Nigeria: Missing Fund - NNPC Insists U.S.$30 Billion Oil Revenue Remitted to Federation Account

13 January 2014

Following the controversy that trailed the controversial $49.8 billion missing from federation account, the Nigerian National Petroleum Corporation, NNPC has disclosed that the disputed balance of $10.8 billion from the original amount, which has not been paid into the Federation Account, is not missing but formed part of its operational costs within the period, January 2012 to July 2013, which was referred to by the Central Bank of Nigeria, CBN Governor, Sanusi Lamido Sanusi, in his letter to President Goodluck Jonathan on unremitted oil revenues.

In a statement issued by the Corporation's General Manager, Media Relations, Dr. Omar Farouk Ibrahim, it insisted that issues surrounding the allegation of the unremitted $49.8 billion against it had since been explained, but it appears that the initial dust raised by Sanusi's letter was yet to settle.

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