Report on $10.8bn missing oil money ready Nov —Okonjo-Iweala


Coordinating Minister for the Economy and Minister of Finance, Dr Ngozi Okonjo-Iweala, has assured that the report of the audit into the unaccounted $10.8 billion oil money will be in November.

Okonjo-Iweala spoke at the Financial Times Africa Summit 2014, with the theme: “Consolidating the Continent's Rise,” in London, United Kingdom, on Monday.

She said the figure was not new, but had been a source of discussions between the Ministry of Finance and the Petroleum Ministry, adding that the attention it generated necessitated the need for the government to take steps leading to the appointment of PriceWaterHouseCoopers (PwC) to do a forensic audit.

“Initially, it was $48 billion, then $20 billion, but the figure we have always had is $10.8 billion. I am minister of finance, if money is missing, I want to use it for good things for the country and that was why when we went to the Senate, we demanded for forensic audit, the president supported it and asked for it to be done

“We engaged PwC with the Auditor General taking the lead. They initially asked for 16 weeks to complete the work, already, 11or12 weeks had gone so far and they will be done in a couple of weeks,” she said.

On Ebola, the minister insisted that Nigeria needed to be commended for the efforts it made in ensuring the index case did not take the illness out of the country and for also containing it.

“Nigeria did a great service by stopping the late Patrick Sawyer, who was Minnesota, United States (US)-bound. Ebola cannot be said to be the real elephant in the room, as it has been hyped beyond proportion by the media,” he said.

Discussing on a panel on Focus Nigeria, Director-General of the Securities and Exchange Commission (SEC), Arunma Oteh, described wholesale and retail trade as the future of Nigerian economy.

Oteh said Nigeria was focusing more on Small and Medium Enterprises (SME) development, as a way of creating more jobs….

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