Nigeria: Subsidy Scam – Forensic Audit of NNPC Reveals U.S.$1.28 Billion Missing

FOLLOWING a Presidential directive, the Federal Ministry of Petroleum Resources, yesterday, released the Forensic Investigative Audit conducted by PriceWaterCoopers into the allegations of unremitted Funds into the Federation Accounts by the NNPC.

Among other things, the report revealed financial improprieties amounting to $1.28 billion in payment for petrol and kerosene subsidy between January 2012 and July 2013, comprising $980 million in subsidy over claim by the NNPC, $63.78 million duplicated subsidy payment by NNPC, $36.05 million over-statement in PPPRA’s PMS subsidy Payment Advice to NNPC, and an estimated $205 million kerosene subsidy over-charge by NNPC.