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Culled from Daily Independent
Thursday, December 12, 2013
By Chukwudi Nweje – Assistant Features Editor
Lamido Sanusi again? That must be the question on many lips. In late 2010, the Central Bank of Nigeria (CBN) Governor caused ripples when he said that about 25% of the annual budget was spent on the National Assembly. He was then delivering a lecture entitled, ‘The Future of Nigeria’s Economy’, at the 8th convocation ceremony of the Igbinedion University, Okada, Edo State where he lamented that the Nigerian economy may not meet its Financial Sector Strategy (FSS) 20:2020 target of being one of the 20 largest economies by 2020.
Sanusi is in the news again, tackling the Nigerian National Petroleum Corporation (NNPC) on corruption. In a letter to President Goodluck Jonathan dated September 25, 2013, he accused the NNPC of not remitting revenue from crude oil sales totalling $49.8bn (about N8trillion) representing about 76 per cent of the total crude oil revenues from January 2012 to July 2013, thus contravening extant laws. The letter reads in part: “Our analysis of the value of crude oil export proceeds based on the documentation received from pre-shipment inspectors’ shows that between January 2012 and July 2013, NNPC lifted 594,024,107 barrels of crude valued at $65,332,350,514.57. Out of this amount, NNPC repatriated only $15,528,410,098.77, representing 24 per cent of the value. This means the NNPC is yet to account for, and repatriate to the Federation Account, an amount in excess of $49.804bn of the value of oil lifted in the same period,” Continue reading “Furry over $49.8b oil revenue!”