- Heads of subsidiaries of the Nigerian National Petroleum Company (NNPC) Limited have been threatened with arrests
- The threat was issued by the House of Representatives Committee on Public Accounts over the refusal of the heads to appear before them
- Consequently, the lawmakers directed NNPC Group Managing Director, (GMD), Mele Kyari, to produce heads
Followed the failure of the leadership of the 17 subsidiaries of the Nigerian National Petroleum Company (NNPC) Limited to honour its invitation, the House of Representatives Committee on Public Accounts threatened to issue a warrant for their arrest.
As a result of this, the lawmakers directed NNPC Group Managing Director, (GMD), Mele Kyari, to produce heads of the 17 subsidiaries indicated by the report of the Auditor-General for the Federation for financial infractions between 2014 and 2019.
Chairman of the committee, Oluwole Oke, accused Kyari of shielding the officials.
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BUT the GMD insisted that the company was not hiding anything from Nigerians, while also dismissing earlier media reports that about 107 million barrels of crude oil could not be accounted for in 2018.
NNPC remits nothing to govt account for two months as oil search, refinery rehabilitation others gulp N656bn
Recall that Legit.ng had earlier reported that for the second time in 2021, the Nigerian National Petroleum Company (NNPC) Limited has failed to remit a kobo to the federation account despite the rising international prices of oil.
The federation account is jointly operated by the federal, state and local governments and money received is distributed to all. According to an FAAC document retrieved from its website, NNPC earned N656.68 billion in revenue in the first two months of 2021 (N383.09 billion in January and N273.592 billion in February).
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Out of this amount, NNPC said it spent N656.682 billion on various projects, including Gas Infrastructure Development, Frontier Exploration Services, Refinery Rehabilitation, Subsidy, etc. A total of N383.090 billion was spent on the projects in January and another N273.592 billion in February.
NNPC: Report Reveals Billions of Naira Petrol Subsidy Gulped in 7 Months
Legit.ng has reported that a report indicates that Petrol subsidy payments gulped N714 billion in the last seven months, shrinking monthly revenue accrued to the federation account.
The subsidy or under-recovery is the underpriced sales of premium motor spirit (PMS), better known as petrol.
Legit.ng gathers that the the document obtained showed that the country spent a total of N714.79 billion year-to-date to cater for the cost of petroleum shortfall, also known as under-recovery.