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NNPC kept nearly half of oil revenue – NEC

The NEC, which includes Nigeria’s 36 state governors and its central bank governor, and is chaired by the vice president, met on Monday for the first time since President Muhammadu Buhari was sworn in on May 29.

The oil sector in Africa’s biggest crude producer has long been engulfed in graft scandals and Buhari, who was elected on an anti-corruption ticket, dissolved the board of the Nigerian National Petroleum Corporation (NNPC) on Friday.

Edo State Governor Adams Oshiomole said after the meeting that under the constitution, the NNPC is supposed to hand over its oil revenue to the federal government and should then be paid what it needs based on a budget approved by parliament. However, this was not done in this case.

Oshiomole also said Nigeria’s so-called Excess Crude Account, a fund which saves revenue earned from crude oil above a defined benchmark price, had fallen to $2 billion from $4.1 billion in November. He said the NEC had set up a panel to investigate where the money went.

Source : energymixreport.com/
Posted On: 6/30/2015 12:00:00 AM

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