Tuesday, 6 May 2014

Oil and Gas: Performance Marred By Alleged Unremitted Revenues

The oil and gas sector was characterized by irregularities during the period under the review as the country contended with petroleum products scarcity due to depleting reserves, delayed issuance of first quarter import allocation and delayed settlement of outstanding subsidy claims.
$20 Billion Unremitted Oil Revenue
The suspended governor of the Central Bank of Nigeria, (CBN) Mallam Sanusi Lamid Sanusi broke the lid when he accused the NNPC of not remitting about $49. 8 billion oil proceeds due to the Federation Account. This figure was however brought down to about $10.8 billion inter-ministerial that met later on the issue.
Kerosene Subsidy Scandal
As if this was not enough, the NNPC during the quarter was also cut in another web of scandal relating to subsidy on kerosene as well as allegation that its members of staff collectN25 per litre mobilization fee from marketers before allocating kerosene to them.
This was also promptly denied in a statement signed by the former, Acting Group General Manager, Group Public Affairs Division of NNPC, Dr. Omar Farouk Ibrahim, who challenged anyone with evidence of such payment to tender it so that the staff concerned could be identified and punished.
Source: Leadership

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