18 January 2017, Sweetcrude, Abuja – The House of Representatives has accused the Nigerian National Petroleum Corporation, NNPC, of not remitting a total of $81.2 billion crude oil proceeds to the Federation Account in four years.
This is the position of the House Ad Hoc Committee, investigating the alleged export of $17 billion worth of undeclared crude oil and gas from 2011 to 2014.
The committee has, therefore, demanded explanations from the corporation, especially as the committee noted that the total receipts from crude proceeds for the four years totalled $123.9 billion.
The year-by-year breakdown of the expected earnings, according to the committee, are $33.7 billion for 2011, $33.2 billion (2012), $29.4 billion (2013) and $27.5 billion (2014).
The NNPC declared only $42.7 billion, the Committee said.