Unremitted $49.8bn With FIRS, DPR – NNPC

Date:

NNPC-GMDThe Nigerian National Petroleum Corporation (NNPC) yesterday gave its side to the missing $49.8billion proceeds from crude oil sales, which the Central Bank of Nigeria (CBN) accused it of not remitting to the Federation Account.

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Its group general manager, Mr. Andrew Yakubu, told journalists in Abuja that the statement credited to Sanusi was borne out of a “surprising lack of understanding of how revenues from crude oil sales are remitted into the federation account.”

Yakubu said that NNPC had met its statutory remittance of crude sales within the period, adding that, “On the issue of $49.8bn or 76 per cent of total national lifting and the alleged unremitted funds, we would like to clarify that this represents the balance of other streams.”

The other streams, he said, are the Federal Inland Revenue Service (FIRS) and the Department of Petroleum Resources (DPR), which he disclosed had the balance of the funds arising from royalty oil and tax oil, which is paid into their respective accounts and managed by the CBN.

Yabubu said, “All NNPC crude oil lifting is made up of equity crude, royalty oil, tax oil, volume for third party financing and NPDC equity volume. Remittances of proceeds from the above lifting are made according to statutory and production arrangements.

“Accordingly, proceeds from equity crude are paid by NNPC into the Federation Account, which is held by the CBN. Proceeds from royalty oil are paid to DPR, whose designated account is managed by the same CBN; proceeds from tax oil or petroleum profit tax lifted by NNPC are paid directly into the FIRS account also managed by CBN.”

He further explained that, “NNPC is by statutory requirement responsible for direct remittances of only one stream of lifting, namely equity crude… NNPC remitted its portion, which is $18.48bn (27.5%) into the Federation Account, being the total proceeds from equity crude and gas sales, of which CBN acknowledged receipt of $15.528bn (24%).

“On the issue of $49.8bn or 76% of total national lifting and the alleged unremitted funds, these are remitted to the various agencies.’’

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Babatunde Akinsola
Babatunde Akinsolahttps://naija247news.com
Babatunde Akinsola is aNaija247news' Southwest editor. He's based in Lagos and writes on the Yoruba Nation political issues, news and investigative reports

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