NNPC To Recover $9.6b From Oil Firms | Independent Newspapers Limited
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NNPC To Recover $9.6b From Oil Firms

Posted: Sep 7, 2015 at 1:34 pm   /   by   /   comments (0)

The Federal Government would soon have more funds to work with in its bid to actualise the change promised by the President Muhammadu Buhari administration, as the Nigerian National Petroleum Cooperation (NNPC) moves to recover over $7 billion in over-deducted tax benefits from joint venture partners on major capital projects.

According to a recent report, the Group Managing Director, NNPC, Ibe Kachikwu, has started a process of performance measurement and benchmarking and value for money review of the corporation and its joint venture partners in Nigeria’s oil and gas sector, from 2008 to 2013.

The Senior Special Assistant to President Muhammadu Buhari on Media and Publicity, Garba Shehu, in a statement at the weekend, said that the report submitted to the Presidency showed that the process may lead to further recovery of funds.

According to the report, the NNPC has contracted an international accounting firm to ascertain the exact amount due to government on the strategic alliance contracts entered by NPDC, where up to $2.46 billion of government money is to be recovered.

“Out of the reconciled amount, the sum of $277 million has been recovered in lieu of products and the recovery effort is still ongoing,” the statement noted.