Crude Oil Sale: Federal Government Says $49.8bn Not Missing

The Federal Government has said that the $49.8 billion which was accruable from crude oil sales from January 2012 to July 2013 is not missing … Continue reading Crude Oil Sale: Federal Government Says $49.8bn Not Missing


The Federal Government has said that the $49.8 billion which was accruable from crude oil sales from January 2012 to July 2013 is not missing after all.

This declaration came after a 2-day reconciliation meeting between the Central Bank of Nigeria (CBN), Nigerian National Petroleum Corporation (NNPC), Ministries of Finance, Petroleum Resources and other agencies.

At a joint press briefing by the Ministry of Finance, Petroleum Ministry and the CBN, Minister of Finance and coordinating Minister for the Economy, Dr. Ngozi Okonjo-Iweala, declared that the missing $49.8 billion has been accounted for.

She said that “the bulk of the $49.8billion has been accounted for and that is what the reconciliation exercise is about, so it is very clear that this is not missing”.

The declaration is said to have followed evidence provided by the Nigerian National Petroleum Corporation, (NNPC), which indicated that the alarm raised by the Central Bank of Nigeria (CBN) over the “missing” $49.8 billion may have been a ruse.