Senate Says $49bn Oil Fund Alleged Missing By Sanusi Is Not Missing

The Senate, yesterday, cleared the air on the alleged missing $49 billion oil revenue as it said there was no missing fund as alleged, but un-remitted funds which should be remitted to the Federation Account.


The Senate, while adopting the Senator Ahmed Makarfi-led Finance Committee report on the alleged missing money as claimed by the former governor of Central Bank of Nigeria, CBN, Mallam Sanusi Lamido Sanusi, who is now the Emir of Kano, also rejected the Federal Government’s plan to remove the subsidy on the petroleum products, saying government should embark on sensitisation of the public because of the effects it would have on the common man.

The Senate further mandated its committee on finance to follow up and receive the forensic audit reports from the Auditor General of the Federation and the Price Waterhouse Coopers, PWC, and also study and report back to the Senate as soon as possible.

In a 21-point recommendation, the Senate accepted the subsidy deducted by the Nigerian National Petroleum Corporation, NNPC, from January 2012 July 2013 of US$5.254 billion (N813,803 billion) since it was certified by Petroleum Product Pricing Regulatory Agency, PPPRA, and appropriated by the National Assembly.

It asked NPDC, a subsidiary of the NNPC, “to remit to the Federation Account $447.8 million being balance of royalty and petroleum profit tax.”

According to the recommendation, “NNPC should refund and remit to the Federation Account $262 million being expenses it could not satisfactorily defend in respect of Holding Strategic Stock Reserve; Pipeline Maintenance and Management Cost and Capital Expenditure.”

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