Sanusi Lied On Missing $48.9bn -Senate Panel … Wants Subsidy Scrapped

Suspended Governor of the Central Bank

By Olusegun Emmanuel, Abuja.
The Senate Committee investigating alleged missing US$48.9 billion has said the former Central Bank Governor, Mallam Sanusi Lamido, lied about missing fund, saying, the Committee could not discover how US$48 billion dollars was arrived at by the suspended CBN governor.

At the plenary on Wednesday, the chairman, Senate Committee on Finance, Senator Ahmed Makarfi, laid the report before the Upper Chamber for consideration.

According to the report, “the Committee could not discover how US$48 billion dollars is arrived by Sanusi. “That the CBN governor at the first hearing had put forward the figure of 12 billion dollars as monies to be reconciled changed his position to 20 billion dollars at subsequent hearing

” There is need for the subsidy regime to be totally discontinued with. All stakeholders should be consulted and carried along as much as possible before abolishing subsidy,” it noted.

Adding: “That the CBN Governor at the first hearing had out forward the future of $12 billion as monies to be reconciled and changed his position to 20 at subsequent hearing. At the conclusion of his written submission he posited it could be 20,12, 19.8 or anything in between”” that the CBN Governor orally or in writing never out rightly submitted that monies were missing but that monies were not remitted to Federation Account by the NNPC”

“That there was poor record keeping and non- challenges work attitude by the NNPC by not rendering returns on subsidy claims on monthly basis from January 2012 to  date which contributed largely to creation of the problem in hand.

The committee further said that all parties namely CBN, NNPC, ministry of Finance and Ministry of Petroleum resources had resolved through reconciliation undertaken by them that 47billion had been received into the Federation Account out of the total oil lifting value at 67b between January 2012 and July 2013.

” On the remaining 20b to be reconciled the committee finding are as follows
The amount deducted / withheld / expended by NNPC on fuel subsidy between January 2012 to July 2013 was 5.254 billion ( 814.892 billion). This was certified by PPRA. And the national assembly has appropriated funds in 2012 and 2013 for fuel subsidy in the sums of N888.101 billion andN971.138 respectively.”

The committee also recommended that Senate accept the subsidy deducted by NNPC from January 2012 to July 2013 of $5.254 billion since it was certified by PPPRA and appropriated by National Assembly.

“President Jonathan should prepare and present to the National Assembly supplementary budget to cover the over expenditure in the sum of N 90.693 billion for PMS subsidy 2012 and the sum of N 685.910 billion for Kerosene ( DPK) subsidy Expended  without appropriation by the National Assembly in 2012 and 2013.

“That the Senate do accept the subsidy deducted by NNPC in the sum of $ 1.2 billion for fourth quarter 2011 since it was certified by PPPRA and appropriated by the National Assembly.

” Gross lifting of NNPC on behalf of NPDC between January 2012 to July 2013 was $ 6.815. Government share of revenue to the Federation Account was $2,175,635, 436. Accountant General of the Federation confirmed the payment to the federation account by NPDC as the sum of $1,727,817,552.  Therefore, NPDC should remit to the Federation Account the sum of $447,817,884 being balance of royalty and Petroleum profit tax.

“Gross lifting under the third party financing was $2.430,750973 out of which share for Federation Account was as $1,588,242, 004. The AGF confirmed and gave documentary evidence showing the sum of $1, 370,172,650.36 was remitted to the Federation Account.
Therefore NNPC should remit the balance of $218,069,354.32 to the Federation Account”, the report said.