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| Nigeria's NNPC 'failed to pay' $16bn in oil revenues | Nigeria's NNPC 'failed to pay' $16bn in oil revenues |
| (about 1 hour later) | |
| Nigeria's state-owned oil company has failed to pay the government $16bn (£11bn) in a suspected fraud, according to an official audit. | |
| The Nigerian National Petroleum Corporation (NNPC) provided no explanation for the missing funds, the auditor general told MPs. | |
| Oil revenue accounts for two-thirds of the government's funding. | Oil revenue accounts for two-thirds of the government's funding. |
| President Muhammadu Buhari has promised to crack down on corruption since coming to office last May. | President Muhammadu Buhari has promised to crack down on corruption since coming to office last May. |
| The NNPC has not commented on the auditor general's findings. | The NNPC has not commented on the auditor general's findings. |
| The state oil giant has been mired in corruption allegations and losing money for many years. | The state oil giant has been mired in corruption allegations and losing money for many years. |
| Last month, the government announced that the NNPC would be broken up into seven different companies. | Last month, the government announced that the NNPC would be broken up into seven different companies. |
| Nigeria's former central bank governor Lamido Sanusi, now the Emir of Kano, was dismissed by the previous administration after saying that $20bn (£12bn) in oil revenue had gone missing in 2013. | Nigeria's former central bank governor Lamido Sanusi, now the Emir of Kano, was dismissed by the previous administration after saying that $20bn (£12bn) in oil revenue had gone missing in 2013. |
| A separate audit ordered under former President Goodluck Jonathan and carried out by global accountancy firm PwC, found that the NNPC had failed to pay the government $1.48bn between January 2012 and July 2013. | |
| It did not provide a total figure for how much revenue the NNPC should legally have handed over to the treasury. | |
| However, the company said that it could not vouch for the integrity of the information it was given when it conducted the audit. | |
| Nigeria is Africa's biggest oil producer, but the economy has suffered because of the fall in the price of oil. |