RMAFC: US$25bn of Nigeria's oil revenue missing

The Revenue Mobilization Allocation and Fiscal Commission (RMAFC) has said the Nigerian National Petroleum Corporation failed to hand over nearly $25bn (£17.5bn) it owed to the government in the five years from January 2011 to the end of 2015. 

The statutory revenue monitoring organisation is coming a week after the Nigerian auditor general said US$16bn went missing in 2014 alone.

That figure was disputed by the Nigerian National Petroleum Corporation. The Nigerian oil company, NNPC is obliged by law to hand over its revenue to the government. The revenue from the petroleum industry makes up a significant  proportion of the government's income.

The decline in oil prices coupled by longstanding corruption in the industry has led to a growing budget deficit.