Leadership (Abuja)

17 January 2014

Nigeria: NASS Should Probe 'Missing' U.S.$49.8 Billion Oil Earnings - Amaechi-Led NGF

Photo: Vanguard
Rep. Farouk Lawan accused of receiving bribe from oil marketers

The Nigerian Governors Forum (NGF) under the leadership of the Rivers State governor, Rotimi Amaechi, has called on the National Assembly to probe the issue of the 'missing' $49.8 billion, which it said is about N8.5 trillion and equivalent of 2 years of the National Budget, saying there is no evidence that the money in question was paid into the Federation Account.

At the end of its meeting late Wednesday night at the Rivers State Governor's Lodge in Abuja, Amaechi-led NGF accused the Federal Government of breaching provision of Section 11, Part II of the Fiscal Responsibility Act, 2007 which requires the Federal Government to hold consultations with States before the Medium-Term Expenditure Framework (MTEF). It further said that it noted with total dismay the recent attacks in Borno State and Rivers State as well as the attack on the father of Kano State governor.

"On the issue of the missing $49.8 billion (N8.5 Trillion) or equivalent of 2 years of the National Budget, there is no evidence that this amount was paid into the Federation Account or duly appropriated. We accordingly call on the National Assembly to institute a comprehensive independent forensic audit by an international reputable firm. We fear that the recent decline of State Revenues is not unconnected with the financial diversion.

"In clear breach of the provision of Section 11, Part II of the Fiscal Responsibility Act, 2007 which requires the Federal Government to hold consultations with States before the Medium-Term Expenditure Framework (MTEF) is laid before the National Assembly; consultation with States on the MTEF and Fiscal Strategy Paper (2014-2016) did not hold. The National Economic Council (NEC) meeting where issues of this nature would have been discussed last held four months ago," it said.

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