The Nigerian National Petroleum Cooperation (NNPC) has begun the process of recovering over $7 billion in over-deducted tax benefits from JV Partners on major capital projects, the Nigerian presidency has said
Quoting 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 & Benchmarking as well as Value for Money Review of NNPC and the JV Companies covering the period 2008 – 2013?.
Mr. Shehu further quoted the report as saying ‘a reputable International Accounting Firm 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’.
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