Sanusi Insists $10.8billion Is Unremitted …He Is Crying Foul Where None Exists -NNPC

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Governor of Central Bank of Nigeria

By Olusegun Emmanuel, Abuja.

The Nigerian National Petroleum Corporation(NNPC) has maintained that the alleged missing 10.8 billion dollars was not missing afterall but that the concerned government agencies were fully aware of the outstanding money, even as the Central Bank Governor Sanusi Lamido insisted the amount has not been accounted for.

Sanusi said as far as the CBN was concerned, an amount totaling $20 billion dollar, being proceed from oil sale has not been remitted to the bank.

The Group Managing Director of NNPC, Dr. Yakubu Andrew who appeared before Senate explained that items included in the 10.8billion dollars are unpaid Petroleum products subsidy totaling the sum  of 10.8billion dollars, cude oil and products loses amounting to 0.76billion dollars.

He said, the National Strategic Reserve holding cost amounting to 0.46 billion dollars and Pipeline maintenance and management cost amounting to 0.91 billion dollars, adding that the items have been fully reconciled with all relevant stakeholders and supporting documents.

In his words,” today, the Corporation is pleased to present further clarification on all outstanding issues relating to non-remittance of 10.8 billion.

“For the benefit of this committee and all Nigerians let me quickly state here that long before the allegation of 49.8billion, NNPC, FAAC, CBN and federal ministry of Finance are clearly aware of the outstanding US10.8 billion and the issues relating to its non-realization.”

At the end of his submission, GMD of NNPC submitted the relevant documents to back up its claims in ‘Ghana must go bag’.

The Minister of Finance, Dr. Ngozi Okonjo Iwealla, who also spoke at the resumed hearing of the senate committee probing the allegations said on Thursday that there was no provision for Kerosene subsidy in the 2014 budget proposal submitted to the National Assembly.

However, the Minister of Finance, Dr. Ngozi Okonjo- Iwella called independent audit firm to audit the report.

In her presentation, the Minister of Petroleum, Allison Deziani said,” this shortfall had been acknowledge by NNPC and is largely due to petroleum subsidy claims, unrecovered crude/ product losses, pipeline maintenance and repairs and cost of maintaining strategic petroleum storage, all of which except subsidy are currently not captured in the PPRA template for refunds.

“This figure is also well known to all stakeholders at the Federation Account Allocation Committee(FAAC) and is reported and updated on a monthly basis”

On Kerosene subsidy, the Minister of Petroleum said that removal of Kerosene subsidy would definitely lead into kiosk because it is a product being used by masses.

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