Senate Summons NEITI’s Adio Over Missing N1trn

The Senate has summoned Executive Secretary, Nigerian Extractive Industries Transparency Initiative, NEITI, Waziri Adio, to appear before it to explain what he knows about an allegedly missing N1 trillion oil revenue said to have been mismanaged between 2005 and 2013 by the Nigeria National Petroleum Corporation (NNPC), which was reflected in the audit report presented to the Senate President by the NEITI boss last Monday.

The resolution of the Senate followed a motion by Senator Tijjani Yahaya Kaura (Zamfara North), entitled The Urgent Need for the Senate to Look into the NEITI 2013 Oil, Gas and Solid Minerals Audit Report.

“The federation realised N33.86 billion from solid minerals sector in 2013 as contained in the 2013 solid minerals audit report of NEITI. $3.8 billion and N358.3 billion stand as outstanding revenues from NNPC and its subsidiaries in 2013,” Kaura noted.

“These outstanding payments were dues from unpaid consideration from divested oil mining leases from NNPC to NPDC and cash call refunds by National Petroleum Investment and Management Services, NAPIMS.

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“The Senate is disturbed that between 2005 to 2013, $12.9 billion paid by the Nigerian Liquefied Natural Gas, NLNG, to NNPC was not remitted to the federation account,” he said.

In his remarks, Senate President, Dr. Bukola Saraki, said the report and findings were too enormous for the Senate.

“I am aware of the report and what I discovered was a huge loss, which has to be deliberated upon. So the Executive Secretary has to come and submit the report officially,” Saraki said.

The Senate said the NEITI boss would formally present the report before the Senate at plenary.

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