‘NNPC Isn’t Sitting On Any Cash’

The presentation of Andrew Yakubu, Group Managing Director, NNPC to the Senate Committee You recall that we started from $49.8billion. And after the inter-agency reconciliation in December, it came down to $10.87 billion.
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This amount of $10.87 was described as unremitted funds and for emphasis, I want to tell all Nigerians – because after this episode, the impression all over the place is that $10.8 billion is seated in he four towers of the NNPC.
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And my staff and I have been portrayed in very bad light. I want to state categorically today that no such $10.8 billion is seated in NNPC or anywhere within our control.
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What we are talking about today and which we have gladly emphasized on is to account for this amount.
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The $10.8 billion after a series of discussions and presentations of documents and reconciliation meetings was traced to the four major items being discussed today.
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Those items are the subsidy that we have discussed extensively.
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We’ve discussed about legalities and other issues.
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We’ve discussed about budgetary provisions.
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But the reality that I found on the 26th of June, 2012, when I resumed was that the subsidy on kerosene was still there and it is still there as we speak.
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So the total amount based on our reconciliation is $8.76 billion.
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And we also did a detailed material balance of crude oil and product inventory and arrived at $.76 billion for the losses that we encountered because of the very harsh business environment.