The Senate Committee on Finance, chaired by Senator Ahmed Makarfi, submitted a report in May 2014 dismissing allegations by suspended CBN Governor Sanusi Lamido Sanusi that US$49.8 billion was missing from the Federation Account. The probe, triggered by Sanusi's letter to the President, concluded that the allegations were "unfounded and misleading," noting inconsistencies in the figures cited (US$49.8bn, then US$12bn, then US$20bn). However, the committee recommended that the NNPC remit US$218 million and US$262 million for undefended expenses, and that NPDC remit US$447.8 million in royalties and taxes.
What the record shows
- 11 December 2013Probe opened.
- 29 May 2014The Senate Committee on Finance reported that the claim of US$49.8 billion missing was unfounded, while asking NNPC to remit sums for unsupported expenses.
A committee report was presented or adopted. What became of its recommendations is shown where the record shows it. Know of a report, hearing or outcome missing here? Send a correction.