CONTRARY to the Nigerian National Petroleum Corporation’s(NNPC) claim of non-indebtedness, the Nigeria Extractive Industry Transparency Initiative (NEITI) yesterday insisted that the corporation is owing the Federal Government N842billion.
The Executive Secretary, Mrs. Zainab Ahmed, yesterday explained that besides the N450billion that the National Assembly is investigating, the corporation is also owing another N588billion.
According to her, NNPC has already started paying the debt.
Her words:  ”NNPC did not deny the figures. The GMD was specifically saying that NEITI reports are 2008, their own report are more current up to 2010 and that since then, they have made some payments. He did not see any place he categorically said it is wrong.
“The GMD is a NEITI board member and in all things we do, he is involved. We consult with NNPC and all entities covered are made to make comments and sign off on the figures before they published.
“The figure we reported was N842 billion as at December 2008, included in this, is N389 million which is under the commercial credit period that the Federal Government normally pays to the NNPC, but as at the end December 2008 it was not paid because in it was still running.
“So the N450b that the Assembly was investigating is also included in that amount and beside the N450b there are sums that come up to N588b that NNPC is still owing to the federation. NNPC has confirmed that it has re-negotiated the N450b and it has started paying by instalment.”
Mrs Ahmed spoke at the  She spoke at a workshop for media practitioners and professional associations at Akwangwa, Nasarawa State.
The theme of the workshop is: Extractive sector revenue transparency in Nigeria: The Media and professional associations’ engagement.
She pointed out that report on the volume of crude oil exported from the country in previous audits is incorrect and unreliable because of the disparity between the information obtained from the Federal Government and the oil firms.
“NEITI audit report has information on crude oil export in Nigeria. But the report has also emphasised that the report on the volume of crude export is not reliable, it is not correct. We have information from the companies that is grossly different from the government side,” said Ahmed.
Besides, she disclosed that NEITI has arranged to commence the 2009-2011 oil and gas industry as well as the solid minerals audit in January next year.
Mrs. Ahmad added that the procurement process for the audit contract is on-going.
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NNPC owes Fed Govt N842b, says NEITI