Audit-Report-on-NNPC

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Investigative Forensic audit of crude oil revenues and remittances by NNPC (January 2012 – July 2013) 2.3. Our findings Confidential information for the sole benefit and use of the <strong>Audit</strong>or-General for the Federation. PwC 20 Vanguardngr
Investigative Forensic audit of crude oil revenues and remittances by NNPC (January 2012 – July 2013) The table below explains our findings in relation to the chart above A Revenue generated ($67billion) This is the estimated revenues from crude oil liftings, as reported by the Reconciliation Committee. B C D This represents additional revenues identified by PwC that were not captured in the <strong>Report</strong> of the Reconciliation Committee ($2.34billion) PwC estimated revenue from crude oil lifting ($69.34billion) Direct Costs ($2.65billion) This represents the total expenses incurred and/ deducted directly by NNPC (from crude oil revenues) where supporting documents were provided to PwC. Description Increase /(Decrease) $’Billion I. Exported equity crude 0.29 II. Domestic crude revenue 0.22 III. FIRS tax oil 1.00 IV. DPR royalty crude oil (0.42) V. NPDC crude oil 0.82 VI. Other Third Party Financing 0.43 TOTAL 2.34 This is the total amount of revenue from crude oil liftings during the review period, after increasing A by the adjustments in B. Vanguardngr Source: PPMC’s Schedule of Costs, Reconciliations signed off by traders and NNPC, PwC Analysis Confidential information for the sole benefit and use of the <strong>Audit</strong>or-General for the Federation. PwC 21
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