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Wednesday 22 March 2017

2017-01-23

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[I] Nigerian oil revenues of $16bn 'missing'

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International

[ 2016-03-15 ]

Nigerian oil revenues of $16bn 'missing'
Nigeria's state-owned oil company has been accused
of failing to pay the government $16bn (£11bn) of
revenues in a suspected fraud, officials say.

The Nigerian National Petroleum Corporation
(NNPC) provided no explanation for the missing
funds in 2014, the auditor general told MPs.

Oil revenue accounts for two-thirds of the
government's funding.
President Muhammadu Buhari has promised to crack
down on corruption since coming to office last
May.

The NNPC has not commented on the auditor
general's findings.
The state oil giant has been mired in corruption
allegations and losing money for many years.

Last month, the government announced that the
NNPC would be broken up into seven different
companies.

Nigeria's former central bank governor Lamido
Sanusi, now the Emir of Kano, was dismissed by the
previous administration after saying that $20bn
(£12bn) in oil revenue had gone missing in 2013.

Nigeria is Africa's biggest oil producer, but the
economy has suffered because of the declining oil
price.

Source - BBC



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