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15
March
2022

2019 Audit Query: Auditor General Revealed 107 Million Barrels of Crude Oil Missing

The office of the Auditor General for the Federation has said that the defunct Nigeria National Petroleum Corporation (NNPC) now NNPC Limited failed to account for about 107,239,436.00 barrels of crude oil lifted for domestic consumption in 2019.

The AuGF, in a report, also said that available records from performance report of two depots revealed that about 22,929.84 litres of PMS valued at N7.06 billion pumped to the two depots (Ibadan-Ilorin and Aba-Enugu) between June and July 2019 were not received by the depots.

This revelation formed part of six audit queries from the AuGF as contained in the Federal Government of Nigeria consolidated financial statements for the year ended 31st December, 2019 submitted to the Clerk to the National Assembly via a letter dated 18th August 2021 and signed by the Auditor General, Adolphus Aghughu.

The report identified discrepancies between the amount reported by the NNPC as transfer to the federations account and what was reported by the AuGF.

It said that while the NNPC records showed that N1,272,606,864,000.00 was transferred by the Corporation, the amount recorded by the Accountant General of the federation was N608,710,292,773.44, showing a discrepancy of N663,896,567,227.58.

THe AuGF said the Group Managing Director of the NNPC should be asked to explain the discrepancy between the two figures and remit the balance of N663,896,567,227.58 to the Federations Account or face sanction.

The report also said that the sum of N519,922,433,918.46 was transferred to the Federation Account by the NNPC based on transfer mandates, while demanding that the company provides “reconciliation statement for the difference of N88,787,862,853.96 between AGF’s figure of N608,710,296,772.42 and NNPC’s figure per transfer mandate of N519,922,433,918.46.”

It said “Audit observed that 107,239,436.00 barrels of crude oil were lifted as domestic crude, while allocation of crude oil to refineries for a billing date of 9th January to 29th May 2019 was 2,764,267.00 bbls valued at N55,891,009,960.63.”

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