An international governance watchdog, the Natural Resource Governance Institute, NRGI, Tuesday, accused the NNPC of failing to remit $12.3 billion, about N2.46 trillion into the Federation Account, being proceeds of sales of one of Nigeria’s crude oil grade over the last ten years.
The NRGI, in a report titled, “Inside NNPC Oil Sales: A Case for Reform in Nigeria’, said its research found no evidence that NNPC forwarded to the treasury any revenues from sales of Okono crude between 2005 and 2014, volumes which totaled over 100 million barrels with an estimated value of $12.3 billion.
“In other words, the corporation has provided no public accounting of how it used a decade’s worth of revenues from an entire stream of the country’s oil production,” the report stated.
The report further disclosed that the NNPC’s approach to oil sales suffers from high corruption risks, adding that company had failed to maximize returns for the nation.
According to the report over the last 38 years, the NNPC has neither developed its own commercial or operational capacities, nor facilitated the growth of the sector through external investment, noting that instead, it has spun a legacy of inefficiency and mismanagement.
The report lamented that in spite of the failings of the NNPC, especially in its debilitating consumption of public revenues, successive governments have made no effort to undertake a reform of the corporation.
the report called for an urgent deeper structural reform of the NNPC, especially in its management of oil sales, warning that if a reform is not undertaken, the country risks a new round of coping mechanism.
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