According to analysis reviewed, the NEITI’s Fiscal Allocation and Statutory Disbursement (FASD) audit report from 2012-2019 as well as the Nigerian Bureau of Statistics (NBS)’s Petroleum Import Statistics from 2010-2015.
At least N137 billion of bridging allowance is unaccounted for by the Petroleum Equalization Fund (Management) Board.
Following a research and audit document, report has it that PEF(M)B between 2012-2019, received a total of N381.8 billion, the calculation using the NBS report revealed the agency should have generated at least N519 billion from three major petroleum products imported within the period under review.
The Petroleum Equalization Fund Management Board PEF(M)B acts as a revenue-generating and disbursement agency in the oil and gas sector of the country.
The Board was established to manage the operation of the Petroleum Equalization Fund (PEF).
The sources of revenue for PEF include bridging allowance, net surplus revenue recovered from oil marketing companies amongst others and between 2012 and 2019, it received a total of N499 Billion according to the audit report.
Receipts from Bridging allowance for the years under review was N381.8 billion and the bridging allowance accounted for close to 77 per cent of the total revenue of the agency despite this huge revenue pull,...

Read full story: https://thestreetjournal.org/2020/04/how-n137bn-was-discovered-in-petroleum-equalisation-fund-pefmb/

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