By Alex Agbo in Abuja
Grim revelations about the finances of the Nigeria National Petroleum Corporation emerged on Monday as the newly-inaugurated National Economic Council found out that NNPC kept back a whooping N3.5 trillion from the Federation Account between 2012 and 2015.
The corporation, according to the NEC, only paid about N4.3 trillion to the Federation Account from a total N8.1 trillion earned in the three years.
To get to the bottom of the missing fund, the National Economic Council has set up a four -man committee. The committee has as members Governors Adam Oshiomhole (Edo), Nasir el-Rufai (Kaduna), Ibrahim Hassan Dankwabo (Gombe) and Udom Emmanuel (Akwa Ibom)
Briefing State House Correspondents after the NEC meeting, Edo State Governor Oshiomhole said from the missing money, it emerged that the cost of running NNPC was more than the cost of running the Federal Government.
He said: “NNPC earned 8.1 trillion naira ($41 billion) from 2012 until new President Muhammadu Buhari was inaugurated on May 29, but only paid 4.3 trillion into the federal government’s account”.
NEC is composed of the country’s 36 state governors, the Central Bank Governor and is chaired by the Vice President.
Vice President Yemi Osinbajo chaired the meeting which began shortly after President Muhammadu Buhari inaugurated the council.
Buhari had last week dissolved the NNPC board in a move that signalled the commencement of sweeping reorganisation in the organisation.