NATIONAL NEWS: CBN

CBN Governor Sanusi Lamido Sanusi has insisted that NNPC was yet to remit 20 billion dollars to the nation’s account in the apex bank.

Sanusi L. Sanusi

Sanusi made his position known when he appeared before the Senate Committee on Finance investigating the alleged missing 49.8 billion dollars in Abuja.

He said the unremitted 20 billion dollars was part of 67 billion dollars oil proceeds between Jan. 2012 and July 2013.

Sanusi added that the apex bank and NNPC had agreed on 14 billion dollars equity remitted and 16 billion dollars as payment to Federal Inland Revenue Services by International Oil Companies (IOCs).

Other reconciled remittances, he added, were two billion dollars royalty payment to Department of Petroleum Resources (DPR) by IOCs and 16 billion dollars out of the 28 billion dollars taken as domestic crude paid in naira.

He further said that 12 billion dollars out of domestic crude sales was yet to be remitted to the bank, adding that NNPC had disclosed that N180 billion was spent as subsidy payments in 2012.

According to him, if PPPRA confirms the numbers, CBN will adjust the balance accordingly.

The CBN governor noted that monthly returns of NNPC to Federation Accounts Allocation Committee (FAAC) meetings always indicated amount deducted as PMS subsidy.

He, however, said that “from April 2012 to date, NNPC returns indicated that it had not deducted anything for PMS.

On third party financing operating expenses not appropriated, he said that the apex bank was yet to get any documentation or proof.

Earlier, Dr Bright Okogu, Director-General, Budget Office of the Federation, pleaded that his office, CBN and NNPC should be given one week to conclude the reconciliation of the accounts.

He said that reconciliation had been ongoing at FAAC, and that after the first meeting, the groups discovered that the outstanding payment was about 10.8 billion dollars against 49.8 billion dollars announced in the media.

Chairman of the Senate committee, Alhaji Ahmed Makarfi, directed all the parties involved in the remittances and reconciliation to ensure that the verification and reconciliation were concluded on Feb. 7.

Makarfi adjourned hearing in the matter to Feb. 13.