$20bn Oil Money: CSOs in Extractive Sector Want Annual Audit of NNPC

A coalition of Civil Society Organisations (CSOs) with interests in operations of Nigeria’s extractive industries have enjoined the federal government and its relevant agencies to institute an annual independent audit of the businesses of the Nigerian National Petroleum Corporation (NNPC).

The about 100 CSOs under the auspices of Publish What You Pay (PWYP) Nigeria said the annual audit of NNPC’s businesses has become imperative adding that the report of the audit should b made public for accountability.

PWYP made this call in its reaction to the ongoing debate on an allegedly missing $20 billion crude oil money, which the former Central Bank Governor and now Emir of Kano, Sanusi Lamido Sanusi alleged that the NNPC was yet to remit into the national treasury.

According to the CSOs, the audit also become necessary in view of the recent release of an audit report by PricewaterhouseCoopers (PwC) on the businesses of NNPC to amongst other objectives ascertain how the oil money could have been expended.

Speaking through its Coordinator, Faith Nwadishi, PWYP stated that findings in the PwC were not new to it because previous audit reports of the Nigeria Extractive Industries Transparency Initiative (NEITI) on activities of the corporation and other players in Nigeria’s hydrocarbon industry had highlighted the gaps in the crude oil revenue accounting process.

It explained that notwithstanding that the NEITI findings had been ignored by successive governments, the PwC audit report has however added more voice to NEITI’s call for comprehensive overhaul of hydrocarbon revenue accounting system adopted by NNPC in its management of the country’s shares in the industry.

“PWYP Nigeria wishes to state that the release of the PwC audit report on NNPC although belated is good towards ensuring transparency, accountability and good governance in the activities of the oil and gas sector in Nigeria.

The Office of the Auditor-