The Nigeria Extractive Industries Transparency Initiative, NEITI, has revealed that about 160 million barrels of oil valued at $13.7bn was stolen under the watch of the state oil company, Nigerian National Petroleum Corporation, NNPC, between 2009 and 2012.
Executive Secretary of NEITI, Hajiya Zainab Shamsuna-Ahmed, made this known while paying a courtesy call on the Kaduna State governor, Malam Nasir el-Rufai, at Sir Kashim Ibrahim Government House, Kaduna, on Wednesday.
She further stated that subsidy payment from 2005 to 2012 indicated that $11.63bn had been paid to the NNPC but that “there is no evidence of the money being remitted to the federation account.”
While calling on the Federal Government to privatize the refineries, Hajiya Ahmed said, “Crude product swap of $866m was lost from 2009 to 2011 and $8243m in 2012. Total amount expended in subsidy payment from 2005 to 2012 as captured, $11.63bn have been paid to the NNPC. However, there is no evidence that these amounts were remitted to the Federation Account”.
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