Nigeria’s NNPC ‘failed to pay’ $16bn in oil revenues


Nigerian’s state owned oil company has failed to pay the government 16 billion dollars in a suspected fraud, according to an official audit.

The Nigerian National Petroleum Corporation NNPC provided no explanation for the missing funds.

Oil revenue accounts for two thirds of the government’s funding.

President Buhari has promised to crack down on corruption since he took office last May.

The NNPC has not commented on the auditor general’s findings.

Officials from the previous administration allegedly indulged in wholesale corruption where billions of dollars of oil funds simply disappeared.

When the then Central Bank Governor, Lamido Sanusi pointed out that billions of dollars were missing from the treasury, he was sacked from his job.

Source: BBC

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