Missing $49.8bn oil money: Falana calls for audit of federation account

Femi Falana16 December 2013, Lagos – Lagos lawyer Mr. Femi Falana has urged the National Assembly to direct the Auditor-General of the Federation to audit the Federation Account and submit his report within one month.

He said, both the Senate and the Petroleum Minister should stop the investigation ordered into the missing $49.8 Billion oil money and the audit of the Nigerian National Petroleum Corporation (NNPC).

He said, his demand was in consonance with Section 85(4) of the Constitution, which states that “The Auditor-General shall have power to conduct periodic checks of all government statutory corporations, commissions, authorities, agencies, including all persons and bodies established by an Act of the National Assembly”.

He explained that he made the demand because all the probes carried out by the National Assembly since 1999 have failed to check the impunity of the NNPC.

The activist noted the report made to President Goodluck Jonathan by the Governor of the Central Bank of Nigeria (CBN), Mr Sanusi Lamido Sanusi that the Management of the NNPC was withholding the sum of $49.8 billion from the Federation Account being the revenue realised from the sale of 594.024 million barrels of crude oil lifted between January 2012 and July 2013.

He also observed that the management of the NNPC stated that “ the figure of 594.024 million barrels of crude oil given by the CBN as the total crude oil lifting for the period of January 2012 to July 2013 does not represent the correct picture of crude oil lifting for the period. From our records, the correct figure is 618.55m barrels.

This shows that the CBN understated the actual crude lifting by 4.13 per cent,”

“Apart from indicting the CBN for giving incorrect figures the NNPC claimed that “The 24 per cent of total crude oil revenue receipts which the CBN governor is reported to have acknowledged that NNPC remitted represents the proceeds from the equity lifting which NNPC is directly responsible for. The alleged unremitted 76 per cent was paid to the agencies that are statutorily empowered to receive them for onward remittance into the Federation Account”.

– The Nation

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