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NNPC loses N547bn in three years - NEITI

NNPC loses N547bn in three years - NEITI

- NEITI says the nation’s refineries posted a cumulative performance of 12.26% during three-years under a review period

- The agency states that Kaduna refinery had the lowest capacity utilisation of 9%, while Warri and Port Harcourt recorded 9.73 % and 15.4 %, respectively

- Fayose accuses INEC, APC of preloading card readers

The Nigerian National Petroleum Corporation (NNPC) lost N547bn within 2015 - 2017, according to a latest review of the oil firm’s financial operations carried out by Nigeria Extractive Industries Transparency Initiative (NEITI).

The Punch reports that the review released on Sunday, June 24, in Abuja, stated that the refineries posted a cumulative performance of 12.26% during the three-year period.

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NEITI stated that the Kaduna refinery had the lowest capacity utilisation of 9%, while Warri and Port Harcourt recorded 9.73 % and 15.4 %, respectively.

The report said: “Out of this amount, the NNPC corporate headquarters recorded the highest revenue loss to the tune of N336.268bn.

"NEITI has not, except for the year 2015, independently validated the data from the NNPC. This will be done in ongoing and future reconciliation reports. What has been done here is a preliminary analysis of the data that the NNPC has made available for the three-year period.

“The figures examined here do not represent the sum total of all revenues from the sector, as other payment streams like royalties and taxes from Joint Venture signature bonuses, transportation rental fees, penalties and others are not covered by the NNPC financial and operational reports.”

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The agency also called for the urgent review of the deep offshore and inland basin production sharing agreement between Nigeria and the oil companies.

NEITI said the losses to the federation by the use of the old agreement in the computation of revenues to be shared between the government and the oil firms necessitated the urgency to review the obsolete legislation without further delay.

To reports on politics, Ekiti state governor, Ayodele Fayose accused the APC and the INEC of colluding to preload card readers meant for the July 14 governorship election in the state, with a view to manipulating the poll in favour of the party's candidate, Kayode Fayemi.

Guardian reports that Fayose also said the plot to manipulate the poll to favour Fayemi was being perpetrated in Akure, Ondo state, in collaboration with the state government.

The governor noted that over 550 polling units spread across the state were targeted to be preloaded with between 50 and 200 votes in favour of the APC.

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Source: Legit.ng

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