The Nigerian National Petroleum Corporation (NNPC) and its subsidiary, Nigerian Petroleum Development Company (NPDC) and other companies in the oil and gas sector have yet to remit revenue amounting to $22.06bn and N481.75bn to the Federation Account.
The latest report on the summary of unremitted revenue, losses and unreconciled differences from operations and transactions in the oil and gas sector released in Abuja on Monday by the Nigerian Extractive Industries Transparency Initiative (NEITI) showed that the NNPC alone had yet to remit a total revenue of $19.04bn and N424.57bn.
Providing a breakdown of the unremitted revenues by the other firms, the report stated that oil and gas producing companies were still withholding $152.69m and N5.2bn; companies involved in offshore processing contracts, $498.6m; and NPDC, $2.38bn and N51.95bn.
The NEITI report stated that the total loss to the federation arising from crude oil production, processing, and transportation was $3.04bn and N60.99bn.
It said unreconciled differences arising from the allocation, sale, and remittance of proceeds from domestic crude allocated to NNPC was N317.48bn.