TVC N. The House of Representatives said, the Nigerian National Petroleum Corporation ( NNPC ), still withholds the remittance of $81.2bn crude oil proceeds to the Federation Account in four years. Its ad hoc committee, investigating the alleged export of $17bn worth of undeclared crude oil and gas resources, has demanded explanations from the corporation.
The query covers the corporation’s revenues between 2011 to 2014. Documents from the Nigerian Extractive Industries Transparency Initiative, Central Bank of Nigeria, Department of Petroleum Resources and the NNPC were examined. The lawmakers believe that NNPC may have colluded with some foreign oil firms to cheat the Nigerian government.