From November 2014, about $2.1billion was withdrawn from Nigeria’s excess crude account without the approval of the National Economic Council, NEC. This was revealed by the National Economic Council (NEC) inaugurated by President Muhammadu Buhari today at the State House, Abuja.
Other atrocities committed under the watch of President Goodluck Jonathan’s administration include the following:
Nigerian National Petroleum Corporation, NNPC, generated about N8.1trillion between 2012 and May 2015, but paid only N4.3trillion to the federation account.
The balance of the oil money — about N3.8trillion — was withheld and spent by the NNPC unilaterally without approval or National Assembly appropriation.
President Muhammadu Buhari on Monday vowed to compel all income generating agencies including the Central Bank of Nigeria, CBN, and NNPC to comply with stipulated Financial Regulations and Administrative Instructions regarding remittances into the Federation coffers.
The President gave the assurance on Monday while inaugurating the National Economic Council (NEC) at the State House, Abuja.
The Council comprises of the 36 state Governors and CBN Governor and is statutorily chaired by the Vice President in line with the provision of Third Schedule, Part I, Section 153: Sub section (18 & 19) of the 1999 Constitution as amended.
The Council on Monday set a four-man Committee to investigate the state oil company, NNPC over the missing N3.8trillion.
Mr. Oshiomhole, who, alongside the governors of Kaduna state governor, Nasir El-Rufai, and Zamfara governor, Abdulazeez Yari, told journalists that following the discovery, the NEC has set up a four-member committee to comb the books of the NNPC to confirm its remittances and how the excess crude account was utilised.
Source: News Rescue