![\"In](\"http:\/\/ichef.bbci.co.uk\/news\/624\/cpsprodpb\/FAAE\/production\/_85847146_85847145.jpg\")
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
\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
–<\/p>\n
Source: BBC<\/p>\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":14,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_social_meta":[],"jnews_override_counter":[],"footnotes":""},"categories":[107],"tags":[],"class_list":["post-199135","post","type-post","status-publish","format-standard","hentry","category-international"],"_links":{"self":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/posts\/199135","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/users\/14"}],"replies":[{"embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=199135"}],"version-history":[{"count":0,"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/posts\/199135\/revisions"}],"wp:attachment":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=199135"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=199135"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=199135"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}