An audit firm, PriceWaterHouseCoopers, has completed its audit into the accounts of the Nigerian National Petroleum Corporation (NNPC) and concluded that the Central Bank of Nigeria erred in its conclusion that $49.8 billion was unremitted by the corporation into the Federation account.
Although the details of the audit report have been kept secret and submitted only to Petroleum Minister, Diezani Madueke, sources with knowledge of the report have revealed some detail.
According to the source, who is also an official of the ministry, PWC found that the data used by the CBN in coming to its findings were wrong and unfounded.
The source told Tribune that the correct data was with the Department of Petroleum Resources however the CBN relied on other data. PWC said the CBN erroneously engaged in double counting and narrow coverage of revenue statistics.
“We had a review meeting with the firm and the report showed that nothing is missing. The minister will soon make the report public.
“But this week’s meeting with CBN will also shed light on where the CBN governor got his data from,” the official said.