{"id":199135,"date":"2016-03-15T15:29:05","date_gmt":"2016-03-15T15:29:05","guid":{"rendered":"http:\/\/4cd.e16.myftpupload.com\/?p=199135"},"modified":"2016-03-15T15:29:05","modified_gmt":"2016-03-15T15:29:05","slug":"nigerian-oil-revenues-of-16bn-missing","status":"publish","type":"post","link":"https:\/\/citifmonline.com\/2016\/03\/nigerian-oil-revenues-of-16bn-missing\/","title":{"rendered":"Nigerian oil revenues of $16bn missing"},"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.<\/p>\n

President Muhammadu Buhari has promised to crack down on corruption since coming to office last May.<\/p>\n

\n
\"In
President Buhari has described the corruption in Nigeria’s oil sector as “mind-boggling”<\/figcaption><\/figure>\n<\/figure>\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

\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":[],"categories":[107],"tags":[],"yoast_head":"\nNigerian oil revenues of $16bn missing - Citi 97.3 FM - Relevant Radio. 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