrin said.

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10 Comments

  1. Christopher Osuoha on

    The problem with the present day Nigeria does not lie on the presidency? The problem is a wide scale of abuse of office and lack of accountability and proper stewardship. Someone is responsible for those shortfall in remittance to federal coffers. Well, we are all glad that there is freedom of press if not who would have reported this.In those dark days of military looting of the treasury if you dare to write about stuff like this they will send you later bomb before the news article is published. However, dead men do not talk so that will be the end of such vital piece of information. My question is who is responsible for this missing fund? This is where the media and social critiques should focus their attention and not going about seeking how to remove a legitimate sitting president by campaign of calumny and miseducation of the public. National Assembly should sustain this momentum to uncover cases of misuse and abuse of office like this. Without any doubt with enough pressure from the media the culprits will be brought to the limelight to face the full wrought of the law.

    • Hi Christopher, there are lies and counter-lies in Nigeria so we can’t tell which one is the truth. Until we begin to jail and even execute our criminal politicians Nigeria will be run down to the ground. Even if we diversified to Agriculture and other businesses, our rulers will insist on us paying taxes which they will steal. So there will still be no development just like we have now. Instead of stealing from oil revenues, they will steal from our taxes. I will be very annoyed to work from morning to night, pay my taxes and instead of seeing the money spent on building and fixing infrastructure and public services, politicians use my taxes to buy planes, homes abroad and gambling abroad. We MUST stop this gross corruption for all our sakes

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  4. We should be asking the Petroleum minister these questions. Its high time she explains to the nation and also be investigated. She is incharge and should be scrutinized. This has been the order of the routine in NNPC and the rest of them. PPPRA or what ever you call them. Nigeria is a crazy country. You either take it or leave it. IMAGINE the mess…320 billion missing in a country.,..be it in china they are all dead!!! As nigerians, we talk and talk and talk to the end of the world and nothing happens….but when a comon thieve steals a goat or rob the judge will use the opportunity to put them in jail as a deterent. My asss!

  5. Do we really expect anything better from gej’s govt, gej repesent corruption in this country. All de members of his govt including himself are corrupt. We are not surprised to hear that some money could not be accountable for in NNPC’s account. What a disgrace.

    • your hate for GEJ is evident in all your posts. But unfortunately, you are handicapped, moneycapped and knowledge-capped to do anything about it. What a hopeless situation!

  6. You law makers should purge yourself of corruption so that you can sanitize the system. “can a man blow fire with food in his mouth?”.
    You have been able to pass children marriage bill for Yerima but cannot pass petroleum industry bill on which the country relies for 80% of her revenue, shame on you all.
    Whatever happens to the this democratic dispensation you are all part and parcel of it.

  7. John, u mean ur father is an asshole. Well, I was told that seven members of ur family are insane. I can see de reason why. When ur big brother burnt down ur baba’s house, was that what contributed to ur useless mother’s death?. What a family of mad people. Ur mother got burn on earth, n I hope he burn in “hell fire as well.

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