Africa Oil & Gas: State Oil company said to owe $25 Billion to Nigeria Government

NNPC Tower in Nigeria

NNPC Tower in Nigeria

Nigeria’s Revenue Mobilization Allocation and Fiscal Commission (RMAFC) has tagged NNPC’s bill to the federal government for 2011 through 2015 at $25 billion. According to  RMAFC, the state oil firm failed to transfer the necessary funds to the federal government.

Last week Nigeria’s auditor general said NNPC had failed to remit $16 billion to the state for 2016 alone. NNPC denied the charge.

According to NNPC it only owed $1.64 billion. “NNPC wishes to state in strong terms that the AuGF’s (Auditor General of the Federation’s) declaration is erroneous,” it said in a statement, adding that the auditor-general had failed to account for costs including a fuel subsidy, pipeline vandalism, and maintenance.(source: energynews)

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