The Central Bank of Nigeria Governor, Mr. Sanusi insisted before the Senate investigative hearing over missing oil revenue on Tuesday that the sum of $20 billion is still missing.
During the hearing which was chaired by Ahmed Makarfi, Sanusi said the issues raised by him in the letter he wrote to the Presidency concerning the CBN's observations, relate directly to why the NNPC is yet to remit money to the government account, insisting that what must be agreed is that the NNPC shipped $67 billion worth of crude, but what came to the CBN after all reconciliation, stands at $47 billion.
"Let us know what happened to the remaining $20 billion, we have confirmed that the FIRS received $16 billion which was paid by IOCs. CBN has accepted that. We have accounted that out of $67 billion that NNPC shipped, $47 billion has come to CBN". He said
Mr. Sanusi also said the NNPC’s claim on subsidy on kerosene cannot stand since a presidential directive had long barred such subsidy. According to him, “NNPC must show where it got the authority to buy kerosene at N150 and sell at N40, and then put the burden of loss on the federation account,”.
On his part, Ahmed Makarfi said some issues raised by CBN governor, Sanusi, in his letter to the committee, do not relate to the immediate subject of investigation.
Stating further that the committee found the submission made by NNPC not comprehensible, Makarfi asked for a re-submission of a more detailed information latest Feb.14. While NEITI’s response which covered only 2011, should be resent with more information by February 7.
Ngozi Okonjo-Iweala and Diezani Allison-Madueke were conspicuously absent at the hearing due to ill health. But the committee expects that by next week, both Ministers would appear before the committee.
The meeting was adjourned to next week, Thursday, when according to Mr. Makarfi, the committee will go into actual examination of issues when they would have received all responses from the parties.
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