The Midstream and Downstream Gas Infrastructure Fund has denied allegations of under-remittance of gas flare penalties raised in the Office of the Auditor-General of the Federation’s 2023/2024 Annual Report on Non-Compliance and Internal Control Weaknesses.
The fund, a directorate of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, said the discrepancies identified by the Auditor-General did not represent missing or unaccounted revenue but arose from timing and reconciliation issues within the multi-agency Federation Account remittance process.
The clarification was contained in a statement issued on Tuesday by the NMDPRA and signed by its Director of Public Affairs, George Ene-Ita.
PUNCH Online reported on Sunday that the Office of the Auditor-General for the Federation had uncovered financial irregularities and revenue shortfalls amounting to approximately N94.4bn.
But in its statement, the fund stressed that it does not collect gas flare penalties and therefore should not be held responsible for any shortfall that may eventually be established in the collection and remittance process.
