Nigeria: Sanusi's Letter to Jonathan - Outrage Trails U.S.$49.8 Billion Unremitted Oil Revenue

11 December 2013

The revelation by the Governor of the Central Bank of Nigeria (CBN) Mallam Sanusi Lamido Sanusi, in a letter issued by him (not signed) that the Nigerian National Petroleum Corporation (NNPC) has failed to remit $49.8 billion, being proceeds from crude sales between January 2012 and July 2013 to the Federation Account, has elicited widespread outrage.

The said amount represents 76 per cent of the value of crude oil lifting during the period, in which the NNPC was said to have remitted $15.5bn, representing a paltry 24 per cent of the total value of $65.3bn. Sanusi had disclosed this in a letter written to President Goodluck Jonathan.

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