SHOCKING: See How Presidency Is Covering Sanusi's Exposé

The controversy surrounding the allegedly missing $10.8bn meant to be remitted to the Federation Account by the Nigerian National Petroleum Corporation took another turn on Friday as the NNPC claimed that it spent $8.49bn of the sum on petroleum products subsidy.

Prior to NNPC’s claim, the Federal Ministry of Finance is known to be the agency of government saddled with the task of offsetting subsidy claims on petroleum products to oil marketers.

But in bid to play along with the Presidency to rubbish Mallam Sanusi Lamido, the NNPC said...

All relevant government agencies were aware that the corporation had been subsidising petroleum products without getting back these funds from the Federal Government.

The Group Executive Director, Finance and Accounts Directorate, Mr. Bernard Otti, stated that the sum in question had been expenditures incurred as part of the statutory responsibilities which the NNPC executes on behalf of the Federal Government.

He said, “The $10.8bn is made up of the following: subsidy claim, $8.49bn; pipeline management and repair cost, $1.22bn; product/crude oil losses, $0.72bn; and cost of holding the strategic stock reserves, $0.37bn.”

The Governor, Central Bank of Nigeria, Sanusi, had late last year alleged that the corporation failed to remit a whopping $49.8bn to the Federation Account between January 2012 and July 2013.

Dr Ngozi Okonjo-Iweala and others in the Presidency met with Sanusi and brought the amount down to about $10.8bn. Now out of the missing $10.8bn the NNPC is saying the spent $8.49bn on subsidy.

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