The last administration had said it would audit the NNPCL but it failed to do that throughout its eights years .
The Minister gave the hint of the administration’s plan at the release of the latest “World Bank Nigeria Development Update” in Abuja.
He said: “There will be earnest scrutiny and I am sure NNPCL is getting ready for that. We want revenue to come into the government coffers from NNPC and all other revenue agencies.
“There will be earnest scrutiny and I am sure NNPCL is getting ready for that. We want revenue to come into the government coffers from NNPC and all other revenue agencies.
It emphasized the necessity for comprehensive information dissemination regarding pump prices and fiscal savings stemming from subsidy reforms.
The report reads in part: “The removal of the subsidy was announced on May 29 and pump prices were adjusted on June 1. This results in fiscal savings of around N2 trillion or 0.9 per cent of the Gross Domestic Product (GDP).
“Between 2023 and 2025, the expected gains are over N11 trillion, against a scenario in which the subsidy had continued. Regularly publish information that explains prices at the pump. “Publish detailed financial statements and revenue flows of NPPCL to safeguard the fiscal savings from the subsidy reform and ensure that oil revenues flow to the Federation Account.”
The World Bank report called for transparency in NNPCL’s operations, urging the corporation to publicly disclose its financial statements and revenue flows.
It emphasized the necessity for comprehensive information dissemination regarding pump prices and fiscal savings stemming from subsidy reforms.
The report reads in part: “The removal of the subsidy was announced on May 29 and pump prices were adjusted on June 1. This results in fiscal savings of around N2 trillion or 0.9 per cent of the Gross Domestic Product (GDP).
“Between 2023 and 2025, the expected gains are over N11 trillion, against a scenario in which the subsidy had continued. Regularly publish information that explains prices at the pump. “Publish detailed financial statements and revenue flows of NPPCL to safeguard the fiscal savings from the subsidy reform and ensure that oil revenues flow to the Federation Account.”
