The
Minister of Finance, Dr. Ngozi Okonjo-Iweala revealed yesterday that
the Federal Government will hire forensic experts to examine the
accounts of the Nigerian National Petroleum Corporation (NNPC) in order
to confirm whether or not it failed to remit oil revenues to the
Federation Account, as alleged by the Governor of the Central Bank of
Nigeria (CBN) Sanusi Lamido Sanusi.
The
minister disclosed this at a press briefing in Abuja after appearing
before the Senate Committee on Finance which is investigating the
alleged unremitted fund.
At
last week’s Senate public hearing, the CBN Governor stated that records
showed that the total amount generated from crude oil sales was $67.8
billion, but the records of remittance to the Federation Account by the
NNPC was $47.8 billion – a shortfall of $20 billion still unaccounted
for.
"We
have decided to let the forensic auditors examine the accounts (of the
NNPC) and let Nigerians fully know what is going on,” Dr Okonjo-Iweala
said. "What the NNPC submitted was a mountain of documents on shipping,
loading, when ships arrived and all that. It requires specialized
forensic auditors to work on it".
She
added that "We asked both the NNPC and the PPPRA to produce their
documents and they had produced certified copies for the $10.8bn and we
have asked for an independent audit. A lot of accusations are being made
in this country and the only way to be satisfied is to have an
independent audit."
The
Group Managing-Director of NNPC Andrew Yakubu said that none of the
subsidy fund was missing, and explained that CBN were aware of the
outstanding amount and the issues relating to its non-realization.
According
to him, unpaid amount on petroleum products was $8.76 billion; crude
oil and product losses was $0. 76 billion, $0.46 billion was for
national strategic reserve holding, while pipeline maintenance and
management cost $0.91 billion.
"We
don't have any problem with forensic audit...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, but all
the same we have no problem."
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