Nigeria's oil company kept nearly half of oil revenue - NEC

According to the National Economic Council's report made available to journalist after the council's inaugural meeting today, it was revealed that Nigerian National Petroleum company (NNPC) earned 8.1 trillion naira ($41 billion) from 2012 until new President Muhammadu Buhari was inaugurated on May 29, but only paid 4.3 trillion into the federal government's account.

The NEC, which includes the country's 36 state governors, its central bank governor and is chaired by the vice president.
The figures were given to reporters after the meeting by Edo State governor Adams Oshiomhole, speaking on behalf of the NEC.

"We are talking about transparency, we are talking about change. And what we saw from those numbers, I believe that Nigerians are entitled to know, is that whereas the NNPC claimed to have earned 8.1 trillion naira, what the NNPC paid into the federation account from 2012 to May 2015 was 4.3 trillion naira," Edo State Governor Adams Oshiomole said after the meeting.

He said that under the constitution, the NNPC is supposed to hand over its oil revenue to the federal government and should then be paid what it needs based on a budget approved by parliament.

"Let us also be clear: nobody says that parastatals should not spend money, but they must return to budgeting," Oshiomole told reporters, speaking on behalf of the NEC.