The Nigerian National Petroleum
Corporation (NNPC) has said the disputed $10.8 billion, which has not
been paid into the Federation Account, is not missing but formed part of
its operational costs within the period January 2012 to July 2013
referred to by the Central Bank of Nigeria (CBN) Governor, Sanusi Lamido
Sanusi, in his letter to President Goodluck Jonathan on unremitted oil
revenues.
It explained that repairs on Nigeria’s 5,000 kilometres of petroleum
pipeline network which is constantly subjected to vandalism, unpaid
subsidies on kerosene and petrol, as well as its maintenance of national
strategic reserves for petroleum products, were all parts of its
operational costs accounted for by the $10.8 billion
The corporation said in a statement yesterday in Abuja that issues
surrounding the allegation of the unremitted $49.8 billion against it
had since been explained but it appears that the initial dust raised by
Sanusi’s letter was yet to settle.
In the statement issued by its General Manager, Media Relations, Dr.
Omar Farouk Ibrahim, NNPC said it had to make further clarifications
considering the extant media reports on the same issue, which it said
were misleading.