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Audit report of missing NNPC $10.8b ready soon, says Okonjo-Iweala
•Seeks tracking of campaign funding
By Kingsley Ighomwenghian, Deputy Editor
Nearly 10 months after exposure by then Governor of the Central Bank of Nigeria (CBN), Lamido Sanusi, that $20 billion was lying with the Nigerian National Petroleum Corporation (NNPC) unremitted to the Federation Account, Minister of Finance, Ngozi Okonjo-Iweala, has assured that an audit report into the oil money will be out soon.
According to the minister, “initially it was $48 billion, then $20 billion, but the figure we have always had is $10.8 billion.
“I am Minister of Finance, if money is missing … I want to use it for good things for the country, and that was why when we went to the Senate we demanded for forensic audit, the President supported it and asked for it to be done.
Speaking at the Financial Times Africa Summit 2014 in London on Monday, Okonjo-Iweala who is also Coordinating Minister for the Economy, reiterated that the amount is not new and that it had been a source of discussions between the Ministry of Finance and its the Petroleum Resources counterpart.
The huge attention the issue generated, she said, led to the appointment of the firm of PriceWaterHouseCoopers by the Federal Government to undertake a forensic audit.
“We engaged PwC with the Auditor General taking the lead. They initially asked for 16 weeks to complete the work, they have spent 11 or 12 weeks so far and they will be done in a couple of weeks”.
Meanwhile, in the build up to the 2015 general elections, Okonjo-Iweala wants Nigerians to show more interest in the ‘how and who funds’ campaigns to various electoral offices in the country.
“We all want democracy, but how do you get it? It involves money.
“If you want accountability and good governance you must discuss issues relating to campaign funds.
“People who sponsor campaigns believe they must get something from the government when elections are won. These are the real elephant in the room and we need to deal with it,” she said.
The issue of campaign funding has been of huge interest, particularly with the activities of Transformation Ambassadors of Nigeria (TAN), which has been organising zonal rallies across the country to drum up support for re-election of President Goodluck Jonathan.
TAN is believed to be sponsored by some moneybags, including friends believed to have benefitted hugely from the administration.
Such rallies are usually attended by top government functionaries led by Secretary to Government of the Federation, Pius Ayim Pius, serving Ministers and Governors eulogising the activities of the administration.
Also speaking on the killer Ebola virus disease (EVD) at the summit, the minister said Nigeria ought to be commended for ensuring the index case did not take the illness out of the country in addition to containing it.
“Nigeria did a great service by stopping (Patrick) Sawyer who was Minnesota bound. Ebola cannot be said to be the real elephant in the room, as it has been hyped beyond proportion by the media,” Okonjo-Iweala said.
•Seeks tracking of campaign funding
By Kingsley Ighomwenghian, Deputy Editor
Nearly 10 months after exposure by then Governor of the Central Bank of Nigeria (CBN), Lamido Sanusi, that $20 billion was lying with the Nigerian National Petroleum Corporation (NNPC) unremitted to the Federation Account, Minister of Finance, Ngozi Okonjo-Iweala, has assured that an audit report into the oil money will be out soon.
According to the minister, “initially it was $48 billion, then $20 billion, but the figure we have always had is $10.8 billion.
“I am Minister of Finance, if money is missing … I want to use it for good things for the country, and that was why when we went to the Senate we demanded for forensic audit, the President supported it and asked for it to be done.
Speaking at the Financial Times Africa Summit 2014 in London on Monday, Okonjo-Iweala who is also Coordinating Minister for the Economy, reiterated that the amount is not new and that it had been a source of discussions between the Ministry of Finance and its the Petroleum Resources counterpart.
The huge attention the issue generated, she said, led to the appointment of the firm of PriceWaterHouseCoopers by the Federal Government to undertake a forensic audit.
“We engaged PwC with the Auditor General taking the lead. They initially asked for 16 weeks to complete the work, they have spent 11 or 12 weeks so far and they will be done in a couple of weeks”.
Meanwhile, in the build up to the 2015 general elections, Okonjo-Iweala wants Nigerians to show more interest in the ‘how and who funds’ campaigns to various electoral offices in the country.
“We all want democracy, but how do you get it? It involves money.
“If you want accountability and good governance you must discuss issues relating to campaign funds.
“People who sponsor campaigns believe they must get something from the government when elections are won. These are the real elephant in the room and we need to deal with it,” she said.
The issue of campaign funding has been of huge interest, particularly with the activities of Transformation Ambassadors of Nigeria (TAN), which has been organising zonal rallies across the country to drum up support for re-election of President Goodluck Jonathan.
TAN is believed to be sponsored by some moneybags, including friends believed to have benefitted hugely from the administration.
Such rallies are usually attended by top government functionaries led by Secretary to Government of the Federation, Pius Ayim Pius, serving Ministers and Governors eulogising the activities of the administration.
Also speaking on the killer Ebola virus disease (EVD) at the summit, the minister said Nigeria ought to be commended for ensuring the index case did not take the illness out of the country in addition to containing it.
“Nigeria did a great service by stopping (Patrick) Sawyer who was Minnesota bound. Ebola cannot be said to be the real elephant in the room, as it has been hyped beyond proportion by the media,” Okonjo-Iweala said.
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