Missing $9.5m PPT fund: CBN Gov to appear before Senate panel today
The Central Bank of Nigeria (CBN) will appear before the Senate Committee on Public Account over alleged disappearance of $9.5 million interest from Investment Petroleum Profit Tax (PPT), Royalty and Foreign Excess Crude, today, Tuesday, March9.
The Senate has summoned the apex bank following the 2016 Auditor General Report which accused the CBN of failing to present documents supporting its investment for verification.
NewsExpress gathered on Monday that the nation’s upper legislators had observed that letter supporting the investment of the fund and the actual amount invested were not made known.
The Upper legislators’ query reads, “During the examination of transfers to Forefinger Excess PPT/Royalty and Foreign Excess Crude Accounts, it was observed that during the year 2016, amount totalling $6 million and $3.5 million were credited to the Foreign PPT/Royalty and Foreign Excess Crude Account as interest on funds investments.
“The authority for placing the funds which yielded the above interests totaling $9.5 in deposit account, the principal sums deposited, the tenor and rate of interest were not made available for audit verification.
“This observation had also been a subject of my reports since 2017 without any positive response from the Central Bank of Nigeria
“Records made available for audit further revealed that the balance in the foreign PPT/Royaltt and Foreign Excess Crude accounts as at 28th December 2016 were USD0.00 and USD, 251,826 respectively.
“This suggests the foreign PPT/Royalty was depleted before the year end.
“The Accountant General has been requested to provide the authority for the funds invested, tenor of the investment, rate of interest payable, certificate for the funds invested and forward same for audit verification.”
The Chairman of the Committee, Senator Mathew Urhoghide, it was further learnt, however asked the Accountant General of the Federation, to respond to issues raised in the Auditor General Report.
Our Reporter learnt that the Accountant General was unable to present any document on the issue raised by the Committee.
The AGF further told the lawmakers that the Office of Accountant General has sent a letter to the CBN for clarification on the issue raised.
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