Posted: Friday 11th July 2014 at 6:21 am

Nigerian Senate Finally Finds Missing $49bn Oil Fund

The Senate have finally revealed that the $49 billion oil revenue was not missing but where un-remitted funds which will soon be put back into the Federal Account.

Nigeria Senate

Former governor of Central Bank of Nigeria, CBN, Mallam Sanusi Lamido Sanusi, now the Emir of Kano, had claimed that the money was missing, and the Senate then set up a committee led by Senator Ahmed Makarfi to probe the accusation.

In the committee’s report, the Senate rejected the notion that the money was gone, and also lamented on the FG’s plan to take away subsidy on petroleum products, saying it would be horrible for the common man.

The Senate also told its finance committee to find and study the audit reports from the Auditor General and report back immediately.

SURE-P funds

In a 21-point recommendation, the Senate asked the NPDC, a subsidiary of the NNPC: “to remit to the Federation Account $447.8 million being balance of royalty and petroleum profit tax.”

“NNPC should refund and remit to the Federation Account $262 million being expenses it could not satisfactorily defend in respect of Holding Strategic Stock Reserve; Pipeline Maintenance and Management Cost and Capital Expenditure.”Read more

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