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The House Of Representatives Panel, on Tuesday, disclosed that the Nigeria National Petroleum Corporation, NNPC, is keeping over N50 billion, outside the Treasury Single Account, TSA.
The Panel which was chaired by Abubakar Nuhu Danburam, stated that the over N50 billion is part of proceeds from Joint Venture Contracts, JVCs.
At a session in Abuja, the Panel revealed that the NNPC claimed the amount was exempted from being transferred to the TSA, following an approval by President Muhammadu Buhari.
The Central Bank of Nigeria, CBN, has confirmed NNPC’s claim, saying a letter issued by the Chief of Staff to the President, Abba Kyari, conveyed the directive.
Dipo Fatokun, who represented the CBN Governor, Godwin Emefiele, told the Lawmakers that the TSA has yet to achieve 100 percent compliance, saying part of the N50 billion may have been withheld by some Banks, due to the outcome of litigation involving the NNPC.

However, the Lawmakers doubted the claims, saying there must be a separate approval given by the President, since the purported letter from the President’s Chief of Staff was not categorical.
The Group Managing Director, GMD, of the NNPC, Maikanti Baru, was not present to respond to issues raised by members of the Panel.
Consequently, the Lawmakers summoned him to appear “unfailingly” on Wednesday, next week. He is to appear alongside some Banks Chief Executive Officers.
Danburam and his colleagues also resolved that NNPC must produce evidence of Presidential approval for the exemption of the accounts within 48 hours.
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