Reps Declare N320bn Missing From Crude Oil Remittance

Chairman, House of Representatives
Committee on Finance, Hon Abdulmumuin
Jibrin, last weekend declared N320billion
missing from the remittance by the Nigeria
Nationl Petroleum Corporation (NNPC). He
said that the sum of N1.516 trillion was
paid in by NNPC into the Federal
Government treasury.
Jibrin noted that what Nigerians want is
total remittance of revenue generated from
oil sales and not crude oil sales figures
declared recently by the Ministry of
Petroleum Resources. He said: “It should
be noted that this is after taking into
consideration, payments for Joint venture
cash calls (i.e. cost of production) and
petrol subsidy payments. However, only
N1.516 trillion has been remitted to the
Federal Government coffers by the NNPC
showing a shortfall of N320.654 billion for
the period”, the lawmaker noted.
“Again, it should be noted that this is
actual revenue generated at the prevailing
market rate of crude oil and gas. The
budget for the Fiscal year 2013 was based
on $79 per barrel, whereas the price had
hardly fallen below $100 per barrel for the
whole year. This implies that even though
we are receiving way above the benchmark
on our crude oil and gas sales, we are not
meeting our targets because our crude oil
production has fallen way below budgeted
estimates as a result of massive crude oil
theft and unabated corruption in the oil
and gas sector,”Jibrin lamented
The Finance Committee chairman
maintained that Nigerians are not as keen
on crude oil sales figures as the actual
remittances from in NNPC to the federation
account, adding that the amount remitted
was more important and NNPC should have
been more honest to present the figures so
that Nigerians could understand what
actually accrued to the Federal Government.
His words: “For January to September 2013,
the federation was expected to earn N1.837
trillion (or N204.168 billion per month)
from the sale of crude oil and gas marketed
by the NNPC with the Petroleum Minister as
its board chairperson”
http://sunnewsonline.com/new/cover/
reps-declare-n320bn-missing-from-crude-
oil-remittance/

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