June 30, 2015 
The Nigerian National Petroleum Corporation, NNPC, generated about N8.1trillion between 2012 and May 2015, but paid only N4.3trillion to the federation account, Edo State governor, Adams Oshiomhole, said Monday, citing new details from the federal economic council meeting.
The balance of the oil money — about N3.8trillion — was withheld and spent by the NNPC unilaterally without approval or National Assembly appropriation, the governor told journalists.
Also, the governor confirmed at the meeting that from November 2014, about $2.1billion was withdrawn from the excess crude account without the approval of the National Economic Council, NEC.
Mr. Oshiomhole, who, alongside the governors of Kaduna state governor, Nasir El-Rufai, and Zamfara governor, Abdulazeez Yari, briefed journalists, said following the discovery, the NEC has set up a four-member committee to comb the books of the NNPC to confirm its remittances and how the excess crude account was utilised.
President Muhammadu Buhari dissolved the board of the NNPC on Friday, to pave way for full investigation of the corporation.
Mr. Oshiomhole said Monday’s meeting was the first time the NNPC and the office of the Accountant General of the Federation, briefed the National Economic Council, as directed by President Muhammadu Buhari.
The governor said Mr. Buhari “compelled” the NNPC to provide information in “black and white” on issues relating to the total sales of Nigeria’s crude oil from 2012 to May 2015.
“This has never happened before and for us this is profound. 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 account from 2012 to May 2015 was N4.3trillion. What it means is that NNPC withheld and spent N3.8 trillion.
– Premium Times
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