Missing $10.8b Oil Money: NNPC GMD Clears Air Backed With ‘Ghana Must Go’ Bag Of Documents

The Nigerian National Petroleum Corporation (NNPC) on Thursday cleared air on alleged missing $10.8 billion saying that all along concerned government agencies are clearly aware of the outstanding money.

The submission came just as the Minister of Finance, Dr. Ngozi Okonjo Iwealla, revealed that there is no provision for Kerosene subsidy in the 2014 budget proposal submitted to the National Assembly.

Armed with a ‘Ghana-must-go’ bag full of documents, the Group Managing Director of NNPC, Dr. Yakubu Andrew, explained to the Senate Committee probing the missing money that items included in the $10.8 billion are unpaid petroleum products subsidy totalling $10.8 billion dollars, crude oil and products loses amounting to $0.76 billion.

Also included was the National Strategic Reserve Holding Cost amounting to $0.46 billion and Pipeline Maintenance and Management Cost amounting to $0.91 billion.

He said that the items have been fully reconciled with all relevant stakeholders and supporting documents.

In his words, “today, the corporation is pleased to present further clarification on all outstanding issues relating to the non-remittance of the controversial $10.8 billion oil money.

“For the benefit of this committee and all Nigerians, let me quickly state here that long before the allegation of missing $49.8 billion; NNPC, the Federation Account Allocation Committee (FAAC), the Central Bank of Nigeria (CBN) and the Federal Ministry of Finance are clearly aware of the outstanding $10.8 billion and the issues relating to its non-realization.”

At the end of his submission, the GMD of NNPC submitted the relevant documents to back up its claims in a ‘Ghana must go’ bag.

However, the Minister of Finance, Dr. Ngozi Okonjo- Iwella has called for an independent audit firm to audit the report.

In her presentation, the Minister of Petroleum, Allison Deziani said, “this shortfall had been acknowledged by NNPC and is largely due to petroleum subsidy claims, unrecovered crude/ product losses, pipeline maintenance and repairs and cost of maintaining strategic petroleum storage, all of which except subsidy are currently not captured in the PPRA template for refunds.

“This figure is also well known to all stakeholders at the Federation Account Allocation Committee(FAAC) and is reported and updated on a monthly basis”

On Kerosene subsidy, the Minister of Petroleum said that removal of Kerosene subsidy would definitely lead into chaos because it is a product being used by masses.

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