Missing $10 Billion- Senators Investigate

The Nigerian Senate also looked at the controversy surrounding the Central Bank of Nigeria’s claim that the Nigerian National Petroleum Corporation (NNPC) did not remit $20 billion to the Federation Account. While the Nigerian National Petroleum Corporation is still reconciling the $10.8 billion earlier discovered not to have been accounted for, the Central Bank of Nigeria (CBN) said the total amount not remitted to the Federation Account was $20 billion. The CBN also said that the NNPC’s claim that it used part of the unremitted funds for Kerosene Subsidy payment was false, as it had received a directive that the subsidy had been suspended. The NNPC says the CBN does not understand petroleum technology dealings, insisting that the CBN’s changing figures were affecting the reconciliation process