How much is missing from Nigeria’s Federation account? First it was alleged (and allegations are not new in Nigeria) by the Central Bank Governor, Sanusi Lamido Sanusi,
that a whooping $49.8 billion being proceeds from crude oil sales were not accounted for by the country’s Oil company, Nigeria National Petroleum Corporation, NNPC. There was a reconciliation meeting called by the Finance Minister, Dr. Ngozi Okonjo-Iweala,
former World Bank Vice President, where it was found that the unaccounted for sum was about $10.8billion. The Central Bank Governor apologised for the huge “allegation” but insisted that the figure was about $12billion. Now, the same Governor has come with a revised figure by upping the missing or unaccounted for money to be $20billion.
- Now is this CBN Governor mad or stupid?
- Or is there a leak pipe funneling the missing funds into the pockets of those preparing for elections and re-elections?
- Or is Okonjo-Iweala now one of the famous Nigeria thieves shielding the mega-thieves?
When Nigerians protested against oil subsidy withdrawal in 2012 one of the major complaints was that there was no transparency in the oil proceeds management. This contention brings the matter into a laughable focus.
What is the President saying? MUM. Now am afraid the missing funds may be hiding under some one’s caps waiting to be spent on elections due a few months from now.