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Four-man panel to probe how NNPC blew N3.8tr

Excess crude cash depleted by $2.1m
Buhari: revenues must for treasury
How did theNigerian National Petroleum Corporation (NNPC) spend  N3.8 trillion in three years?
This is the puzzle a four-man committee has been asked to resolve.
The four "wise men" are: Governors Adams Oshiomhole (Edo), Ibrahim Dankwambo (Gombe), Udom Emmanuel (Akwa Ibom) and Nasir El-Rufai (Kaduna).

Oshiomhole yesterday broke the news to State House correspondents after the National Economic Council (NEC) meeting chaired by Vice President Yemi Osinbajo at the Presidential Villa, Abuja.
He was accompanied by the Chairman of the Nigeria Governors' Forum and Zamfara State Governor Abdulaziz Yari, Kaduna State El-Rufai and Emmanuel.
According to him, from the reports presented to NEC by NNPC and the office of the Accountant General of the Federation on Monday, N8.1 trillion generated from oil sales during the period ought to have been remitted to the Federation account.
Only N4.3 trillion was remitted to the Federation Account by NNPC, Oshiomhole said.
He also disclosed that former Minister of Finance Ngozi Okonjo-Iweala spent $2.1 billion from the Excess Crude Account without approval between November last year and May 2015.
His words: "This is the first time we had a National Economic Council meeting in which under the instructions of the President, NNPC and the Office of the Accountant General of the Federation were compelled to provide information in black and white on issues as they relate to the total sales of Nigeria crude from 2012 to May 2015. This has never happened before and for us this is profound.
"What we saw from those numbers, which I believe Nigerians are entitled to know, is that whereas the NNPC claimed to have earned about N8.1 trillion, what NNPC paid into the Federation Account between 2012 and May 2015 was N4.3 trillion and NNPC withheld and spent N3.8 trillion.
"We are talking about transparency, we are talking about change. And what we saw from those numbers – I believe that Nigerians are entitled to know – is that whereas the NNPC claimed to have earned N8.1 trillion, what NNPC paid into the federation acount from 2012 to May 2015 was N4.3 trillion."
"What it means is that NNPC withheld and spent N3.8 trillion. The major revelation here is that the entire federation — the federal government, the states and all the 774 local governments— the amount the NNPC paid into the federation account for distribution to these three tiers of government came to N4.3 trillion and NNPC alone took and spent N3.8 trillion."
He added: "Which means the cost of running NNPC is much more than the cost of running the Federal Government. That tells you how much is missing, what is mismanaged, what is stolen; these are huge figures.

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