Abuja, Nigeria (PANA) – The Nigerian Senate formally faulted Thursday the allegation by former governor of the Central Bank of Nigeria (CBN) and the new Emir of Kano, Malam Sanusi Lamido Sanusi, that a total of US$49.8 billion oil money was missing from the nation’s Federation account due to the inability of the Nigerian National Petroleum Corporation (NNPC) to account or remit them.
Adopting the report of its Finance Committee which investigated the matter, the Upper Legislative Chamber, however, rejected the committee’s recommendation that subsidy on petroleum products be removed.
But the Senate endorsed the recommendation of the committee that the Petroleum Industry Bill (PIB) be given accelerated passage as a way of curbing the corruption in the industry.
Sanusi had last year written to President Goodluck Jonathan, accusing the NNPC of non-remittance of a total of US$49.8 billion into the Federation Account, representing 76 per cent of the value of crude oil lifting from January 2012 to July 2013.
The controversy over the missing oil fund resulted in the suspension of Sanusi from office last February. His term expired on 1 June, 2014, and he was pronounced the new Emir of Kano following the death of the former holder of the office.
After an exhaustive debate on the report submitted by chairman of its committee on Finance, Senator Ahmed Makarfi, the Nigerian Senate stated that “there was never any unremitted US$49.8 billion. The committee could not see how the figure of US$49.8 billion was arrived at by the CBN governor in the first instance.”
President of the Senate, Senator David Mark declared after the report was adopted that both the legislative and executive arms of the Federal Government were guilty in the failure to fight the inefficiency in the petroleum industry.
