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NPDC justifies non-remittances to Federation Account

By Michael Eboh
The Nigerian Petroleum Development Company, NPDC, the upstream subsidiary Company of the Nigerian National Petroleum Corporation, NNPC, Wednesday, justified the non-remittance of its gross earnings to the Federation Account, stating that it is as a result of the fact that it is a self-financing organisation.

According to a statement by the NNPC in Abuja, Managing Director of the NPDC, Mr. Yusuf Matashi, stated this in a presentation to the Senate Ad hoc Committee on the recovery of unremitted revenue,

Providing clarification on the alleged non-remittance of crude proceeds from some divested oil wells, Oil Mining Leases, OML, 61, 62 and 63, Matashi explained that the value of crude oil lifted by NPDC between May 20013 and August 2016 was $3.294 billion as against $3.487 billion as claimed by the Committee.


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