Missing $20bn: FG appoints forensic auditors to probe NNPC
Adetokunbo Fakeye with agency report
Federal Government on Thursday said forensic auditors have been appointed to carry out a detailed investigations on the activities of the Nigerian National Petroleum Corporation.
The Minister of Finance, Dr Ngozi Okonjo-Iweala disclosed this while speaking during a debate at the 24th edition of the World Economic Forum for Africa.
The forum with theme ‘Forging inclusive growth , creating jobs’ is being attended by over 1,500 delegates from about 80 countries.
She explained that an accounting firm – PriceWaterHouse has been appointed to carry out the exercise.
She said the move followed the recent revelations by the suspended Governor of the Central Bank of Nigeria, Mr Lamido Sanusi that the sum of $20bn was not remitted to the federation account by the NNPC.
Okonjo-Iweala at the forum said the exercise would be carried out within a period of 16 weeks under the supervision of the Office of the Auditor General of the Federation.
The minister said further that, the forensic audit would help unravel all mystery surrounding the unaccounted $20bn.
Responding to a question on corruption and transparency, she said, “The issue of holding government to account, I don’t think Nigerians are laying back. We need that transparency and we welcome it.
“The (suspended) CBN Governor raised issues on unaccounted amount from the federation account.
“We at the ministry of finance have for two years been reconciling these figures with the NNPC to know what they are supposed to remit to the federation account.
“Our feeling is that the only way is to have a forensic audit that would let Nigerians know the issue.
“There is a forensic audit that the government has approved and it is being done by PwC under the supervision of the Auditor General. They said they need 12 to 16 weeks to do that and all these would be clarified.”
The minister also revealed at the forum that, federal government is working hard to address the issue of infrastructure noting that a Development Finance Institution would be unveiled before the end of this year.
“In Nigeria we have been doing long term development with short term money and this is why we don’t have sustainable growth.
“But we are developing a development finance institutions that will commence by the end of this year and this will help us provide long term finance of up to ten years to address the developmental needs of the country,” she said.