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		</div><h1 class="story-body__h1"><img src="http://ichef-1.bbci.co.uk/news/660/cpsprodpb/4372/production/_88566271_gettyimages-86045046.jpg" alt="http://ichef-1.bbci.co.uk/news/660/cpsprodpb/4372/production/_88566271_gettyimages-86045046.jpg" /><br />
<span style="font-size:x-small;"><i><span style="font-weight:normal;"> Photo: AFP </span></i></span><b><span class="media-caption__text"><span style="font-size:small;"><br />
Nigeria is Africa&#8217;s largest oil producer</span></span></b><br />
<a name="more"></a><b></b><span style="font-size:small;"><span style="font-family:inherit;"><span class="media-caption__text"><!-- konnie-moments_footer-2-1_AdSense4_1x1_as --></span></span></span><span style="font-size:small;"><span style="font-family:inherit;"><span style="font-weight:normal;">Nigeria&#8217;s state-owned oil company has failed to pay the government $16bn (£11bn) in a suspected fraud, according to an official audit.The Nigerian National Petroleum Corporation (NNPC) provided no explanation for the missing funds, the auditor general told MPs. </span></span></span></h1>
<p><span style="font-size:small;"><span style="font-family:inherit;">Oil revenue accounts for two-thirds of the government&#8217;s funding.</span></span><br />
<span style="font-size:small;"><span style="font-family:inherit;">President Muhammadu Buhari has promised to crack down on corruption since coming to office last May.</span></span><br />
<span style="font-size:small;"><span style="font-family:inherit;">The NNPC has not commented on the auditor general&#8217;s findings.</span></span></p>
<p><img src="http://ichef-1.bbci.co.uk/news/624/cpsprodpb/FAAE/production/_85847146_85847145.jpg" alt="http://ichef-1.bbci.co.uk/news/624/cpsprodpb/FAAE/production/_85847146_85847145.jpg" /><br />
<span class="media-caption__text"> </span><span style="font-size:x-small;"><i><span class="media-caption__text">Photo: AP</span></i></span><br />
<b><span class="media-caption__text">President Buhari has described the corruption in Nigeria&#8217;s oil sector as &#8220;mind-boggling&#8221; </span></b><br />
<b><span class="media-caption__text"> </span></b><br />
This finding by the auditor general, while shocking, is not a surprise.<br />
Officials from the previous administration allegedly indulged in wholesale corruption where billions of dollars of oil funds simply disappeared.<br />
When the then central bank governor Lamido Sanusi pointed out that billions of dollars were missing from the treasury, he was sacked from his job.</p>
<p>A separate audit ordered under last President Goodluck Jonathan and carried out by global accountancy firm PwC, found that the NNPC had failed to pay the government $1.48bn between January 2012 and July 2013.<br />
It did not provide a total figure for how much revenue the NNPC should legally have handed over to the treasury.<br />
However, the company said that it could not vouch for the integrity of the information it was given when it conducted the audit.<br />
Nigeria is Africa&#8217;s biggest oil producer, but the economy has suffered because of the recent decline in the price of oil.</p>
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