- The NNPC earned N8.1 trillion ($41 billion) from 2012 until the end of May, but only paid N4.3 trillion to the federal government, the country’s National Economic Council (NEC) said on Monday.
- In 2013, the then central bank governor Lamido Sanusi said tens of billions of dollars in oil revenue had failed to make it into state coffers, while watchdogs say the government may be losing billions more through opaque contracts in which crude oil is swapped for refined imports such as diesel.
- Edo State Adams Governor Oshiomole also claimed the Excess Crude Account had fallen to $2 billion from $4.1 billion in November. He said the NEC had set up a panel to investigate where the money went.
- He said that under the constitution, the NNPC is supposed to hand over its oil revenue to the federal government and should then be paid what it needs based on a budget approved by parliament.
- Source – Reuters
