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The Standard Gazette
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You’re playing politics with $49.8bn – NNPC accuses Sanusi

The Group Managing Director (GMD), Nigerian National Petroleum Corporation (NNPC), Engr. Andrew Yakubu, yesterday described the Central Bank of Nigeria (CBN) Governor, Mallam Sanusi Lamido Sanusi’s claim that the corporation failed to remit $49.8 billion into the Federation Account from January 2012 to July 2013 as a political instrument in preparation for the 2015 general elections.

According to Yakubu who spoke at a world press conference in Abuja, it is a baseless and unfounded allegation targeted at ridiculing the management of the NNPC.

He said: “In conclusion, I want to say from what I have said clearly that the allegation is unfounded. It is baseless and it has become a political instrument in the current politically charged environment. And we consider this as an attempt to ridicule NNPC and the management of NNPC.”

Asked to explain what he meant by political instrument, the NNPC boss added that : “When this issue came up about four months ago, we made our clarification to the Hon. Minister of Petroleum Resources. For it to surface at this time that the political atmosphere is charged, we are taken aback. It is left for you journalists to do your investigative journalism to unravel the reason behind this attack.”

Yakubu explained that all NNPC crude oil lifting is made up of equity crude, royalty oil, tax oil, volume for third party financing and Nigeria Petroleum Development Company equity volume.

He noted that remittances of proceeds from the above liftings are made to statutory and production arrangements.

The GMD said: “Accordingly, proceeds from equity crude is paid by the NNPC into the Federation Account which is held by the Central Bank of Nigeria. Similarly, the proceeds from Tax oil or Petroleum Profit Tax lifted by NNPC is paid directly into the Federal Inland Revenue Service (FIRS) account also managed by the CBN.

“It should now be clear to all that NNPC is by statutory requirement responsible for direct remittances of only one stream of lifting, namely Equity Crude.”

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