How we spent $10.8bn oil revenue – NNPC

NNPC LOGO

Management of the Nigerian National Petroleum Corporation, NNPC, has given a clearer account of how it spent the $10.8 billion, the remaining part of the controversial un-remitted $48.9 billion oil revenue.

The Corporation which said it spent the sum on subsidy on PMS, known as petrol, repairs of vandalized pipeline and products/crude oil losses as well as maintenance of national strategic reserves, said it enjoys legal backing to incur such expenditure on behalf of the government.

Group Executive Director, Finance and Accounts Directorate of the Corporation, Bernard Otti, while making the clarification at an interactive session with Energy Correspondents in Abuja, said that as a law-abiding corporate entity, NNPC’s processes and procedures are guided by the provisions of the law.

He said the $10.5 billion reflects expenditure incurred by the NNPC in the period under review and are rarely made up of the following, subsidy claims, $8.49 billion, pipeline Management and Repair cost, $1.22 billion, products/crude oil losses, $0.72 billion, and cost of holding Strategic Reserves, $0.37 billion.