The National Economic Council (NEC) has set up a committee to investigate
\na shortfall of N3.5 trillion in remitting by Nigerian National Petroleum
\nCorporation (NNPC) into the Federation Account since 2012.<\/p>\n
This is coming after a briefing by a Director of Funds in the Office of
\nthe Accountant General on the status and management of the Federation
\nAccount, which indicted NNPC of remitting only N4.3 trillion out of its
\nearnings, estimated at N8.1 trillion within the same period<\/p>\n
Briefing State House correspondents after NEC meeting chaired by Vice
\nPresi\u200edent Yemi Osinbajo, Edo State Governor, Adams Oshiomhole, who
\nbriefed alongside his counterparts from Kaduna, Zamfara and Akwa Ibom
\nStates, explained that the committee is to look into the missing N3.5
\ntrillion and report back to the council at its next meeting on the
\nwhereabouts of the fund.<\/p>\n
Members of the committee, who are to report back to the council on the
\n23rd of July when the council is to reconvene, are governors of Kaduna,
\nNasir Elrufai, Edo, Adams Oshiomhole, Akwa Ibom, Emmanuel Udom and Gombe\u2019s
\nIbrahim Dankwabo<\/p>\n
Oshiomhole added that the council will also look at the Excess Crude
\nAccount and report back on the rationale to which it would continue
\noperation or done away with at the next sitting of the council in July.<\/p>\n
Another issue that would also be looked into according to the Edo State
\ngovernor is the differences between what former Finance Minister, Ngozi
\nOkonjo Iweala, declared as the balance in the Excess Crude Account and
\nwhat this administration met in the account.<\/p>\n
Oshiomhole stated that while Okonjo-Iweala, had claimed that the past
\nadministration left 4.1 billion dollars in the account, only 2.0 billion
\nUS dollars was found in it by the owners of the account; the three tiers
\nof the government.<\/p>\n
He stressed that there was the need to look into the account to see who
\nauthorised withdrawals from the account and what had necessitated such
\nwithdrawals.<\/p>\n","protected":false},"excerpt":{"rendered":"
The National Economic Council (NEC) has set up a committee to investigate a shortfall of N3.5 trillion in remitting by Nigerian National Petroleum Corporation (NNPC) into the Federation Account since…<\/p>\n","protected":false},"author":1,"featured_media":40037,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[17],"tags":[],"class_list":["post-40036","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-exclusive"],"yoast_head":"\n