Management of the Nigerian National Petroleum Corporation NNPC Say the forensic audit report by Price Waterhouse Coopers, rather than indicting it has absolved the corporation of culpability in the alleged missing‎ twenty billion dollars‎ unremitted oil revenue case.

The Corporation in a statement noted that the report has finally laid to rest any controversy as what is due for remittance to the Federation Account is one point four Eight billion dollars  being signature bonus, taxes and royalties on the assets transferred to the Corporation’s upstream subsidiary, the Nigerian Petroleum Development Company which it says was not part of the alleged unremitted revenues from crude lifting.

It explained that the $1.48bn was never in dispute as it is made up of statutory payments such as signature bonus, taxes and royalties which are statutory payments that come with assets acquisition.

While delay in payment was due to the reconciliation processes between the Department of Petroleum Resources (DPR) and the NNPC, the statement added that the Minister of Petroleum Resources, Diezani Alison-Madueke, has directed the NNPC to defray the signature bonuses, taxes and royalties in line with the recommendation of the forensic audit report.



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