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Senate committee says $49.8bn oil funds not missing

30 May 2014, 15:01

Abuja - The Senate Joint Committee on Finance has said that contrary to claims by suspended CBN Governor, Sanusi Lamido Sanusi, there is never any unremitted $49.8 billion.

This formed part of the report of the Senate Committee on Finance which investigated the allegations by Sanusi that $49.8 billion was not remitted by the NNPC into the Federation Account.

The report was signed by the committee's Chairman, Sen. Ahmed Makarfi, and nine other members.

According to the report, the total crude oil lifting between January 2012 and July 2013 was $67 billion and not $65 billion as the CBN governor had presented.

The committee stated that the CBN, NNPC, Ministry of Finance and the Ministry of Petroleum Resources had agreed after reconciliation that the sum of $47 billion out of the $67 billion had been credited to the Federation Account.

"The problem of non-remittance of revenues by the NNPC was not new and it was not the CBN that first disclosed it.

"The committee could not see how the figure of $49.8 billion was arrived at by the CBN governor in the first instance," it said.

The committee recommended for the complete discontinuation of the fuel subsidy regime in the country.

The committee further advised the NNPC to ensure due process and diligence in its operations, and urged the Senate to urgently pass the Petroleum Industry Bill (PIB) into law so as avoid the mistakes of the past.

-        NAN

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