The Nigerian Minister of Finance, Dr. Ngozi Okonjo-Iweala, says $25 billion of the alleged unremitted $49.8 billion by the Nigerian National Petroleum Corporation (NNPC) to the Federation Account have been accounted for.
The Governor of the Central Bank of Nigeria, Mr Sanusi Lamido Sanusi, in a letter to the Nigerian President, Dr. Goodluck Jonathan, alleged that $49.8 billion have not been remitted to the Federation Account by the NNPC. Sanusi said that the sum accrued over a period of 18 months – January 2012 to July 2013.
At a meeting with the Minister of Petroleum Resources, Mrs Diezani Alison-Madueke and Mr Sanusi, in Abuja on Thursday, Dr Okonjo-Iweala, described the controversy as a misconception.
She however admitted to a shortfall in remittances to the federation account but assured Nigerians that it was a normal incident that requires reconciliation.
“Reconciliation is still on-going between the parties involved,” she said.
Mrs Alison-Madueke said there were efforts to double production and reduce the consistent cases of oil theft which might be responsible for some shortfalls.
The NNPC had denied Sanusi’s claims, insisting that the apex bank boss lacked the knowledge of how monies are remitted to the Federation Account by the corporation.
The Minister of Finance’s confirmation that $25 billion has been accounted for will cushion the effect the alleged missing funds was having on the polity, our correspondent, Gloria Ume-Ezeoke, said.
“This meeting opened up in detail where the nation’s missing $49.8 billion dollar oil revenue has been. It has been established that a large chunk of the money is still missing in spite of the on-going reconciliatory of accounts, but what is unclear is the where about of the balance of the missing fund,” Ume-Ezeoke said.
