Senate probes missing $49.8billion crude oil money

The Senate yesterday mandated its Committee on Finance to begin a full-scale investigation into the alleged missing $49.8 billion from the coffers of the Federal Government.

The committee is expected to conclude its findings and submit report in less than seven days.

This followed a point of order raised under matter of urgent importance by Senator Olubunmi Adetunbi, APC Ekiti North, who relied on the Senate Order 42, not only to draw the attention of the upper legislative chamber to the allegation but also requested that it carried out an in-depth probe of the missing fund.

The money is said to be the value of crude oil export and proceeds from the Nigeria National Petroleum Corporation, NNPC, expected to be lodged in the Central Bank of Nigeria, CBN.

Senator Adetunbi, who is the Vice Chairman, Senate Committee on Planning and Budgeting, at the plenary, said: “There has been a raging debate on the issue of missing money from the coffers of the Federal Government of Nigeria.

“Today, all papers carried the report on $49.8 billion that has not been remitted to the federation account.”

He further explained that the nation’s apex bank, the Central Bank of Nigeria, CBN, had written on the account from January 2012 to July 2013, urging the Senate to carry out a holistic investigation on the matter.

“Mr President, as a parliament, this is a very grave issue. The parliament owes a duty or responsibility to the public to ensure that we get to the bottom of this issue for purposes of public information and for purposes of integrity of this parliament, because appropriation and revenue is the major responsibility of this parliament,” he said.

Senate President, David Mark, who presided over the session where the issue came up, said the matter could not be instantly treated because, according to him, there is no detailed information before the Senate yet.