The Senate panel that investigated the alleged missing $49.8 billion oil fund has said the suspended Governor of the Central Bank of Nigeria, Mallam Sanusi Lamido, lied about the missing fund.
The panel said it found nothing on the alleged missing $48 billion.
It said it could not fathom how Sanusi arrived at the figure.
The Chairman of Senate Committee on Finance, Senator Ahmed Makarfi, whose committee investigated the allegation, laid the report before the Senate on Wednesday.
The report stated in part: “The Committee could not discover how US$48 billion dollars is arrived at by Sanusi.
“That the CBN governor at the first hearing had put forward the figure of 12 billion dollars as monies to be reconciled, changed his position to 20 billion dollars at subsequent hearing.”
Owing to this development, the Makarfi-led committee recommended that the fuel subsidy regime should be discontinued.
It said there was also the urgent need for the passage of the Petroleum Industry Bill.
The report added: “There is need for the subsidy regime to be totally discontinued with.
“All stakeholders should be consulted and carried along as much as possible before abolishing subsidy.”
More details coming soon.
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