Missing N1t: Senate summons NEITI boss

The Senate on Thursday agreed to invite the Executive Secretary of the Nigerian Extractive Industries Transparency Initiative, Waziri Adio, sequel to his audit report on missing N1 trillion in the Nigerian National Petroleum Corporation.
The Senate decision was equally sequel to a motion sponsored by Senator Tijani Yahaya Kaura,‎ who said the details from the 2013 audit and financial report of activities in Nigeria’s oil and gas industry, which was conducted by NEITI, has shown that Nigeria made $58.07 billion from its hydrocarbon industry that year.
According to the NEITI audit report, the NNPC did not remit $12.9 billion (N1 trillion) between 2005 and 2013.
The audit covered 41 oil and gas producing companies and 16 government agencies, which also revealed that a total of N1.3 trillion was processed as petrol subsidy payments for NNPC and other oil marketers in 2013.
Kaura said in his lead debate: “The sum of $3.8 billion and N358.3 billion stands as outstanding revenues from the NNPC and its subsidiaries in 2013.
“These outstanding payments were dues from unpaid consideration from divested oil mining leases from NNPC to NPDC and cash call refunds by National Petroleum Investment and Management Services.
“The Senate is disturbed that between 2005 to 2013, the sum of $12.9 billion paid by the Nigerian Liquefied Natural Gas to NNPC was not remitted to the Federation Account.”
In his remarks, the President of the Senate, Dr. Abubakar Bukola Saraki, said the enormity of the report and findings, when looked at, is too enormous for the Senate.