News Column

Reps Probe NNPC, Finance Ministry Over U.S.$10 Billion

January 21, 2014

Musa Abdullahi Krishi and Ibrahim Kabiru Sule

The Finance Committee of the House of Representatives says it will probe the alleged non-remittance of $10bn to the federation account by the Nigerian National Petroleum Corporation (NNPC) following an earlier report of a missing $49.8bn by the Central Bank of Nigeria (CBN) governor, Sanusi Lamido Sanusi. The committee said for the purpose of establishing the actual figure, the investigation would include the finance ministry which mediated to reduce the earlier quoted figure to $10 billion as the actual unremitted amount. The CBN governor had at a joint news conference with Finance Minister Ngozi Okonjo-Iweala admitted an error in the figure, where he reduced the unremitted figure to $12bn , with the finance minister maintaining that it was $10 billion . However, the NNPC had later come out to explain that the unremitted $10.8bn had been spent on subsidies and repairs of vandalised petroleum pipelines across the country. It is against this conflict in figures and information that the finance committee said it was venturing into a full investigation with a view to coming up with the actual missing amount.

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Source: AllAfrica

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