Four-man panel to probe how NNPC Squandered N3.8tr

How the Nigerian National Petroleum Corporation (NNPC) spent  N3.8 trillion in three years

is the puzzle a four-man committee has been asked to resolve.

The four “wise men” are: Governors Adams Oshiomhole (Edo), Ibrahim Dankwambo (Gombe), Udom Emmanuel (Akwa Ibom) and Nasir El-Rufai (Kaduna).

Oshiomhole yesterday broke the news to State House correspondents after the National Economic Council (NEC) meeting chaired by Vice President Yemi Osinbajo at the Presidential Villa, Abuja. He was accompanied by the Chairman of the Nigeria Governors’ Forum and Zamfara State Governor Abdulaziz Yari, Kaduna State El-Rufai and Emmanuel.

According to him, from the reports presented to NEC by NNPC and the office of the Accountant General of the Federation on Monday, N8.1 trillion generated from oil sales during the period ought to have been remitted to the Federation account.

Only N4.3 trillion was remitted to the Federation Account by NNPC, Oshiomhole said.

He also disclosed that former Minister of Finance Ngozi Okonjo-Iweala spent $2.1 billion from the Excess Crude Account without approval between November last year and May 2015.

He faulted the NNPC for spending without appropriation.

On the money spent by Dr. Okonjo-Iweala from the Excess Crude Account, Oshiomhole said that the Accountant General’s Office reported to NEC that the balance in the account as at the end of May was $2.1 billion instead of $4.1 billion left in the account in November, 2014.

He said: “We looked at the numbers for the Excess Crude Account, the last time the Minister of Finance and Coordinating Minister for the Economy reported to the Council and it is in the minutes, she reported by November 2014, that we had $4.1 billion but today the Accountant General Office reported we have $2.0 billion, which means the Honourable Minister spent $2.1billion without authority of the NEC.

Yari said NEC constituted a four-man panel  to examine the accounts.

El-Rufai disclosed that the Excess Crude Account was started by former President Olusegun Obasanjo around 2004-2005 as an administrative arrangement to save for the rainy day.

(Culled from The Nation)