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.”.