The 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 Presidency and NNPC big boys unilaterally without approval or National Assembly appropriation.
“This has never happened before and for us this is profound. We are talking about transparency, we are talking about change.
And what we saw from those numbers I believe that Nigerians are entitled to know, is that whereas the NNPC claimed to have earned N8.1 trillion, what NNPC paid into the federation account from 2012 to May 2015 was N4.3trillion.
“What it means is that NNPC withheld and spent N3.8 trillion.”
Edo State governor, Adams Oshiomhole, said who citing details from the federal economic council.
Also, the governor confirmed at the meeting that from November 2014, about $2.1billion was withdrawn from the excess crude account without the approval of the National Economic Council, NEC.
Oshiomhole, who, alongside some other governors, briefed journalists, said 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 utilized.
President Muhammadu Buhari dissolved the board of the NNPC on Friday, to pave way for full investigation of the corporation.
Oshiomhole this was the first time the NNPC and the office of the Accountant General of the Federation, briefed the National Economic Council, as directed by President Buhari.
The governor said Buhari “compelled” the NNPC to provide information in “black and white” on issues that are relating to the total sales of Nigeria’s crude oil from 2012 to May 2015.
“The major revelation here is that for the entire federation — that is the federal government, the states and all the 774 local governments — the amount the NNPC paid into the federation account for distribution to this three tiers of government came to N4.3 trillion and NNPC alone took and spent N3.8 trillion. Which means the cost of running NNPC is much more than the cost of running the Federal Government.
That tells you how much is missing, what is mismanaged, what is stolen, they are huge figures.”
He said NNPC had not respected the Constitution on how government money should be spent.
“If NNPC needs to spend money, it is obliged to prepare its budget like every other business
enterprise. That budget will be scrutinized by the executive and forwarded to the National Assembly and the National Assembly will accordingly appropriate it.
“If the federal government cannot spend without appropriation, why should any agency spend without appropriation?”
President Buhari has promised that, henceforth, all monies must go to the federation account.