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Minister directs NNPC to pay outstanding $1.48 billion

Staff writer ▼ | February 6, 2015
The Minister of Petroleum Resources, Diezani Alison-Madueke, directed the Nigerian National Petroleum Corporation (NNPC) to defray the outstanding $1.48 billion in the Nigerian Petroleum Development Company (NPDC) signature bonus, taxes and royalties.
Diezani Alison-Madueke
Nigeria   The Nigerian National Petroleum Corporation will pay
The forensic audit report on the allegedly missing $20 billion oil revenue carried out by the reputable international firm, PriceWaterhouseCoopers had absolved the corporation of culpability in the missing fund, saying that what is due for remittance to the Federation Account is $1.48 billion from NPDC.

In a statement made available to journalists, the corporation noted that the release of the forensic audit report has finally laid to rest the controversy surrounding allegations of "missing oil revenue" or non-remittance to the Federation Account.

NNPC explained that it was not true that it was indicted in the report as being speculated in some quarters, saying the $1.48 billion that the audit firm recommended it to remit to the Federation Account was not part of the allegedly unremitted revenues from crude oil lifting.

It explained that the $1.48 billion 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