A report by the Nigerian Extractive Industries Transparency Initiative (NEITI) show that oil companies have not remitted $152.69 million and 5.2 billion naira since 2015.
The report claim that a total sum of $22.06 billion and 481.75 billion naira has not been remitted to the federation account.
According to the report the Nigerian National Petroleum Corporation (NNPC) is said to be holding on to $19.04 billion and 424.57 billion naira while Nigerian Petroleum Development Company (NPDC), a subsidiary of the NNPC, is said to have so far withheld $2.38 billion and 51.95 billion naira from the government’s coffers.
The report also note that companies involved in offshore processing contracts with the federal government owe $498.6 million.
Losses arising from crude oil production, refining and transportation were put at $3.04 billion and 60.99 billion naira, respectively.
Unreconciled differences arising from the sale of domestic crude allocated to NNPC was put at 317.48 billion naira.
Speaking on the report, Waziri Adio, executive secretary, NEITI said key issues that have gone unresolved include cash call expenditure, domestic crude allocation and management, unlimited crude oil lifting by NPDC and incomplete reporting by the Central Bank of Nigeria (CBN).
He said that that NEITI lacked the power to punish the agencies indicted by the report.
“Unfortunately, there is nothing in the NEITI act that allows it to punish those who do not undertake the right things.
“For instance, NEITI cannot punish the Nigerian National Petroleum Corporation, Department of Petroleum Resources or other organizations indicted by the report.
“For instance, if the office of the vice president calls for a meeting and all stakeholders involved in the issues are invited and are asked to give a feedback, they will respond quickly.
“Remedial issues are too big to be left for NEITI because it has no powers”.