The Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company (NNPC) Limited, Mele Kyari, has addressed the controversy surrounding the alleged non-remittance of $2 billion into the federation account, as reported by the Nigeria Extractive Industries Transparency Initiative (NEITI).
In a statement released on Saturday by Olufemi Soneye, Chief Corporate Communications Officer of NNPC, Kyari expressed disappointment with NEITI for making the report public without seeking clarification on any perceived gaps in its assessment.
The issue arose from NEITI’s ‘2021 Oil and Gas Industry Report,’ released in September 2023, which claimed that NNPC did not remit $2 billion in taxes to the federal government in 2022.
Kyari clarified that NNPC was not holding any public funds back, and what NEITI reported as non-remittance was, in fact, what was due to the company as payment for shouldering the burden of the fuel subsidy on behalf of the federal government.
During a visit by a delegation from the Extractive Industries Transparency Initiative (EITI) in Abuja on Thursday, Kyari emphasized the need for proper communication channels between NEITI and NNPC to avoid unnecessary public misunderstandings.
Moreover, Kyari revealed that NNPC would have published its audited financial statement (AFS) for 2022 by June 2023. However, it faced delays due to the absence of a substantive board of directors at that time.
Addressing the collaboration between NNPC and EITI/NEITI, Kyari stated that it had made NNPC a more reliable organization.
Bady Baldé, EITI’s Deputy Executive Director, commended NNPC during the visit, noting that the company had received a high score in EITI’s latest global assessment.
Baldé emphasized that adhering to global EITI standards would enhance NNPC’s credibility. The ongoing collaboration aims to foster transparency and accountability in Nigeria’s extractive industries.
