By Emmanuel Nduka
The Nigerian National Petroleum Corporation (NNPC) Limited, failed to remit $1.9bn to the Federal Government’s account at the end of 2021, an audit report has revealed.
The audit report for 2021 was released by national body responsible for ensuring transparency and accountability in Nigeria’s extractive industries – Nigeria Extractive Industries Transparency Initiative (NEITI).
While unveiling the report in Abuja, Nigeria’s capital on Monday, Executive Secretary/CEO of NEITI Ogbonnaya Orji, said the organisation discovered this information and felt it was “important that the public knows about it.”
According to the report, loses from crude oil theft and sabotage decreased by 3.86 percent in 2021
Orji added that crude oil production dropped from 39.08 million barrels in 2020 to 37.57 million in 2021. “This decline is attributed to reduced crude oil production in that period, affecting 29 companies,” he said.
NEITI’s reports provides yearly critical insights into the financial activities of the energy sector.
But the body has been criticised for coming out too late for meaningful action to be taken against companies and government agencies.