Mallam Sanusi Lamido Sanusi
The Nigerian National Petroleum Corporation (NNPC) Tuesday said the
report credited to the Governor of the Central Bank of Nigeria (CBN),
Mallam Sanusi Lamido Sanusi, where he alleged that it withheld the sum
of $49.8 billion representing about 76 per cent of the total crude oil
revenues from January 2012 to July 2013 was false.
The corporation in a statement signed by its General Manager, Media
Relations Department, Dr. Omar Farouk Ibrahim, in Abuja said the
allegation by the CBN was borne out of its misunderstanding of the
workings of the oil and gas industry and the modality for remitting
crude oil sales revenue into the federation account.
Ibrahim stated that contrary to the CBN's claim that it lifted about
594.024 million barrels of crude oil between January 2012 and July 2013,
the actual crude oil lifted within the period was 618.55 millon barrels
and that the CBN had under-quoted the figures.
He said in the statement: "For the avoidance of doubt, it needs to be
stated that the figure of 594.024 million barrels of crude oil given by
the CBN as the total crude oil lifting for the period of January 2012 to
July 2013 does not represent the correct picture of crude oil lifting
for the period.
“From our records, the correct figure is 618.55million barrels. This
shows that the CBN understated the actual crude lifting by 4.13 per
Ibrahim further explained that revenues from crude oil liftings are in
various categories, namely equity crude, Petroleum Profit Tax (PPT),
royalty, third party financing and the Nigerian Petroleum Development
He added that revenues from each of these categories are statutorily
collected by different agencies of the government and that the NNPC
collects only one of the aforementioned categories, namely equity crude.
"Petroleum Profit Tax is collected by the Federal Inland Revenue
Service (FIRS), royalty goes to the Department of Petroleum Resources
(DPR), third party financing goes for research, development, programme
and satellite fields development, while NPDC goes to NPDC for upstream
development," he stated.
Ibrahim also noted that: "While NNPC pays proceeds from equity crude
directly to the federation account with the CBN, the FIRS and DPR pay
PPT and royalty respectively into the federation account with the CBN.
The sum total of these proceeds make up the alleged unremitted revenues."
"The 24 per cent of total crude oil revenue receipts which the CBN
governor is reported to have acknowledged that NNPC remitted represents
the proceeds from the equity lifting which NNPC is directly responsible
The alleged unremitted 76 per cent was paid to the agencies that are
statutorily empowered to receive them for onward remittance into the
federation account," Ibrahim added.
He also stressed the need for institutions of the federal government
and top government functionaries to seek understanding of issues that
are not clear to them from relevant agencies rather than go public with
misleading information that is capable of creating public disaffection,
adding that the NNPC is available at all times to meet with all relevant
stakeholders to clarify such issues