Oil Price Crash: Mismanagement, Corruption Backlash Hunt Economy
Corroborating the Nigeria Extractive Industries Transparency Initiative (NEITI), Pricewaterhouse Coopers (PwC) and Reconciliation Committee's assertions about NNPC's legacy of inefficiency and mismanagement, NRGI submitted that NNPC's mismanagement of public revenues and its performance failures persisted due to lack of political will by successive governments to reform the corporation. Last year, (NEITI) declared that about $25.3 billion of the nation's oil revenues missing. NEITI's former Executive Secretary, Hajiya Zainab Ahmed, while briefing Kaduna State Governor, Mallam Nasir El-Rufai, said funds from crude product swap amounting to $866 million was lost from 2009 – 2011 and $8, 243 million in 2012. She said the $25.3 billion was stolen within eight years. Hajiya Ahmed handed over a dossier of alleged corrupt practices by the NNPC to El-Rufai, who is one of the four governors appointed to scrutinise the accounts of the NNPC and the Excess Crude Account (ECA) m...