A month ago, Nigeria's state-owned National Petroleum oil company (NNPC) said it had accounted for all of the $49.8 billion in revenues that were supposed to paid to the government explaining it had spent over $10 bn on subsidies, repairs, and losses on crude oil inventory - "no money is missing," they exclaimed. However, according to Bloomberg, Nigeria's Central Bank governor Lamido Sanusi (often seen at the footer of those emails everyone gets) proclaimed to the government's senate finance committee that NNPC hasn't accounted for $20 billion in revenue. "There is $20 billion that has not come back to us - the burden of proof is on NNPC." That is 8% of GDP! Perhaps dropping a line to some Western central bankers for a temporary bridge loan (because we are sure the money is there) would be appropriate.
A month ago... trust us - the money is there...
Via Bloomberg,
Nigeria’s state-owned oil company said it made a full account for $49.8 billion revenue it was alleged to have failed to pay to the government.
The spendings include $8.49 billion on fuel subsidies, $1.22 billion on pipeline repairs and $1.09 billion for crude losses, Bernard Otti, the Nigerian National Petroleum Corp.’s group executive director of finance and accounts, told reporters today in the capital, Abuja. Part of the money was also used to maintain strategic reserves of refined fuel, he said.
“These expenditures have been incurred by the NNPC as part of our statutory responsibility as a national oil company which we execute on behalf of the federal government,” he said. “No money is missing.”
Central bank Governor Lamido Sanusi said last month he had written to President Goodluck Jonathan to ask for a probe of the country’s oil accounts, after newspapers reported that he alleged in his letter that $49.8 billion was unaccounted for. The NNPC said on Jan. 5 that it worked with the finance and petroleum ministries to reconcile $39 billion of the amount.
And then the truth today... hhm, sorry we are short $20 billion...
State-owned Nigeria National Petroleum Co. hasn’t accounted for $20b in revenue, Lamido Sanusi tells Senate finance committee in capital, Abuja.
"There is $20b that has not come back to us. The burden of proof is on NNPC": Sanusi
We await our invitation to participate in the bridge financing if we just send bank account details...
[4]
And while $20bn is a third of a month's Fed LSAP - it's 8% of Nigerian GDP...