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Friday, December 20, 2013
Central Bank Nigeria (CBN) was a bit off in its estimate on missing funds from state-run NNPC’s crude sales. Previously it was reported that there was an estimated $50 billion missing, but now CBN says the state-run firm is only short $12 billion.
CBN, in a letter to Nigerian president Goodluck Jonathan in September, said that NNPC had failed to pay $49.8 billion of revenue it earned from Janaury 2012 to July 2013 into the federal government account. This letter from CBN was leaked to the media which led to talks between CBN governor Lamido Sanusi, finance minister Ngozi Okonjo-Iweala, and Petroleum Minister and NNPC Chairwoman Diezani Alison-Madueke.
Sanusi said after the discussions it was assured that NNPC was only responsible for paying $28 billion from oil exports and had submitted $16 billion to the government, although $12 billion was still outstanding.
“We’re told that the shortfall has always been part of an ongoing discussion with the finance and petroleum (Ministries) and NNPC. So this is where we are,” Sanusi told reporters.
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