Senate probes alleged missing $49.8bn oil fund (And nothing will come out of the probe)

Posted by admin Legislature, Oil Politics, Senate Wednesday, December 11th, 2013

THE Senate has empowered its committee on finance to commence a full-scale investigation into the alleged missing $49.8 billion from the Federation Account.

The committee is expected to conclude its findings and submit report in less than seven days.

The missing money was said to be the value of crude oil export and proceeds from the Nigeria National Petroleum Corporation (NNPC) expected to be lodged in the Central Bank of Nigeria (CBN).

The Senate resolution followed a Point Of Order raised by under Matter of Urgent Importance by Senator Olubunmi Adetunmbi who, relying on Senate Order 42, drew the attention of the upper legislative chamber to the allegation.

He also requested that the Senate should carry out an indepth probe of the missing fund.

Adetunmbi, who is the vice chairman, Senate Committee on Planning and Budgeting, said at the plenary, “There has been a raging debate on the issue of missing money from the coffers of the Federal Government of Nigeria.

“Today, all papers carried the report on $49.8 billion that has not been remitted to the Federation Account.”

He said CBN had written on the account from January 2012 to July 2013, urging the Senate to carry out a holistic investigation on the matter.

“Mr President, as a parliament, this is a very grave issue. The parliament owes a duty or responsibility to the public to ensure that we get to the bottom of this issue for purposes of public information and for purposes of integrity of this parliament, because appropriation and revenue is the major responsibility of this parliament,” he said.

Senate President David Mark however said the matter cannot be instantly treated because, according to him, there was no detailed information before the Senate yet.

Besides, he said what Adetunmbi was relying upon as the basis of the allegation was a newspaper report, adding that he had earlier, in a meeting with Adetunmbi on the issue, promised that the Senate Committee on Finance would handle the matter.

-Guardianwp_posts