The Central Bank Governor (CBN), Sanusi Lamido Sanusi, today informed the the Senator Ahmed Makarfi led Committee on Finance investigating the allegations of unremitted funds into the Federation Account that out of the $67 billion crude oil sales that was processed and expected to be remitted to the constitutionally provided for accounts; only $47 billion has since been reconciled between the Nigeria National Petroleum Corporation, NNPC and the CBN.

The issue of the alleged NNPC unremitted funds continues to generate a lot of concern and shock in Nigeria, brought to the public attention courtesy of a leaked letter from the CBN Governor to the President; and the basis of this continuing investigation at the reconvened session of the Senate committee on Finance, investigating the matters arising from this revelation.

Originator of this letter, CBN Governor Sanusi Lamido at an open hearing session, attended by the various related agencies like the Federal Inland Revenue Service (FIRS), National Extractive Industries Transparency Initiative (NEiTI), Petroleum Products Pricing Regulatory Agency (PPPRA), Ministry of Finance (MoF) and the Nigerian National Petroleum Corporation (NNPC), spoke on the issue of accountability expected from the State Oil company with relation to proceeds from crude oil sales and the fact that despite the reconciliations, $20bl is still missing from the federation account.

He questions the unremitted funds from NNPC transactions with the NPDC, its claim on kerosene subsidy even when a Presidential directive halted same since 2009. Watch