Alleged Non-Remittance Of Oil Revenues: CBN Demands Urgent Passage Of PIB

SAN FRANCISCO, December 13, 2013, (THEWILL) - The Central Bank of Nigeria (CBN), whose Governor, Mr. Lamido Sanusi, purportedly wrote a now leaked letter to President Goodluck Jonathan accusing the Nigerian National Petroleum Corporation (NNPC) of non-remittance of over $49 billion from oil proceeds to the federation account has advocated for the quick passage of the Petroleum Industry Bill (PIB) saying it will promote transparency in the oil sector. In a statement on Thursday through its Director of Corporate Communications, Ugochukwu Okoroafor, the CBN said it will neither confirm or deny the authenticity of the letter but argued for an urgent review of the fiscal terms of sharing revenue between the federal government and oil companies. The full text of the CBN release is reproduced below: n