Just In----Nigerian Senate Finally Finds The Missing $49Billion Oil Fund

The Senate have finally revealed that the $49 billion oil revenue was not missing but where un-remitted funds which will soon be put back into the Federal Account.
Former governor of Central Bank of Nigeria, CBN, Mallam Sanusi Lamido Sanusi, now the Emir of Kano, had claimed that the money was missing, and the Senate then set up a committee led by Senator Ahmed Makarfi to probe the accusation.
In the committee’s report, the Senate rejected the notion that the money was gone, and also lamented on the FG’s plan to take away subsidy on petroleum products, saying it would be horrible for the common man.


The Senate also told its finance committee to find and study the audit reports from the Auditor General and report back immediately.

SURE-P funds

In a 21-point recommendation, the Senate asked the NPDC, a subsidiary of the NNPC: “to remit to the Federation Account $447.8 million being balance of royalty and petroleum profit tax.”

“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.”
“The President should prepare and present to the National Assembly supplementary budget to cover the expenditure in the sum of N90.693 billion ($585 million) for PMS subsidy for 2012 and N685.910 billion ($4.430 billion) for kerosene subsidy expended without appropriation by the National Assembly in 2012 and 2013.

“The Senate should, however, note that the proportionate expenditure (January 2012 to July 2013) was N813.8 billion ($5.254 billion) for PMS, while DPK was N486.57 billion ($3.512 billion). “It is for the National Assembly to approve or not approve such request or take any other measures it deems necessary.”

The Senate committee demanded the NNPC should not use funds from the Federation funds without appropriation by the National Assembly.

The Senate also described the poor work attitude and poor record keeping of NNPC workers who did not render returns on subsidy claims, monthly since 2012.

So what do you think of Sanusi’s accusation now? Was he just trying to boost his political career?