Federal Government Probes N3.8trn Missing Oil Funds

A panel of four governors was, yesterday, constituted to probe the affairs of the Nigerian National Petroleum Corporation, NNPC, following revelations that the corporation withheld N3.8 trillion of the N8.1 trillion generated from oil receipts.

The committee comprising governors of Gombe, Edo, Akwa Ibom and Kaduna states is also to unravel circumstances of the disappearance of another $2.1 billion which was allegedly unilaterally withdrawn by the Goodluck Jonathan administration in the last six months of its tenure.

The revelations came at the end of the inaugural meeting of the new National Economic Council, NEC, in Abuja, yesterday.
Just before the NEC meeting got underway, a senior official of the Goodluck Jonathan administration gave reasons why it passed over an empty treasury to the new government.

At the inauguration of the NEC, President Buhari cautioned the state governors to shore up their finances towards ensuring that they do not lag behind in their obligations. He also disclosed plans to channel G-7 funding for the rehabilitation of three states ravaged by Boko Haram.

President Buhari also pledged to adhere strictly to constitutional provisions on the maintenance of the Federation Account which stipulates that all funds from revenue generating agencies should be paid into the Federation Account.