The Senate,
yesterday, cleared the air on the alleged missing $49 billion oil
revenue as it said there was no missing fund as alleged, but un-remitted
funds which should be remitted to the Federation Account.
The Senate,
while adopting the Senator Ahmed Makarfi-led Finance Committee report on
the alleged missing money as claimed by the former governor of Central
Bank of Nigeria, CBN, Mallam Sanusi Lamido Sanusi, who is now the Emir
of Kano, also rejected the Federal Government’s plan to remove the
subsidy on the petroleum products, saying government should embark on
sensitisation of the public because of the effects it would have on the
common man.
The Senate
further mandated its committee on finance to follow up and receive the
forensic audit reports from the Auditor General of the Federation and
the Price Waterhouse Coopers, PWC, and also study and report back to the
Senate as soon as possible.
In a 21-point
recommendation, the Senate accepted the subsidy deducted by the Nigerian
National Petroleum Corporation, NNPC, from January 2012 July 2013 of
US$5.254 billion (N813,803 billion) since it was certified by Petroleum
Product Pricing Regulatory Agency, PPPRA, and appropriated by the
National Assembly.
It asked NPDC, a
subsidiary of the NNPC, “to remit to the Federation Account $447.8
million being balance of royalty and petroleum profit tax.”
According to
the recommendation, “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.”....culled
*hmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmm
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