A Review of the Nigerian Energy Industry

Sanusi insists N3tr oil money missing

Sanusi Lamido Sanusi14 February 2013, Abuja – Central Bank Governor Sanusi Lamido Sanusi says he stood by his claims that the Nigerian National Petroleum Corporation (NNPC) was yet to account for $20 billion oil sales money.

He spoke in Abuja, Thursday at the resumed public hearing held by the Senate Committee on Finance on the alleged missing funds.

Last week, the CBN governor revealed that the total oil sales money not remitted to the Federation Account from January 2012 to July 2013 stood at $20 billion (equivalent N3.25 trillion).

NNPC insisted all the money had been accounted for and that the unremitted $10.8 billion was for kerosene subsidy, pipeline maintenance, product losses and other operation costs.

But in his presentation yesterday, Sanusi said he stood by his last week’s submission on the unremitted funds.

He added that he still believed that part of the $6 billion the NNPC handed over to the Atlantic Energy and Seggy Energy through a joint venture with the Nigerian Petroleum Development Company (NPDC) belonged to the Federation Account.

He, however, said that whereas he accepted the reconciled figures regarding petrol subsidy as presented by the Petroleum Products Pricing and Regulatory Agency (PPPRA), he still contests the money NNPC spent on kerosene subsidy.

Sanusi also expressed disappointment over refusal of the NNPC to avail the CBN with relevant documents as directed by the Senate committee.

But speaking at the hearing, Petroleum Minister Diezani Alison-Madueke said the NNPC did not violate any law in the deduction at source of $10.8 billion for subsidy on imported petroleum products.


– Daily Trust


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