The Nigeria Extractive Industries Transparency Initiative (NEITI) and Petroleum Products Pricing Regulatory Agency (PPPRA) have finally found the allegedly missing N4.423 billion petroleum subsidy money that was recovered as over-payment to 10 oil marketers.

Following the protracted dispute between the two organisations over the said fund, both agencies yesterday in a joint statement signed by their Executive Secretaries, Mrs. Zainab Ahmed for NEITI and Reginald Stanley for PPPRA, stated that the missing fund had been reconciled and traced to the Petroleum Support Fund (PSF) account domiciled with the Central Bank of Nigeria (CBN).

Both agencies had been at loggerheads over the funds, which findings from NEITI’s oil and gas audit report for the years 2009 to 2011 disclosed could not be accounted for by PPPRA.

The audit report had asked PPPRA to account for the money, which it recovered from the marketers as over payment but did not show evidence of remitting to the federation account, while PPPRA on the other hand denied knowledge of such fund and asked NEITI to among other things clarify information in its audit report before presenting to the public.

The statement confirming the new development, stated that the money was traced to the PSF within the CBN, stating that PPPRA had also agreed to subject itself to further discussions to address other outstanding issues in the 2009 to 2011 audit report.

“Following the sustained media engagement between PPPRA and NEITI, over the recently released 2009 to 2011 industry audit in the oil and gas sector, and the findings as they affect PPPRA, a joint meeting between the two agencies was held today, August 13, in Abuja, with the managements of the two agencies in attendance.


"The joint reconciliation meeting, after exhaustive and useful deliberations, resolved as follows; that the sum of N4.423 billion in dispute has been reconciled and traced to the PSF account domiciled with the CBN. That there is nothing outstanding against PPPRA on the said amount,” the statement read.

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NEITI?
We do have a lot of them I gez!

Yorubest:
Suddenly all these probes and scandals surrounding Sanusi are only aimed at frustrating his possible candidacy for the presidential elections with Amaechi

But guess what, OBJ still holds the aces

Fingers crossed

You mean Amaechi for Presidency and Sanusi for Vice Presidency
Because the reverse is an insult.

Yorubest:
Suddenly all these probes and scandals surrounding Sanusi are only aimed at frustrating his possible candidacy for the presidential elections with Amaechi

But guess what, OBJ still holds the aces

Fingers crossed

dude, did u read d thread at al, d post is not about Sanusi...