Senate C’ttee On Finance Probes ‘Missing’ N8tn Crude Oil Proceeds

senate-chamber_anti_terrorism_billThe Senate on Wednesday mandated its committee on Finance to probe the alleged missing $49.8 billion crude oil funds, this is just as Senators elected under the platform of All Progressives Congress (APC) have vowed to follow the development with keen interest so that it is not swept under the carpet.
Senate President, David Mark, asked the Senator Ahmed Makarfi-led Finance Committee to turn in report of the investigation “at the earliest possible time because it requires urgent attention”.
This is sequel to a Point of Order raised by Senator Olubunmi Adetunmbi (Ekiti North) on the alleged missing funds.
Relying on Order 42 which deals with matters of urgent public attention, Sen. Adetunmbi drew the attention of his colleagues to a newspaper publication of “$49.8 billion ‘missing’ oil money”.
He described the development as “a very grave issue that the parliament owed the public the duty to follow up”.
He explained that the issue of how the economy was being managed and oil revenue were raised at a Public Account Committee meeting where it was resolved that answers must be found to certain questions raised by the Central Bank of Nigeria (CBN) governor, Mr. Sanusi Lamido.
Adetunmbi added that Mr. Sanusi had graciously responded to the inquiries of the committee and offered information and detailed value of crude oil exports and proceeds repatriations.
The lawmaker noted that the CBN Governor’s response indicated clearly the proceeds of crude oil sales which should have accrued to the Federation Account.
Information Nigeria recalled that Mr. Sanusi in a memo to President Goodluck Jonathan dated 25, 2013, detailed how government-owned oil firm, the Nigerian National Petroleum Corporation, NNPC, systematically diverted the huge sum of $49.8 billion or N8 trillion representing 76 per cent of crude oil sales proceeds between January 2012 and July 2013.

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