NNPC Must Present Proof Of How $10.8billion Was Spent - Okonjo-Iweala

The Minister of Finance, Dr. Ngozi Okonjo-Iweala, has said the Nigerian National Petroleum Corporation needs to provide evidence that the unremitted $10.8bn has been judiciously spent.
Speaking at a dinner organised in her honour by South-East and South-South Professionals, Okonjo-Iweala made it clear that evidence needs to be provided regarding how the unremitted funds were spent.
“If the money was spent on operational costs, let us see evidence that it was spent in an authorised way. And if not, let the amount be remitted to the Federation Account,” she said.
To ensure that the issue is properly resolved, Okonjo-Iweala said the services of auditors might be required.
“I am not the auditor of the NNPC account,”
She however pointed out that it was not unusual for conflicts to arise regarding funds expected to be remitted by an agency, but that they were structures put in place specially to resolve those kinds of problems.
According to her, every month, all those involved in revenue management meet at the FAAC Committee level to review what has been paid into the Federation Account by agencies such as the Nigerian Customs Service and the Federal Inland Revenue Service. And they ask questions when figures conflict.
“I am the Coordinating Minister of the Economy; not the superintending minister… I cannot do the job of the NNPC.”
She, however, said apart from ensuring that all Federal Executive Council members did not work at cross-purpose, her job involved ensuring that every amount that should get to the Federation Account was remitted.
Okonjo-Iweala also said the government was working to boost the non-oil revenue to compensate for revenue short falls as a result of sectoral incentives provided to encourage local production.
Meanwhile, the Governor, Central Bank of Nigeria, Mr. Lamido Sanusi, has said the NNPC has no right to retain $10.8bn in income, which has contributed to a drop in savings and exposed the nation to possible price shocks.