By Henry Umoru & Joseph Erunke

ABUJA—THE Senate has summoned Executive Secretary, Nigerian Extractive Industries Transparency Initiative, NEITI, Waziri Adio, to appear before it to explain the alleged missing N1 trillion.

According to the Senate, the invitation became imperative following the revelation of over N1 trillion oil revenue allegedly mismanaged between 2005 and 2013 by the Nigeria National Petroleum Corporation, NNPC, which was reflected in the audit report presented to the Senate President by the NEITI boss last Monday.

The Senate said the NEITI boss would formally present the report before the Senate at plenary.

The resolution of the upper chambers was sequel to a motion by Senator Tijjani Yahaya Kaura (Zamfara North), entitled The Urgent Need for the Senate to Look into the NEITI 2013 Oil, Gas and Solid Minerals Audit Report.

According to him, in the report it was alleged that NNPC did not remit $12.9 billion between 2005 and 2013.

He said Senate notes that one of the key functions of NEITI was to conduct regular audits of the extractive sector, adding that details from the 2013 audit and financial report of activities in the oil and gas industry, which was conducted by the initiative, had shown that Nigeria made $58.07 billion from its hydrocarbons industry that year.

He said: “The federation realised N33.86 billion from solid minerals sector in 2013 as contained in the 2013 solid minerals audit report of NEITI. $3.8 billion and N358.3 billion stand as outstanding revenues from NNPC and its subsidiaries in 2013.

“These outstanding payments were dues from unpaid consideration from divested oil mining leases from NNPC to NPDC and cash call refunds by National Petroleum Investment and Management Services, NAPIMS.

“The Senate is disturbed that between 2005 to 2013, $12.9 billion paid by the Nigerian Liquefied Natural Gas, NLNG, to NNPC was not remitted to the federation account.”

He further disclosed that NNPC introduced different pricing methodology, which aided major oil and gas companies to under-pay royalties and profit taxes into the Federation account, noting that it was time for Senate to fight in-house conspiracy to save the nation of financial paucity.

Contributing, Deputy Senate President, Ike Ekweremadu, suggested that the Executive Secretary of NEITI be made to formally present the report at the plenary.

In his remarks, Senate President, Dr. Bukola Saraki, said the enormity of the report and findings were too enormous for the Senate.

Saraki, who expressed deep concern at the huge loss of revenue said: “I am aware of the report and what I discovered was a huge loss, which has to be deliberated upon. So the Executive Secretary has to come and submit the report officially.”

The audit covered 41 oil and gas producing companies and 16 government agencies, which also revealed that a total of N1.3 trillion was processed as petrol subsidy payments for NNPC and other oil marketers in 2013.

The report disclosed that the total revenue flows to the federation account from all sources in the oil and gas sector, such as crude oil sales, taxes and royalties in 2013, was $58.07 billion, while N33.86 billion accrued from the solid minerals sector in the same year.