NNPC Controversy: Between CBN and Ministry of Finance
By Olusola Daniel
I have followed, with keen interest, the controversy surrounding the
unaccounted federation account funds involving the Central Bank of Nigeria
(CBN) and the Nigerian National Petroleum Corporation (NNPC). It will be
recalled that the CBN Governor, Mallam Lamido Sanusi caused a stir when he
raised an alarm in a letter to President Goodluck Jonathan that the NNPC
failed to remit crude oil proceeds amounting to $49.8 billion into the
Federation Account from January 2012 to July 2013.
However, when he was summoned before the Senate Committee on Finance in
December to give insight into the letter he wrote on the controversial
missing money, Sanusi recanted saying $12 billion, and not $49.8billion,
was the amount discovered not to have been remitted to the account within
the period. That was after a joint reconciliation committee, of which he
was part, had resolved the figure to $10.8 billion. Now, the CBN
Governor's position has changed again. This time, he has put the figure at
$20billion.
Between the vociferous rebuttals of the NNPC and the disturbing
inconsistencies of the CBN, we find reassurance in the matured and
empirical approach with which the Minister of Finance and Coordinating
Minister of the Economy (CME), Dr Ngozi Okonjo-Iweala has handled the
matter. Apart from having dealt with the issue at meetings of the
Federation Account Allocation Committee (FAAC) long before the CBN
Governor even raised the matter, it was the painstaking work of the
Finance Ministry that reconciled the initial $49.8 billion mentioned by
the CBN as unaccounted funds to the $10.8 billion which was accepted by
all parties as the basis for further discussion.
Since the CBN and NNPC have continued to be at loggerheads, with the one
insisting on $20 billion as funds yet to be accounted for, and the other
vigorously asserting that it has accounted for virtually all the funds,
aunty Ngozi has graciously recommended that the best way to get to the
truth and reassure Nigerians who have been expressing strong opinions on
the issue would be to set up an independent body that would do a forensic
audit of all the documents and claims.
Evidently, this should provide Nigerians with a definitive verdict on the
controversy. We would recall that a similar forensic audit was deployed to
investigate subsidy claims and this produced good results and a better
tighter process against fraud. With this firm stance on fairness,
transparency and accountability maintained by the Finance Minister, we can
rest assured that the reconciliation process will be completed with
honesty and integrity, devoid of undue encumbrance from partisan
interests.
Olusola Daniel is a political observer and advocate for community
development. He writes from Lagos, Nigeria and tweets from @OlusDaniel.
I have followed, with keen interest, the controversy surrounding the
unaccounted federation account funds involving the Central Bank of Nigeria
(CBN) and the Nigerian National Petroleum Corporation (NNPC). It will be
recalled that the CBN Governor, Mallam Lamido Sanusi caused a stir when he
raised an alarm in a letter to President Goodluck Jonathan that the NNPC
failed to remit crude oil proceeds amounting to $49.8 billion into the
Federation Account from January 2012 to July 2013.
However, when he was summoned before the Senate Committee on Finance in
December to give insight into the letter he wrote on the controversial
missing money, Sanusi recanted saying $12 billion, and not $49.8billion,
was the amount discovered not to have been remitted to the account within
the period. That was after a joint reconciliation committee, of which he
was part, had resolved the figure to $10.8 billion. Now, the CBN
Governor's position has changed again. This time, he has put the figure at
$20billion.
Between the vociferous rebuttals of the NNPC and the disturbing
inconsistencies of the CBN, we find reassurance in the matured and
empirical approach with which the Minister of Finance and Coordinating
Minister of the Economy (CME), Dr Ngozi Okonjo-Iweala has handled the
matter. Apart from having dealt with the issue at meetings of the
Federation Account Allocation Committee (FAAC) long before the CBN
Governor even raised the matter, it was the painstaking work of the
Finance Ministry that reconciled the initial $49.8 billion mentioned by
the CBN as unaccounted funds to the $10.8 billion which was accepted by
all parties as the basis for further discussion.
Since the CBN and NNPC have continued to be at loggerheads, with the one
insisting on $20 billion as funds yet to be accounted for, and the other
vigorously asserting that it has accounted for virtually all the funds,
aunty Ngozi has graciously recommended that the best way to get to the
truth and reassure Nigerians who have been expressing strong opinions on
the issue would be to set up an independent body that would do a forensic
audit of all the documents and claims.
Evidently, this should provide Nigerians with a definitive verdict on the
controversy. We would recall that a similar forensic audit was deployed to
investigate subsidy claims and this produced good results and a better
tighter process against fraud. With this firm stance on fairness,
transparency and accountability maintained by the Finance Minister, we can
rest assured that the reconciliation process will be completed with
honesty and integrity, devoid of undue encumbrance from partisan
interests.
Olusola Daniel is a political observer and advocate for community
development. He writes from Lagos, Nigeria and tweets from @OlusDaniel.