{"id":23934,"date":"2016-03-16T01:54:43","date_gmt":"2016-03-16T01:54:43","guid":{"rendered":"https:\/\/new.igihe.com\/nigeria-s-nnpc-failed-to-pay-16bn-in-oil-revenues\/"},"modified":"2016-03-16T01:54:32","modified_gmt":"2016-03-16T01:54:32","slug":"nigeria-s-nnpc-failed-to-pay-16bn-in-oil-revenues","status":"publish","type":"post","link":"https:\/\/new.igihe.com\/english\/nigeria-s-nnpc-failed-to-pay-16bn-in-oil-revenues\/","title":{"rendered":"Nigeria’s NNPC ‘failed to pay’ $16bn in oil revenues"},"content":{"rendered":"

{Nigeria’s state-owned oil company has failed to pay the government $16bn (\u00a311bn) in a suspected fraud, according to an official audit.}<\/p>\n

The Nigerian National Petroleum Corporation (NNPC) provided no explanation for the missing funds, the auditor general told MPs.<\/p>\n

Oil revenue accounts for two-thirds of the government’s funding.
\nPresident Muhammadu Buhari has promised to crack down on corruption since coming to office last May.<\/p>\n

This finding by the auditor general, while shocking, is not a surprise.<\/p>\n

Officials from the previous administration allegedly indulged in wholesale corruption where billions of dollars of oil funds simply disappeared.<\/p>\n

When the then central bank governor Lamido Sanusi pointed out that billions of dollars were missing from the treasury, he was sacked from his job.<\/p>\n

Nigeria’s oil reserves should have been blessing for Nigeria to be used to build infrastructure and invest in social services.<\/p>\n

Instead, it has been a curse, a lubricant that has produced massive corruption and dysfunctional governments.<\/p>\n

President Buhari was elected on a platform of cleaning up the country’s notoriously corrupt politics.<\/p>\n

But some officials from the previous administration accuse him of using corruption to pursue a political vendetta.<\/p>\n

The state oil giant has been mired in corruption allegations and losing money for many years.<\/p>\n

Last month, the government announced that the NNPC would be broken up into seven different companies.<\/p>\n

A separate audit ordered under former President Goodluck Jonathan and carried out by global accountancy firm PwC, found that the NNPC had failed to pay the government $1.48bn between January 2012 and July 2013.<\/p>\n

It did not provide a total figure for how much revenue the NNPC should legally have handed over to the treasury.<\/p>\n

However, the company said that it could not vouch for the integrity of the information it was given when it conducted the audit.<\/p>\n

Nigeria is Africa’s biggest oil producer, but the economy has suffered because of the recent decline in the price of oil.<\/p>\n

\"Nigeria<\/figure>\n","protected":false},"excerpt":{"rendered":"

{Nigeria’s state-owned oil company has failed to pay the government $16bn (\u00a311bn) in a suspected fraud, according to an official audit.} The Nigerian National Petroleum Corporation (NNPC) provided no explanation for the missing funds, the auditor general told MPs. Oil revenue accounts for two-thirds of the government’s funding. President Muhammadu Buhari has promised to crack […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[47],"tags":[100],"byline":[249],"hashtag":[],"class_list":["post-23934","post","type-post","status-publish","format-standard","hentry","category-economy","tag-africa","byline-bbc"],"bylines":[{"id":249,"name":"BBC","slug":"bbc","description":"","image":{"id":0,"url":"https:\/\/secure.gravatar.com\/avatar\/?s=96&d=mm&f=y&r=g","alt":"Default avatar","title":"Default avatar","caption":"","mime_type":"image\/jpeg","sizes":[]},"user_id":104}],"contributors":[{"id":249,"name":"BBC","slug":"bbc","description":"","image":{"id":0,"url":"https:\/\/secure.gravatar.com\/avatar\/?s=96&d=mm&f=y&r=g","alt":"Default avatar","title":"Default avatar","caption":"","mime_type":"image\/jpeg","sizes":[]},"user_id":104}],"featured_image":null,"_links":{"self":[{"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/posts\/23934","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/comments?post=23934"}],"version-history":[{"count":0,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/posts\/23934\/revisions"}],"wp:attachment":[{"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/media?parent=23934"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/categories?post=23934"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/tags?post=23934"},{"taxonomy":"byline","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/byline?post=23934"},{"taxonomy":"hashtag","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/hashtag?post=23934"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}