Nigeria's National Petroleum Corporation Limited (NNPCL) has been indicted by the Auditor-General's 2021 annual report for unauthorized deductions of N82.9 billion from federation revenue for refinery rehabilitation. The report also criticizes the NNPCL for irregular deductions of funds from domestic crude sales, which are deemed to be a breach of the Nigerian Constitution and Financial Regulations.
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The report said the above transactions were not supported by “evidence of authorisation and approvals before the deductions were made.”Support journalism driven by facts, created by Nigerians for Nigerians. Our thorough, researched reporting relies on the support of readers like you.The auditor general said the anomalies discovered in the accounts of the NNPCL could be attributed to weaknesses in its internal control system.
Details of each of the cost components deducted above were not provided for audit review, hence reasons for the deductions could not be justified by the management of NNPCL, the report said. The auditor general is concerned that this practice ‘has led the Federation to resort to borrowings.’ Auditors also requested the GCEO of NNPCL to explain to the Public Accounts Committees of the National Assembly why the N83.6 miscellaneous income from the NNPC joint venture operations from 2016 to 2020 was sunk into the CBN/NNPC sinking fund account.PREMIUM TIMES’ further review of the audit report reveals that N3.7 billion was controversially paid to a company as a shortfall in sales of MT cargo of PMS.
The auditor general fears that the NNPCL’s actions may have resulted in a loss of public funds. He wants the money recovered and remitted to the treasury.
NNPCL Auditor-General Nigeria Funds Misappropriation Refinery Rehabilitation
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