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Nigeria’s NNPC Needs Tighter Spending Controls, PwC Says

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Nigeria, Africa’s biggest crude producer, should improve the financial management of its state-run oil company, according to an audit by PricewaterhouseCooper LLP.

Nigeria National Petroleum Corp. has a “blank check to spend money without limit or control,” PwC said in the report released on Monday by the presidency. Accounting and monitoring systems for oil revenue “appear to be inaccurate and weak,” while data from different sources are plagued with “significant discrepancies.”