Missing N1 trillion: Senate Finally Invites NEITI Boss

Nigeria’s Senate on Thursday, resolved to invite Waziri Adio , the Executive secretary of Nigerian Extractive Industries Transparency Initiative (NEITI) on the heels of his audit report on missing N1 trillion in Nigerian National Petroleum Corporation.


The Senate decision was sequel to a motion by Senator Tijani Yahaya Kaura‎ who said that the details from the 2013 audit and financial report of activities in Nigeria’s oil and gas industry conducted by show that Nigeria made $58.07 billion from its hydrocarbons in the year under review.

However, the NEITI audit report alleged that‎ ‎ Nigerian National Petroleum Corporation (NNPC) did not remit 12.9 billion dollars (N1 trillion) between 2005 and 2013.

The NEITI audit covered 41 oil and gas producing companies and sixteen government agencies.It also revealed that a total of N1.3 trillion was processed as petrol subsidy payments for NNPC and other oil marketers in 2013. ‎

‎Kaura in his lead debate said in the Senate,”The sum of $3.8 billion and N358.3 billion stands as outstanding revenues from the NNPC and its subsidiaries in 2013.

“These outstanding payments were dues from unpaid considerationfrom divested oil mining leases from NNPC to NPDC and cash call refunds by National Petroleum Investment and Management Services (NAPIMS). ‎

“The Senate is disturbed that between 2005 to 2013, the sum of $12.9 billion paid by the Nigerian Liquidifies Natural Gas (NLNG) to NNPC was not remitted to the federation account.”

The senate President Bukola Saraki had earlier assured that the upper chamber will look into the NEITI audit report.