It's obvious that the last has not been heard of the missing or is it unaccounted for funds accruing to the nation from the sales of the country's crude oil. Frankly, I am confused. Once it comes to accounting for the revenues so many agencies are mentioned and at the end of the day I just wonder how the money won't get missing. Accounting for these revenues appears not to be a straight-forward stuff. Just read the number of agencies Sanusi mentioned in his accusation below. Me I confuse sef but...Oluwa wa!
Punch reports:
The Central Bank of Nigeria Governor, Mr. Lamido Sanusi, on Tuesday raised a fresh alarm that the Nigerian National Petroleum Corporation had yet to repatriate to the Federation Account, a sum of $20bn out of the $67bn crude it sold on behalf of the Federal Government.
Sanusi who stated this before the Senate Committee on Finance which was currently investigating the alleged $49bn missing fund from the federation account, also explained that he had submitted a 20-page written document backed up with another 30-page appendix to prove his point.
The CBN boss told the Senator Ahmed Makarfi led committee that certain level of reconciliation had been achieved between the apex bank, the NNPC and other relevant agencies since the alleged missing fund became a public issue.
He said, “The NNPC did a presentation. We have all agreed earlier that $14bn out of the $67bn dollars they shipped came in to the dollar account of the federation. That is agreed.
“We have looked at the Federal Inland Revenue Service numbers and we have confirmed that $16bn paid by international oil companies to the FIRS account was not paid by the NNPC but paid by IOCs.
“It was the proceeds of crude lifted in the name of NNPC but sold on behalf of FIRS. That $16bn had been confirmed by FIRS and had accepted. There is $1.6bn dollars that the Department of Petroleum Resources also received from IOCs which was part of that crude and which CBN had accepted.
“We have provided evidence in the naira crude account out of the $28bn domestic crude shipped by the NNPC, it had repartriated $16bn. Out of the $67bn that has acrued to the NNPC account we have accounted for $47bn.
“That is, out of the $67 bn dollars that the NNPC shipped, $47bn had been repatriated to the CBN. What we are talking about is the balance of the $20bn and what explanations had been given .”
Sanusi told the committee that the NNPC had said some of it does not belong to the federation account so, but that it had established that some of the crude shipped by the NPDC was shipped from oil wells that belonged to the federation.
He also accused the NNPC of transferring revenues that should go to the federation account for remittance.
He added, “I have given free legal opinion to this committee, on the unconstitutionality and illegality of that transaction. Secondly, NNPC had explained that 80 percent of that money yet to be repatriated, on kerosene and fuel subsidy.
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