When Nigerian President Muhammadu Buhari came to power a year ago, the former military leader vowed to rid the West African country of corruption that costs the economy billions of dollars annually. Now, his administration may have uncovered the biggest case of graft to date, with a report out this week revealing missing revenues from the state’s nationalized oil company totaling $16 billion.
The Nigerian National Petroleum Company (NNPC) is required to pay all of its revenue to the federal government, but in 2014 the corporation reportedly held onto the 3.2 trillion naira in revenues. The information was revealed in a report that Auditor-General Samuel Ukura gave to the national assembly on Monday.
Each year, NNPC is expected to pay the entirety of its revenues to the Central Bank of Nigeria. In total, oil company exports $77 billion worth of oil per year. Ukura compiled the information for the report by examining information from NNPC and the central bank.
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