Remittance of oil proceeds to the Federation Account by the
This led to the
It has been an issue of accusation and counter accusation since the Governor of Central Bank of
This alarm prompted the
This followed a Point Of Order raised under Matter of Urgent Importance by Senator
The money, said to be the value of crude oil export and proceeds from the NNPC, was expected to be lodged in the CBN. Adetunbi had alleged, "There has been a raging debate on the issue of missing money from the coffers of the Federal Government of
He further explained that the nation's apex bank, the Central Bank of
Instead, he said
However, the Minister of Finance, Mrs
Insisting that the letter was meant for the President to launch an investigation into the issue, Sanusi told the Senate Committee Chairman, Senator
However, in another public hearing, Sanusi came up with another figure that he said had not been remitted into the Federation Account which, he said, was
Sanusi, while making a new allegation, stated, "All we have said as CBN to which there is no disagreement is that NNPC shipped
"We have made suggestions that can help to answer some of the explanation and we believe that even some of that which they (NNPC) claimed were shipped by NPDC does not belong to the NPDC but to the federation."
He said that some of the issues were subject to investigations which, according to him, had to do with whether NNPC was repatriating money due to the Federation Account or not, adding that it was necessary to investigate the issue because the NNPC had given a number of explanations for why money had not been remitted.
His submission did not go down well with the Group Managing Director of NNPC,
Yakubu said, "We have made submissions but this meeting was not of detailed discussion of the submission. We came here for the Chairman brief us on the programme and agenda on the detailed reconciliation that we are doing.
"As you were told in the meeting, we are reconciling at the point of conclusion on the reconciliation process with the various agencies. It is at the end of this that we will submit our detailed reconciled position which the committee will study and then commence detailed review session. That is where and what was reported is exactly the true position of things.
"As you are aware the major chunk of the amount in question over 80 per cent of it is in the subsidy for both PMS and kerosene.
"The issues that were raised are not new at all. You see we came out in details because we don't have anything to hide and we gave a detailed breakdown of the so called
"Now, we also made it clear that NPDC, if we had anything to hide we would not have made it clear that NPDC was part of the stream, because NPDC which is NNPC's upstream operation, is a limited liability company registered the Companies and Allied Matters Act (CAMA) to do upstream business just like any other independent company".
Chairman of the
In view of the inability to come to terms with the actual financial position of NNPC as regards the remittance of the subsidy proceeds, on Thursday, the Minister of Finance and the
Besides, the Minister of
The Finance Minister and the Coordinating Minister for the Economy, Dr. (Mrs.)
She said the services of forensic experts were needed to verify data submitted by the NNPC which the
According to her, with the services of external forensic auditing, it would certify not only the ministry, but also all Nigerians that matter.
On his part, Makarfi corroborated the position of the Finance Minister over forensic auditing of the NNPC accounts and gave the minister one month to carry out the auditing.
He said, "The CBN said part of the NNPC transaction, though it was not in a position to know the exact amount should be lodged in the Federation Account. We have agreed that, that will be sorted out on technical grounds.
"Our own forensic examination of the document will make us take a decision as to whether the document support the expenses incurred. The expenses are part of the accounting for the money".
The Minister of
Alison-Madueke said, "For years, the issue of the Presidential directive given by Yar'Adua had been brought up over and over again. At the time, an inter ministerial meeting was held both ministers of finance and that of petroleum at that time, were parties to that meeting and at that time, a decision was taken to stay action on the memo because kerosene was very crucial to Nigerians. "
The Group Managing Director of NNPC, Yakubu, said no subsidy fund was missing and that the CBN and the
According to him, unpaid petroleum products was
So we have no problem. In the upstream industry, we have five agencies that oversee our business, so we are used to interacting with the agencies.
"We are happy for anybody to come in and look at it, but the question is what value is it going to bring because we have gone through these things over and over?"
Most Popular Stories
- Dmytro Firtash, Ukrainian Billionaire, Arrested in Vienna
- Obama, Ukraine Discuss Russian Incursion in Crimea
- Republicans Warn Obama on Immigration
- Obama's Overtime Initiative Praised, Condemned
- Liberty Media Drops Sirius Bid
- West Readies Harsh Sanctions Against Russia
- Calumet Photo Files for Bankruptcy
- Lady Gaga Roasts Self on Spit at SXSW
- Drake Wins Big MTV's Woodie Awards at SXSW
- Uli Hoeness, Bayern Munich President, Gets Prison for Tax Evasion