The Nigerian Senate has approved a report
by its finance committee dismissing claims
by a former Central Bank governor that $20
billion (N3.2 trillion) oil revenues had been
diverted from government coffers.
The former CBN chief, Lamido Sanusi, had
accused the Nigeria National Petroleum
Corporation, NNPC, of failing to transfer the
amount to government treasury.
In a report published May, the Senate's
finance committee, which probed the
allegation, said it found no evidence that the
huge sum had been diverted or stolen, and
described Mr. Sanusi's claim as "incorrect"
and "misleading".
"There was never any unremitted $49.8
billion," the committee, headed by Ahmed
Makarfi, said.
The committee said funds not accounted for
by the NNPC- which must be paid to
government- stood at $927 million.
The amount includes $218 million; another $
262 million being expenses the corporation
could not satisfactorily defend in respect of
Holding Strategic Stock Reserve; Pipeline
Maintenance and Management Cost; and
Capital Expenditure; and $447 million being
balance of Royalty and Petroleum Profit Tax
to the federation account.
The Senate adopted the committee's
findings on Thursday, as its general
assembly considered full details of the
recommendations.
The decision let the NNPC and the petroleum
minister, Diezani Alison-Madueke, off the
hook, albeit temporarily, as an independent
forensic audit authorised by the
government, is awaited.
At the debates Thursday, the Senate
President, David Mark, advised Nigerians to
refrain from hasty conclusions as the
committee had demonstrated that no
money was "missing", but only
"unaccounted" for.
"Based on the facts we presented, I want to
appreciate the details in this report," Mr.
Mark said. "Whether it is funds yet to be
remitted or funds yet accounted for, I think
we shouldn't play politics with it."
"As the committee pointed out, it's
unaccounted for and not missing," he
added.
Claims of the missing money became public
in a leaked memo from Mr. Sanusi to
President Goodluck Jonathan September
2013.
In the letter, the then CBN chief said as much
as $49.8 billion oil receipts was missing.
He admitted, later, the figure was less, but
said it would not be lower than $20 billion.
The federal government denied the
allegation, even before an investigation.
The government later admitted it could not
account for $10.8 billion, but a meeting
between the CBN, finance ministry,
petroleum ministry and other officials, failed
to reconcile the figure.
Mr. Sanusi was removed from office by
President Jonathan in February, accused of
"financial recklessness", in a move many
believed was to punish him for exposing
government corruption.
Under mounting public pressure, the
government announced an independent
forensic audit of the NNPC, a government
agency that constantly comes under
allegations of graft- many of not
investigated.
Despite ordering audit firm,
PriceWatersCooper, to carry out the probe,
the government has insisted no funds were
missing. In an interview in May, Mr. Jonathan
said if such an amount went missing, the
United States of America would have known.
But while the government failed to account
for the outstanding $10.8 billion for days,
leading to repeated reschedule of Senate
investigative hearings into the case, the
NNPC and the petroleum ministry later
claimed the money formed part of subsidy
payments for petrol and kerosene, and cost
for oil pipeline maintenance.
Asked to provide supporting documents,
officials took weeks to do so, prompting the
finance minister, Ngozi Okonjo-Iweala, who
said she could not vouch for them, to call for
a forensic audit.
The outcome of the audit is still expected.
But the Senate said Thursday it accepted the
conclusions of the finance committee that
Mr. Sanusi's claims were misleading.
The Senate, however, rejected a
recommendation of the committee that fuel
subsidy be removed.
"On the case of subsidy, if subsidy has to be
removed, let us enlighten the people and
take a final decision," Mr. Mark said.

What took you so long?