The Nigerian Senate has vowed to get to the bottom of the missing $49.8 billion in crude oil revenue as first made known by a leaked letter written by the Central Bank Governor, Lamido Sanusi to President Jonathan.
Senator Olubunmi Adetunmbi raised the matter under Order 42, citing it as a matter of urgent national importance.
Adetunmbi said, “There has been a raging debate on the issue of missing money from the coffers of the Federal Government of Nigeria.
“Today (Wednesday), all papers carried the report of $49.8bn that has not been remitted to the Federation Account.”
He said, “The parliament owes a duty or responsibility to the public to ensure that we get to the root of this issue for the purposes of public information and the integrity of this parliament.
“This is necessary because appropriation and revenue are the major responsibilities of this parliament.”
Senate President David Mark instructed the Committee on Finance to spearhead the Investigation, stating that there was not enough information for it to be discussed on the floor as of yet.
He said, “You have come under Order 42, you know what you showed to me was a newspaper report and I also told you that on the basis of that, since you don’t have all the details, that I will refer it to the committee and the committee will get all the details and bring its report here.
“You know that was my discussion with you. So, this new dimension of a letter coming from the central bank was not discussed with me. But whatever it is, I think because we don’t have the details at this point, we cannot go into any further detailed discussion.”
APC Senators have said that they would not allow the matter be swept under the carpet.
Senate Minority Leader, George Akume (APC), said “The report came from a very authentic source. We have been told and we have every cause to believe that this money is missing. This document is coming from the Central Bank of Nigeria. It is an authentic source. This matter cannot be swept under the carpet. We are determined to follow it to the fullest.
“One of our responsibilities is to as much as possible identify with the people by ensuring that those of us who are charged with higher responsibilities conform with very high standards expected of people in public office.
“We have invited you (Alison-Madueke and NNPC management) on an issue that is very grave and central to good governance in our country. You are already aware of the missing $49bn. Now, this money is the value of crude oil export and proceeds from the NNPC.
“Section 162 (of the constitution) is very clear on where federally collected revenues are supposed to be lodged. We have every cause to believe that this money is missing. This document here is from the Central Bank of Nigeria. This is a very authentic source. It is a very authentic document. The issue is who actually authorised the lodging of this money elsewhere?
“If at all the money is not missing, then who gave the authorisation for the opening of this account where the money is paid contrary to section 162 of the Constitution of the Federal Republic of Nigeria?”