Connect with us
Advertise With Us


NNPC Received N600b Excess Subsidy In 2015 – NEITI



The Nigeria Extractive Industry Transparency Initiative (NEITI) has disclosed that the Nigeria National Petroleum Corporation (NNPC) received N316.7billion as payment for fuel subsidy amounting to N600billion excess out of the estimated N1.5bn appropriation for subsidy in 2015.

The executive secretary of NEITI, Mr Waziri Adio, made the disclosure yesterday in Abuja during his presentation at the Anti-Corruption Situation Room Forum with the theme ‘Engaging the oil and gas sector for service delivery, transparency and accountability: NEITI quarterly review report as a case study.’

He further stated that while  N1.505trn was estimated for domestic crude allocation (DCA),  N317bn was not reconciled during their report, N60.9bn was deducted for losses incurred in the process and N112bn was removed for repair and maintenance and N316.7bn was removed as subsidy for the year 2015.

He however queried who verifies claims of losses by the NNPC saddled with the responsibility of holding in trust for the federation and federal government.

He described efforts at instilling accountability in the oil and gas industry as a difficult task and urged the public to get involved. “The area is technical and people who are taking advantage of it don’t want it to change. They want the status quo to remain so that average people don’t understand what’s going on and when you challenge them they say you don’t know anything,” he said.

He said the management of resources coming from extractive industry is an issue all citizens should be interested about, adding that “resources themselves are not a curse, it is the way people apply them that matters. He noted that record keeping and company compliance has improved in the industry due to the activities and efforts of NEITI.

In his speech the pioneer chairman of the Economic and Financial Crimes Commission (EFCC), Nuhu Ribadu, described the proposed movement of the Nigerian Financial Intelligence Unit (NFIU) out of the EFCC, as a setback for the country. “I feel sad that they want to take the NFIU away from EFCC. This will set us back,” he said.