Audit-Report-on-NNPC
Audit-Report-on-NNPC
Audit-Report-on-NNPC
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Investigative Forensic audit of crude oil revenues and remittances by <strong>NNPC</strong> (January 2012 – July 2013)<br />
7. We applied an exchange rate of $1 = N154.87.<br />
Thus, the over deducti<strong>on</strong> of subsidy is calculated as follows:<br />
Descripti<strong>on</strong><br />
Subsidy Over Charge<br />
Amount N<br />
Volume Sold to Other marketers * Other Landing<br />
Cost Comp<strong>on</strong>ents paid by Other marketers<br />
STS Volume Sold to Other marketers 3,686,811,097 litres (See Appendix 6.1.26)<br />
Other Landing Cost Comp<strong>on</strong>ents paid by<br />
Other marketers<br />
N8.55 (See Table D7 above)<br />
Subsidy Over Charge 3,686,811,097.20 * N8.55<br />
Subsidy Over Charge<br />
N31,522,234,881.06<br />
Subsidy Over Charge $203,539,968 using an exchange rate of $1 =<br />
N154.87<br />
Table D8: Estimate of DPK Subsidy over deducti<strong>on</strong> by <strong>NNPC</strong>; Source: PPPRA Pricing Template, PPMC’s records of<br />
DPK imports; PPMC’s records of DPK sales to other marketers, Sample of PFI received from PPMC<br />
4.4.5. Summary of Findings<br />
Summary of findings<br />
12<br />
10<br />
8<br />
6<br />
4<br />
2<br />
0<br />
Rec<strong>on</strong>ciliati<strong>on</strong> Committee<br />
$9.97 bn<br />
Value<br />
$1.28 bn<br />
$8.69 bn<br />
Decrease<br />
Verified subsidy<br />
Secti<strong>on</strong><br />
Adjustm ent<br />
($bn)<br />
4.4.4.2.1 0.13<br />
4.4.4.2.2 0.09<br />
4.4.4.2.3 (1.20)<br />
4.4.4.3 (0.02)<br />
4.4.4.4 (0.04)<br />
4.4.4.5 (0.04)<br />
4.4.4.6 (0.20)<br />
T otal (1.28)<br />
Vanguardngr<br />
C<strong>on</strong>fidential informati<strong>on</strong> for the sole benefit and use of the <str<strong>on</strong>g>Audit</str<strong>on</strong>g>or-General for the Federati<strong>on</strong>.<br />
PwC 74