N4 trillion unremitted revenue by NNPC in 2016 – Audit Report

A whooping sum of N4 trillion was, as of the time of preparing the audit report by Price Waterhouse Cooper (PwC), unremitted to the Federation Account by the Nigerian National Petroleum Corporation (NNPC).

“The total revenue unremitted as at 1st January 2016 from amounts payable into the Federation Account by NNPC was ₦3,878,955,039,855.73 [Three trillion, eight hundred and seventy-eight billion, nine hundred and fifty-five million, thirty-nine thousand and eight hundred and fifty-five naira].

“The sum of N1,198,138,355,860.30 was due in revenue to the Federation Account out of the total generated in 2016, however, NNPC paid the sum of N1,000,545,058,966.2 resulting in an amount withheld of N197,593,296,894.02. This brought the total amount withheld by NNPC from the Federation Account as at 31 December 2016 to N4,076,548,336,749.75.”