Is $20BN Oil money really missing?

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By Wale Akinola

The exchange between the Governor of Central Bank of Nigeria (CBN), Mr Sanusi Lamido Sanusi, and the Nigerian National Petroleum Corporation (NNPC) over oil funds has generated interest in the polity. This is hardly surprising since the bulk of the money that sustains the nation comes  from oil.

Sanusi triggered the exchange when he wrote President Goodluck Jonathan to allege that the NNPC failed to remit some $49.8 billion into the Federation Account. The NNPC took him up, saying he got his facts wrong. A subsequent reconciliation meeting involving the Federal Ministry of Finance scaled down the money to $12billion and then $10.8 billion part of which was said to have been spent to service kerosene and petrol subsidy.

The impression thus created was that the issue would be ultimately resolved. But the CBN Governor raised fresh dust at a public hearing conducted by the Senate Committee on Finance when he insisted that out of $67 billion crude lifted, only $47 billion has been remitted, leaving a balance of $20 billion. Sanusi did not stop there. He alleged that the money illegally and unconstitutionally withheld, diverted or spent by the NNPC is in excess of $10.8 billion.

READ THE FACTS, THE FICTION AND THE FALLACY IN TOMORROW’S VANGUARD

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