The 2024 Auditor General's report has accused the Midstream and Downstream Gas Infrastructure Fund (MDGIF) of failing to remit N39 billion generated from the petroleum sector. The unremitted funds are from the 0.5% statutory revenue from petroleum products and gas flare penalties in 2023. The report states that MDGIF generated N39.89bn but only N13.34bn was remitted, leading to an under-remittance of N26.54bn. For gas flaring penalties, the Nigerian Upstream Petroleum Regulatory Commission reported N140.54bn in revenue, with N134.92bn due to MDGIF after deductions, but the amount remitted was not specified.
Related Articles
Don't miss out on breaking stories and in-depth articles.