Nigeria's State Oil Company Misses $16.1 bln Public Payment

Nigeria's state oil company failed to remit 3.2 trillion naira ($16.1 billion) to the public purse in 2014, the auditor-general said on Monday.

Samuel Ukura, who presented his findings in a report to lawmakers at the national assembly, said other government ministries and agencies had failed to remit funds which took the total figure not passed on to 3.3 trillion naira for that year.

Development in Nigeria, Africa's biggest oil producer and largest economy, has been stunted by decades of corruption and mismanagement.

Reporting by Camillus Eboh