Sanusi
Lamido Sanusi, Governor of Nigeria's Central Bank, said only $12
billion (N1.9 trillion) proceeds of oil sales was missing as of yet,
having not been accounted for by the Nigerian National Petroleum
Corporation, instead of over $48 billion (N8 trillion), as he had
claimed earlier.
The
CBN governor's claim in a letter to President Goodluck Jonathan stirred
outrage a week ago, and prompted calls for immediate investigation. In
the letter, Mr. Sanusi said the NNPC had failed to remit 76 percent of
oil sales revenue for several months.
The CBN, NNPC and the finance ministry have met to examine the figures. Also present at the meeting were the Finance Minister, Ngozi Okonjo-Iweala, and Petroleum Minister, Diezani Alison-Madueke, who oversees the NNPC.
Furthermore, Okonjo-Iweala named the sum of $10.8 billion, and said the sum was not missing but would be accounted for.
Mr.
Sanusi made the revelation today, Wednesday December 18, at a meeting
with Senators, saying that the latest results were shown by an ongoing
review of the relevant accounts between the CBN, the NNPC, and the
Ministry of Finance.
Sanusi Speaks
Insisting
that the letter was meant for the President to launch an investigation
into the issue, Sanusi told the Committee's chairman, Senator Ahmed Makarfi:
"I
repeat, Mr Chairman, that we did not see the letter as a conclusion of
our investigation but an invitation to investigate. So, the conclusion
that $49.8billion was missing was wrong even though we had the
allegation that it was unremitted.
"Now,
since then, a lot has happened. We have heard the Minister of Finance,
Minister of Petroleum Resources, Central Bank, FIRS, CPR, we have set up
technical team and has started a process of reconciliation and there
has been a lot of progress in that process.
"I found it very unfortunate it
was leaked to the press and the answer is 'yes', the CBN Governor did
send that letter with those contents. By way of those contents, the
Central Bank and Finance Ministry and the government were very much
concerned over the years at the very low rate of accretion to the
reserves in spite of very high level of oil prices and in particular,
depletion of excess crude account in spite of what seems to be very high
level of oil sales.
"Now, in investigation and trying
to understand where those leakages were, our attention was drawn to a
huge difference between what appeared to be export of crude made by NNPC
and amount repatriated into the crude equity account of the federal
government.
"The numbers were about $65
billion exported by NNPC and about $15 billion repatriated to Federation
Account out of that. Now, in view with our duty as the banker of the
government, we had the responsibility of alerting the president and
request a thorough investigation of this matter."
The CBN Governor further explained
that "the major progress has been the provision of Monetary Policy
Committee, PMC, by the MPC documents to show that even though they did
ship that amount in question which is a little more $67 billion, about
$24billion was actually not their crude but crude shipped on behalf of
third parties like oil companies, tax in crude and also for third party
financing and so, that already addresses half of the amount.
"So, the second half is the issues
around domestic crude lifting of $28billion from which we feel there is
a short fall, there is a general consensus among us on this even though
the amount has been disputed. For us in Central Bank, there is a
shortfall of $12billion," he disclosed.
But even with the amount, he said the CBN was still in the process of reconciling the amount.
"Now, we still are in the process
of trying to reconcile that number and we have not even started talking
of the sales, the export sales tax, which is about $2billion, which will
come after the sales. The Finance Ministry has told us that even before
now, there is ongoing negotiation and discretion with NNPC ad-hoc
committee and these numbers have always been discussed at the level of
Commissions of Finance.
"Since the objective of this
committee and for all of us on this side is actually to get to the
bottom of it and find out exactly what is the amount unremitted and what
is to be done and recommend actions."
He pleaded for time so that the CBN, NNPC and all relevant agencies come up with a collective figure.
"What I would like to do is, given
the progress we have made, to request that we be given little more time
to continue with this process and come back with the final position
that is a common position among us if the committee will so grant us,"
he added, and was subsequently granted the request.
Senate President, David Mark
Speaking at the event earlier, Senate
President, David Mark, noted that the controversial amount was still
allegation but stressed that it was a serious one.
"At this point what we have is
allegations but it’s a serious allegation. When Senator Adetumbi raised
the point of order, I did not allow comment on the issue
"It's for us to get facts so that
when we come back we can make useful and meaningful contributions. The
Senate has no positions on it, nobody knows apart from what was
published in the papers, that’s why we want the committee to establish
the facts, the committee, your body language and utterances must be seen
to be totally neutral because we have no facts, we have no position on
it, we urge you to observe the facts," he said.