107.2m barrels of crude missing, says AuGF

EMERGENCY DIGEST- The defunct Nigeria National Petroleum Corporation (NNPC) now NNPC Limited failed to account for about 107,239,436 barrels of crude oil lifted for domestic consumption in 2019, the report of the Auditor-General for the Federation has indicated.

It also stated that records from performance report of two depots indicated that about 22,929.84 litres of PMS worth N7.06 billion pumped to the two depots (Ibadan-Ilorin and Aba-Enugu) between June and July 2019 were not received by them.

The revelation forms part of six audit queries from the Auditor-General for the Federation  contained in the Federal Government’s Consolidated Financial Statements for the year ended December 31, 2019 submitted to the Clerk to the National Assembly via a letter dated August 18, last year and signed by the Auditor-General, Adolphus Aghughu.

The report identified discrepancies between the amount reported by the NNPC as transfer to the Federation Account and what was reported by the Accountant-General of the Federation.

It said while the NNPC records showed that N1,272,606,864,000 was transferred by the corporation, the amount recorded by the Accountant-General of the Federation was N608,710,292,773.44, showing a discrepancy of N663,896,567,227.58.

THe AuGF said the Group Managing Director of the NNPC should be asked to explain the discrepancy between the two figures and remit the balance of N663,896,567,227.58 to the Federation Account or face sanction.

The report also said N519,922,433,918.46 was transferred to the Federation Account by the NNPC based on transfer mandates, while demanding that the company provide “reconciliation statement for the difference of N88,787,862,853.96 between AGF’s figure of N608,710,296,772.42 and NNPC’s figure per transfer mandate ofN519,922,433,918.46”.

It said: “Audit observed that 107,239,436.00 barrels of crude oil were lifted as domestic crude, while allocation of crude oil to refineries for a billing date of January 9 to May 29, 2019 was 2,764,267.00 bbls valued at N55,891,009,960.63.”

It said further: “Information on Sale of Un-Utilised Crude oil by Refineries for 2019 was not provided, and information on crude oil allocations from 30th May 30 to December 31, 2019 was not provided for scrutiny.”

 

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