Oil Revenue Discrepancies Reduced to $6m

Obinna Ezeobi, Abuja

The Federal Government said on Monday that the quantum of funds unaccounted for in a recent audit of Nigeria’s petroleum sector revenues had been reduced to about $6m.

The government had, through the Nigeria Extractive Industries Transparency Initiative, commissioned an international consortium of auditors, led by the Hart Group of the United
Kingdom to conduct the first comprehensive audit of the industry.

The audit examined the difference between revenues paid by oil companies and what was received by government agencies between 1999 and 2004. The findings were made public in May 2006
According to the Hart Group, the difference stood at about $300m.

The group also discovered that key government agencies including the Nigerian National Petroleum Corporation, the Central Bank of Nigeria and the Federal Inland Revenue Service were less than satisfactory in their dealings with the nation’s petroleum resources.

But in a statement in Abuja, the Chairman, NEITI, Dr. Siyan Malomo, said most issues raised by the first NEITI audit had been tackled, adding that the outstanding amount had since been tracked and reduced to ...

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