Report unveiled that, former Governor of the Central Bank of Nigeria and the current Emir of Kano, Lamido Sanusi, says the issues surrounding the missing $20bn oil money have not been adequately addressed by the Federal Government.
Sanusi, who is now known as Emir Muhammadu Sanusi II, had last year raised the alarm about missing $20bn but was removed shortly after by President Goodluck Jonathan.
The Federal Government later hired an international audit firm, Pricewaterhousecoopers, to audit the account of the Nigerian National Petroleum Corporation. The PWC report stated that NNPC must remit $1.48bn to the Federation Account.
However, Sanusi, said during an interview with Christiane Amanpour on the Cable News Network on Wednesday, that the level of corruption in the oil sector was still high.
He said for instance, no one had accounted for the billions of dollars paid in kerosene subsidy which was not approved by the National Assembly.
Sanusi added that Nigeria’s economic crisis caused by the fall in oil prices, the stock market crash and the devaluation of the naira, was due to the mismanagement of oil funds.
He said, “My position in the Central Bank was that there was always this gap of $20bn after reconciliation between what the NNPC exported and what it deposited into the Federation Account. I raised a number of issues that I think have not yet been discussed and addressed sufficiently.
“One of them is the billions of dollars being paid in kerosene subsidies without appropriation by the National Assembly and against a presidential order and we don’t know who authorised those payments and yet no one has owned up to say I authorised the payments, I made a mistake. It must stop. I think those issues need to be addressed and until we address them and begin to close all the loopholes in government revenues, we are going to continue to create opportunity for the destruction of the economy.
“It could be $20bn at the end of the day. After reconciliation it could amount to $14(bn) or $12(bn) and I think these issues reflect unconstitutional and illegal withholding of revenues from the Federation Account.