The Nigeria Extractive Industries Transparency Initiative, NEITI, accused the Nigeria Liquefied and Natural Gas Company, NLNG, of non-remittance of about $11.6 billion, N2.32 trillion, into the Federation Account. Zainab Ahmed, the executive secretary, NEITI, during a visit Nasir el-Rufai, governor of Kaduna State, last weekend, also revealed that the country lost N220 billion to crude oil swap deals, adding that over N4.8 trillion had been spent by the federal government on fuel subsidy.

Ahmed revealed that the information was part of its findings and recommendations contained in NEITI audit reports, which had remained unimplemented and described the development as “an unfortunate recurring decimal.” She said that data from NEITI audit reports showed that Nigeria lost about 160 million barrels of crude oil valued at $13.7 billion to crude oil theft between 2009 and 2012.

The records, she said, was obtained from three international oil companies, namely: Shell Production and Development Company, Nigerian Agip Oil Company and Chevron Nigeria Limited. Explaining that over N4.8 trillion had been expended by the federal government on subsidy payments alone, Ahmed called for a gradual phasing out of the subsidy scheme.