The Nigerian National Petroleum Cooperation, NNPC has begun the process of recovering over seven billion US dollars in over-deducted tax benefits from JV Partners on major capital projects.

The Nigerian National Petroleum Cooperation, NNPC has begun the process of recovering over seven billion US dollars in over-deducted tax benefits from JV Partners on major capital projects. This was contained in a report submitted to President MUHAMMADU BUHARI by the new Group Managing Director of NNPC, IBE KACHIKWU, the Senior Special Assistant to the President on Media and Publicity, GARBA SHEHU, said the state oil company had commenced Performance Measurement and Benchmarking as well as Value for Money Review of NNPC and the JV Companies covering the period 2008 – 2013. The report also showed a reputable International Accounting Firm which has been engaged by the NNPC to ascertain the exact amount due government on the Strategic Alliance Contracts entered by NPDC, where up to $2.46 billion of government money is to be recovered. The presidential spokesperson also revealed that consequent upon an extensive investigation of the various toxic crude oil for refined products swap contracts, a total sum of $420 million has so far been reconciled in favour of NNPC and is now due for recovery from the legacy.

Out of the reconciled amount, the sum of two hundred and seventy seven million US dollars has been recovered in lieu of products and the recovery effort is still ongoing. According to the report, the Group Managing Director of NNPC is committed to continued review of all existing contracts and addressing the ones that are not favourable to the Corporation.