According to the Minister , previous audit of the Nigeria Extractive Industries Transparency Initiative (NEITI) indicated that the NNPC received $4.84billion as dividends and repayment from the Nigerian Liquiedfied Natural Gas (NLNG) which it was yet to remit to the Federation Account.
Besides, the report revealed that the corporation received another $3.99billion without remitting to the Federation Account.
Speaking at the public presentation of the the NEITI 2009-2011 oil and gas physical and audit report at Abuja, she asked the GMD to see her for private discussions on the financial matter.
Okonjo-Iweala noted that after a discussion with the NNPC boss, she , as the Minister of Finance could afford to depend on the remittance for additional revenue.
Her words: “GMD, you are welcome back. I missed you because I was citing some of the words from NEITI and I said some of us are assembled here (the right people) because they pointed out some remittances from NLNG, amounting to over $8billion for a period of time-2006-2009, which we need to discuss.
“As the Minister of Finance, I don’t want it on the floor here. We need a very robust conversation about this money because I can depend on it as a Minister of Finance that this is additional revenue. ”
The minister also drew attention of the surging stakeholders at the event to the issue of exchange rate.
As part of the areas of discussion with the corporation, the minister said, was the exchange rate differences which were not resolved in the declaration of revenue by NNPC.
The NEITI chairman, Mr. Ledum Mittee said the NEITI report observed poor inventory management which accounted for the difficulty in determining balances for imported products.
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