Nigeria: Senate orders audit to track down oil revenue

Nigeria’s Senate is ordering a forensic audit to track down billions of missing petrodollars.

The Central Bank of Nigeria last year reported nearly US$50 billion worth of oil sold by the state oil corporation had not been paid to the government. In December the Finance Ministry reported it had accounted for all but US$10.8 billion.

The Senate Committee on Finance heard Thursday that the unaccounted amount has grown to US$20 billion. Finance Minister Ngozi Okonjo-Iweala told senators the Nigeria National Petroleum Corporation (NNPC) has produced receipts to account for the US$10.8 billion.

Committee chairman Sen. Ahmed Makarfi concluded they did not have the expertise to unravel the mystery and said senators are ordering an audit by legal experts. Corruption and mismanagement have been rife in Nigeria – Africa’s biggest oil producer.

The Goodluck Jonathan administration has however taken measures to address the issues affecting the oil industry in the country – over the next two years, Nigeria will move to privatize the refining process.

Source: Associated Press; Newswires