Abuja - The Nigerian National Petroleum Corporation (NNPC) has refuted reports credited to the Governor of the Central Bank of Nigeria (CBN), Sanusi Lamido Sanusi, alleging that the corporation failed to remit N8 trillion ( $49.8bn) oil proceeds to the Federation Account between January 2012 and July 2013.
The claimed amount represents 76 percent of the value of crude oil lifting during the period, reports Vanguard.
Omar Farouk Ibrahim, NNPC’s General Manager, Media Relations, said the allegation by Sanusi was borne out of his misunderstanding of the workings of the oil and gas industry and the modality for remitting crude oil sales revenue into the federation account.
He noted that contrary to Sanusi's claim that the corporation lifted 594.024 million barrels of crude oil between January 2012 and July 2013, the actual crude oil lifted within the period was 618.55 million barrels.
Read more at Vanguard