Sanusi lied about $49.8bn missing from Federal Account – Senate Committee

The Senate Committee on Finance on Wednesday described as untrue allegations by the suspended Governor of the Central Bank of Nigeria, Mallam Lamido Sanusi, that $49.8bn was missing from the Federation Account.

The committee, led by Senator Ahmed Makarfi, which submitted its report also said the total crude oil lifting from January 2012 to July 2013 was $67bn and not $65bn as claimed by Sanusi.

Sanusi had written President Goodluck Jonathan alleging that the Nigerian National Petroleum Corporation had failed to remit $49.8bn, being part of the income it generated from the sale of crude oil to the Federation Account.

The committee asked the management of the NNPC to refund $262m to the Federation Account, being the expenses it could not satisfactorily defend during the just concluded probe of the alleged missing $49.8bn.

It also asked the corporation to remit the balance of $218m out of the $2.4bn third party financing, out of which the share of the Federation Account was $1.58bn.

It also recommended the complete stoppage of the subsidy regime in the country.

The $262m, which the NNPC was asked to refund, was in respect of holding strategic stock reserve, pipeline maintenance and management cost, and capital expenditure.

The committee stated in the report, “There is the need for the subsidy regime to be totally discontinued with. All stakeholders, however, should be consulted and carried along as much as possible before abolishing the subsidy.”

That's the problem with lies, it travels fast and spreads like wild fire but eventually the truth will catch up with it. Sanusi made a lot of noise about this issue and so many people believed him and took the case up but now the peoples' representatives have found him to be a liar. So let him come out and defend himself.

Case closed.