News: N20billion still unaccounted for by NNPC, Sanusi tells Senate

The Central Bank Governor, Sanusi Lamido Sanusi, yesterday Tue Feb.04, told the Senate Committee on Finance that out of the $67 billion crude oil sale that was supposed to be remitted to the federation account only $47 billion has been reconciled between the Nigeria National Petroleum Corporation, NNPC and Central Bank of Nigeria, CBN, leaving a balance of $20billion unaccounted for.

But Chairman, Senate Committee on Finance, Ahmed Makarfi cautioned the CBN Governor over making wild and unsubstantiated allegations without concrete and specific figures to back his claims.

Malam Sanusi came up with a new figure of about $20 billion unremitted funds to CBN against the initial figure of $10.8 billion which was arrived at during the account reconciliation meeting involving the Ministry of Finance, NNPC and CBN during a public hearing on alleged unremitted $49.8 billion oil revenue organized by the Senate.

The CBN Governor while making the new allegation stated, “all we have said as CBN to which there is no disagreement is that NNPC shipped 67bn dollars worth of crude, they have repatriated or we have established that 47bn dollars has come back to the federation. There is a $20bn that has not come back to us. The burden of proof is on NNPC.”