Minister of Finance and Coordinating Minister of the Economy,Dr Ngozi Okonjo Iweala has suggested that the best way to resolve the accusations over missing oil money was to have an independent audit. “A lot of accusations are being made in this country and the only way to be satisfied is to have an independent audit”Okonjo Iweala told the Senator Ahmed Makarfi led Senate Committee on Finance during its on going public hearing on missing oil money on Thursday.
Speaking on oil finances Okonjo -Iweala said ‘what is being said here, it is made to look as if there is no accountability and that is not the case. For two steady years, after Federal Allocation Committee meeting, the ministry of Finance ensured that the account of the country are transparently laid and every commissioner knows the details, they have their folders… It is the result of the reconciliation that we arrived at $10.8bn that everybody is now talking about.
She said ‘When CBN spoke about $49.8bn, we were the first to say it’s not correct. After that, it was proven that $49.8bn was not the right amount, the CBN had the courage to admit that it was actually $10.8bn it was the process employed by the ministry of finance that brought that about. Without the steady work we have done to perfect the finances of this country, we won’t be talking about $10.8bn. The issue is that where is that money, how is it being accounted for? And we have led the process. We asked both the NNPC and the PPRA to produce their documents and they had produced certified copies for the $10.8bn and we have asked for an independent audit. A lot of accusations are being made in this country and the only way to be satisfied is to have an independent audit
On his part, Makarfi said“The CBN said part of the NNPC transaction though it was not in a position to know the exact amount, should be lodged in the federation account. We have agreed that, that will be sorted out on technical grounds.
“Today is a rewarding, fruitful day. We have narrowed down what the issues are, but that is not to say that we have come into conclusion on all issues.
“These bunch of documents and submissions by the NNPC, which the committee members will study, and we are going to the ministry of finance, the CBN and others, relate to the crude oil product losses amounting to $.76bn, cost of maintaining the national strategic reserve amounting to $.46bn and pipeline maintenance and management cost amounting to $.91bn. Our own forensic examination of the document will make us take a decision as to whether the document support the expenses incurred. The expenses are part of the accounting for the money.
“The major issue laid to rest substantially, is the issue on the Subsidy on petrol which is $5.254bn, because the PPRA has satisfied it even though to further reassure Nigerians ministry of finance had suggested (forensic examination) to further reassure Nigerians that the certification is indeed in order.
“We have also received certification for kerosene subsidy but the key issue is the appropriation to it and we have all agreed here that no appropriation has been made to it.
“The implications of spending money that is not appropriated, is well known to everybody and the whole world is hearing this. I don’t want us to joke or play with this. It is the most central issue. All agencies that have spoken have confirmed to the whole world that this money was not appropriated and I want people to absorb the import of this confirmation.
We will deliberate on how to deal with the past, how we will deal with the future is critically important and this is the best time to deal with the issue to avoid further contravention.
We also heard from the CBN that the what they are questioning part of the $10.8bn.
They believe that part of it should belong to the federation account but that they are not technically competent at this stage to state how much it is.
We have agreed to see how we will engage technical expert to determine which part of the amount, if any, belongs to the federation account. The question which is certain is that it is not all of it but part of it but at this stage, we don’t know exactly.
That is what is yet to be ascertained.
“We have also agreed and the Attorney – General had confirmed to us that he will be available next week Thursday to give the legal opinion which also concerns the NPDC issue to give the ministry of finance, legal advice on the issue. Those directly involved would be on ground.
CBN Governor, Sanusi Lamido Sanusi insisted that the sum of $20billion was still missing.
