Unremitted $20b: Investigation must be thorough –Senator (NGA.)
February 05, 2014
Following the revelation on Tuesday by Central Bank of Nigeria (CBN), Sanusi Lamido Sanusi, that about $20 billion proceeds of Nigeria’s crude oil sales was yet to be remitted by the Nigeria National Petroleum Corporation (NNPC), the Senator representing Ekiti Senatorial District, Olubunmi Adetunmbi, has called on all Nigerians to be vigilant so that the allegation is not swept under the carpet.
Adetunmbi, who was reacting to Sanusi’s new on Tuesday during public hearing organised by the Senate Committee on Finance, said time had come when issues of public finance, transparency and accountability should be taken seriously.
Sanusi had told the committee that instead of the initial $10.8 billion that was yet to be reconciled out of $49.8 billion proceeds from the oil sales, the amount was $20 billion, stressing that the total proceeds that was supposed to be remitted to the Federation Account was $67 billion, while record of remittance showed only $47 billion.
Adetumbi, Vice Chairman, Senate Committee on Interior, urged Nigerians to be vigilant in ensuring that ongoing investigations into the alleged non-remittance of $49.8 billion crude oil earnings was allowed to reach a satisfactory conclusion.
He said: “It is only when the all unremitted funds are accounted for that Nigerians will be assured that they have not been short-changed.
“The time has come for all Nigerians to show more interest and pay serious attention to issues of public finance, transparency and accountability.
“I have been watching with keen interest the ongoing investigations on the alleged unremitted $49.9billion funds, now reviewed downwards to $20billion by the CBN governor from oil exports into the Federation Account.
“Nigerians should remain vigilant as these investigations go on. After these investigations and resolution of the discrepancies in the accounts of NNPC, CBN and Ministry of Finance, one can only hope that the management of our public finance will be handled in a manner that all Nigerians will be assured that they have not been short-changed”.