At a time Nigeria is facing severe economic crunch, a comprehensive oil report presented to the National Economic Council (NEC) has been found to be silent on a whopping N323.58 billion earned as crude oil revenue under the President Goodluck Jonathan government.
The report, submitted to NEC by Mohammed Dikwa, the then Director of Funds, Office of the Accountant General of the Federation (OAGF), revealed a startling discrepancy of about ₦323.58 billion, which his analysis failed to explain.
President Muhamadu Buhari later appointed Mr. Dikwa Acting Accountant-General of the Federation before Ahmed Idris emerged as the Accountant General.
The oil report, exclusively obtained by PREMIUM TIMES, dated June 29, 2015 was presented at the 58th Meeting of the National Economic Council (NEC).
The NEC comprises of the 36 state governors, the governor of the Central Bank of Nigeria and other co-opted members. The NEC is chaired by Vice President Yemi Osinbajo.
The report detailed NNPC’s crude oil revenue, remittances to the Federation Account and amount withheld by the NNPC.
Mr Dikwa presented crude oil revenue streams of ₦1,844,764,591,969 for 2012; ₦2,727,834,769,083 for 2013; ₦2,541,454,301,641 for 2014 and ₦1,031,691,963,044 for the first two quarters of 2015. The total oil revenue for the period stood at ₦8,145,745,652,737.
For the amount paid into the Federation account, the report showed the sum of ₦927,312,350,868 for 2012; ₦1,466,951,625,000 for 2013; ₦1,341,545,651,272 for 2014 and ₦591,681,318,358 for the first two quarters of 2015.
The total remittance for the period of 2011 to June 2015 was ₦4,327,490,945,499.
Even though there were ongoing arguments about the legality of NNPC withholding certain amounts of crude oil revenue, the report showed that NNPC withheld ₦774,382,841,100 in 2012; ₦1,179,883,171,083 in 2013; ₦1,114,306,750,369 in 2014 and ₦426,102,269,704 in the first two quarters of 2015.
The total remittance for the period of 2011 to June 2015 was ₦3,494,675,032,256.
But PREMIUM TIMES’ analyses of the figures revealed that for 2012 and 2013, the sums of ₦143,069,400,000 and ₦80,999,973,000 were not captured in the report either as amounts paid into FAAC or withheld by NNPC.
This mystery continued in 2014 and 2015 as ₦85,601,900,000 and ₦13,908,374,982 were also unreported either as amount paid into FAAC or withheld by NNPC.
Naturally, the amount paid into Federation account and that withheld by NNPC should equal the crude oil revenue for each year. But that was not the case with the OAGF report.
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