NNPC Says no Money is Missing, Can Account for All of Disputed Revenue

The Nigerian National Petroleum Corporation (NNPC) said no money is missing from its coffers and that it can account for all of the $49.8 billion in revenue that it was alleged to have failed to pay the government.
According to it, expenditures include $8.49 billion on subsidy claims and $1.22 billion on pipeline repairs, the NNPC’s Group Executive Director of Finance and Accounts Bernard Otti told reporters in the capital, Abuja. NNPC said January 5 that it and the ministries of finance and petroleum had accounted for $39 billion and were working on reconciling the rest.
Central bank Governor Lamido Sanusi said last month he had written to President Goodluck Jonathan to ask for a probe of the country’s oil accounts, after newspapers reported that he alleged in his letter that $49.8 billion was unaccounted for.
Nigeria pumps about 1.9 million barrels a day, the seventh-highest output among members of the Organization of Petroleum Exporting Countries. The government relies on crude for about 80 percent of its income.
Source: Bloomberg

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