NEC Begins Probe Of NNPC Over Alleged Missing N3.8trillion

APC National Chairman
…N500 billion withdraw from excess crude account‎ with approval
Governor Adams Oshiomole of Edo State
By Nuel Suji, Abuja.
National Economic Council (NEC) has set a four-man Committee to probe the Nigerian National Petroleum Corporation (NNPC) over unremited revenue amounting to N3.8trillion.
The governor of Edo state, Mr. Adams Oshiomole  told journalists that NNPC, generated about N8.1trillion between 2012 and May 2015, but paid only N4.3trillion to the federation account.

According to him, the balance of the oil money, about N3.8trillion — was withheld and spent by the NNPC unilaterally without approval or National Assembly appropriation.

The governor further explained that from November 2014, about $2.1billion was withdrawn from the excess crude account without the approval of the National Economic Council, NEC.

Oshiomhole, who, alongside the governors of Kaduna state governor, Nasir El-Rufai, and Zamfara governor, Abdulazeez Yari, spoke to journalists in Abuja, said following the discovery, the NEC has set up a four-member committee to x-ray the books of the NNPC to confirm its remittances and how the excess crude account was utilised.

President Muhammadu Buhari last week dissolved the board of the NNPC on Friday, to pave way for full investigation of the corporation.

Oshiomhole said Monday’s meeting was the first time the NNPC and the office of the Accountant General of the Federation, briefed the National Economic Council, as directed by President Muhammadu Buhari.

The governor said Mr. Buhari “compelled” the NNPC to provide information in “black and white” on issues relating to the total sales of Nigeria’s crude oil from 2012 to May 2015.

“This has never happened before and for us this is profound. We are talking about transparency, we are talking about change. And what we saw from those numbers I believe that Nigerians are entitled to know, is that whereas the NNPC claimed to have earned N8.1 trillion, what NNPC paid into the federation account from 2012 to May 2015 was N4.3trillion.

“What it means is that NNPC withheld and spent N3.8 trillion.

“The major revelation here is that for the entire federation — that is the federal government, the states and all the 774 local governments — the amount the NNPC paid into the federation account for distribution to this three tiers of government came to N4.3 trillion and NNPC alone took and spent N3.8 trillion. Which means the cost of running NNPC is much more than the cost of running the Federal Government. That tells you how much is missing, what is mismanaged, what is stolen, they are huge figures.”

He said it had become clear that the NNPC had not respected the Constitution on how government money should be spent.