It also showed that $586.011 million accounted for unreconciled export sales receivables in the year under review explaining that this is as a result of previous year unexplained/unreconciled difference. “The difference may continuously be carried forward. ”
“NPDC continues to be unaccountable to state institutions and the laws of the country. NPDC has consistently refused to give account of its operations and its management of national oil assets in its possession. NPDC failed to cooperate with the forensic audit ordered by the Auditor-General of the Federation in 2015.”
“In a way, we can say that the oil sector took us into recession and took us out of it. We need to be alive to the danger of a double-dip and prevent that from happening.”
“Given that this is the first time we are doing this, we are very impressed with the compliance rate. We commend the high fliers and call for improvement from others. We want to see a situation where all the entities score 100 per cent possibly by next year.”
The intent is to promote the participation of genuine community contractors in oil and gas projects and integration of communities in the industry value chain as part of the strategy to grow the local economy and promote peace and tranquility in the communities.
Adio contended that the country’s paltry savings may have defeated the rationale for having the savings int he first place, adding that, “Nigeria does not have oil savings to finance even a fifth of a year’s budget at the federal level, not to talk of having enough for investments or for the future generation.”
He added that, “Different oil revenue saving funds should be consolidated and the legal framework harmonised. Specifically, the 0.5% Stabilisation Funds and the Excess Crude Account should be merged with the Sovereign Wealth Fund, as this multiplicity of savings funds with different rules has led to uncoordinated and widespread extra-budgetary spending.”
“The system and institutions in place for extractive sector exploration, production, control and monitoring purposes in Nigeria have proven to be inadequate, ineffective and porous, resulting in preventable leakages and revenue losses to the country,” they said.
Adio said the missing fund was in addition to another 21 billion dollars confirmed crude oil sale, the proceed of which was not remitted to the Federation Account by the Nigerian National Petroleum Corporation (NNPC) between 2011 and 2014.
“NEITI is committed to working closely with the companies under the EITI framework to create good business environment that is conducive for the inflow of more foreign direct investments into the extractive sector. For this to happen we encourage all companies to embrace transparency, accountability and corporate governance in conformity with the EITI standards,” he
