Index to Nigerian Newspapers

The Office of the Auditor General for the Federation uncovered four major financial infractions totaling 514 billion naira within the operations of the Nigerian National Petroleum Company Limited for the 2021 financial year, violating the Constitution of the Federal Republic of Nigeria and the 2009 Financial Regulations Act. According to the audit report, the state owned oil firm unilaterally made unauthorized deductions at source, including 343.64 billion naira from domestic crude sales for operational costs and pipeline losses without providing details, 82.95 billion naira from federation revenue for refinery rehabilitation without prior approval, and an unsubstantiated payment of 3.75 billion naira to a company as a shortfall on premium motor spirit cargo sales. Furthermore, the report revealed that 83.66 billion naira in joint venture miscellaneous income was improperly warehoused in a Central Bank of Nigeria sinking fund account instead of the main federation account contributing to a broader national revenue deficit where actual federal revenue reached only 4.64 trillion naira against a projected target of 6.64 trillion naira, leading to a shortfall of 2 trillion naira prompting recommendations for the Chief Executive Officer to account for the funds before the Public Accounts Committees of the National Assembly or face severe administrative sanctions..