Sunday, 9 February 2014

Alleged Missing $10.8 billion Used For Subsidy, Pipeline Repairs – NNPC

The Nigerian National Petroleum Corporation (NNPC) has explained that the alleged missing $10.8 billion dollars, as claimed by the Central Bank of Nigeria (CBN), was used for pipelines repairs, payment of subsidy claims and maintenance of the nation’s reserve.

The Acting Group General Manager, Public Affairs, NNPC, Mr Umar Ibrahim, told Channels Television on Saturday that the reconciliation of the figure would soon be over.

But it seems like it will not be over soon.

While the NNPC was trying to resolve the $10.8 billion deficit, the CBN Governor, Lamido Sanusi, on Tuesday, gave the Nigerian Senate a new figure. Sanusi told the Senate that the NNPC had not remitted $20 billion to the Federation Account.

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