Nigeria’s long-running effort to reconcile oil revenues due to the Federation Account has hit another obstacle after Nigerian National Petroleum Company Limited (NNPC Ltd) and Periscope, the consultants engaged by the federal government and governors to review the company’s accounts, failed to agree on a $42.3 billion liability believed to be owed to the federation.
The document indicated that attempts to reconcile crude oil revenue remittances between the national oil company and consultants working on behalf of the federation had yet to produce a mutually agreed figure.
The $42.3 billion is aside from the N210 trillion discrepancy currently being investigated by the National Assembly.
Senate yesterday signalled that President Bola Tinubu might eventually be invited to answer questions in his capacity as Minister of Petroleum Resources over the staggering N210 trillion discrepancy uncovered in the Audited Financial Statements (AFS) of NNPC.
Chairman of Senate Public Accounts Committee, Aliyu Wadada, gave the hint on Sunday.
According to the FAAC report, the reconciliation exercise was designed to determine the accurate amount of oil revenue due to the Federation Account by comparing NNPC’s records with those generated by independent consultants.