NNPC still withholding revenue under Buhari – NRGI

According to a report by the National Resource Governance Institute (NRGI), Nigeria’s state-owned oil company, the Nigerian National Petroleum Corp. (NNPC) is allegedly still withholding billions of dollars of revenue that should’ve gone to the Treasury despite President Muhammadu Buhari’s anti-corruption stance, Bloomberg reports.

While the NNPC. sold crude worth $6.3 billion in the second half of last year, only $2.1 billion was remitted to the Treasury, authors Aaron Sayne and Alexandra Gillies said in the report  The “NNPC therefore retained 66 percent of proceeds,” they said. “This was 12 percent higher than the withholdings under Goodluck Jonathan in 2013 and 2014.”

A forensic audit ordered by the government on the accounts of the state is expected to answer questions “about how much the NNPC has received, how much has been remitted and how much is outstanding,” Garba Deen Muhammad, the spokesman for the company, said by phone on Friday.

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