Nigeria: U.S.$25.3 billion oil money stolen in eight years - NEITI

Jul 30, 2015 12:00 AM

The Nigeria Extractive Industries Transparency Initiative (NEITI) has declared that about $25.3 billion of the nation's oil monies was missing.

The NEITI's executive secretary, Hajiya Zainab Ahmed, disclosed this while briefing Kaduna State governor, Mall. Nasir El-Rufai, in Kaduna.

She said funds from crude Product Swap amounting to $866 million dollars was lost from 2009 - 2011 and $8,243 million in 2012.

She said, the 25.3bn dollars was stolen within Eight years.

Hajiya Zainab also handed over dossier of corrupt practices by the Nigerian National Petroleum Corporation (NNPC) to governor El-Rufai, who is one of the four governors appointed by National Economic Council (NEC) to scrutinise the accounts of the Nigerian National Petroleum Corporation(NNPC) and the Excess Crude Account(ECA) managed by the last administration to unravel N3.8trillion not remitted to the Federation Account by the NNPC between 2012 and May 2015 as well as $2.1billion said to have been deducted from the ECA.

The NEITI boss, who gave the breakdown of how the monies were stolen said, between 2009 - 2012 alone, about 160 million barrels of oil valued at 13.7 billion dollars was stolen.

She also said, while subsidy payment from 2005 - 2012 captured that 11.631 billion of dollars have been paid to the NNPC, there was no evidence of the money being remitted to the federation account.

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