VP Osinbajo, El-Rufai, Others To Investigate NNPC Over ‘Missing Trillions'

The National Economic Council (NEC) has set up a committee to immediately investigate a shortfall of N3.5 trillion in remittance by the Nigerian National Petroleum Corporation (NNPC) into the Federation Account since 2012.

The council, which has the 36 state governors and the Governor of Central Bank of Nigeria as members, is saddled with the responsibility of advising the President on economic affairs of the country.

This was disclosed at a briefing at the State House on Monday attended by Vice President Yemi Osinbajo, Edo State Governor, Adams Oshiomhole, and his counterparts from Kaduna, Zamfara and Akwa Ibom States.Oshiomhole stated that the council will also look at the Excess Crude Account and report back on the rationale to which it would continue or discontinue operation.

He disclosed that the committee will also sort out the differences between what former Finance Minister, Ngozi Okonjo Iweala, declared as the balance in the Excess Crude Account and what this administration met in the account.

Oshiomhole stated that while Okonjo-Iweala, had claimed that the past administration left 4.1 billion dollars in the account, only 2.0 billion US dollars was found in it by the owners of the account- the three tiers of the government.

The governor said it had become necessary to look into the account to see who authorized withdrawals from the account and what had necessitated such withdrawals.

Members of the committee to be chaired by Osinbajo include Governors Nasir El-rufai (Kaduna), Adams Oshiomhole (Edo), Emmanuel Udom (Akwa Ibom) and Ibrahim Dankwabo (Gombe).

The committee is expected to report back to the council at its next meeting on the 23rd of July.