The National Economic Council (NEC) has revealed that the Nigerian National Petroleum Corporation (NNPC) spent N3.8 trillion in three years without approval.
The latest indictment of NNPC, confirmed the forensic audit report by PricewaterhouseCoopers (PwC) and the 2012 report of the Presidential Committee on the Verification of Fuel Subsidies, which both revealed that the corporation deducts as much as 46 per cent of oil receipts to meet its expenditure before remitting the balance to the Consolidated Revenue Fund (CFR).
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