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NNPC indicted over
multiple exchange rates
By Sanya Adejokun
Snr
Correspondent, Abuja
Managers of the
federal treasury have clung to using dual rates in foreign exchange inflows,
despite the government’s public commitment to eliminate such a practice,
claiming it runs counter to transparency and breeds fraud.
Monitoring authorities
in Abuja are frustrated that several memos asking for the reason for this
insistence, and in whose benefit the different rates are being applied, have
all gone unanswered.
An official, who
pleaded anonymity, confirmed that the Nigeria National Petroleum Corporation
(NNPC), where about 95 percent of the country’s foreign exchange inflow
passes through, uses two different exchange rates for three separate accounts.
For instance, in a
restricted document titled “Appendix F” and jointly signed by two
officers (names withheld) for the Federation Account Allocation Committee
(FAAC) meeting last month, the NNPC used the rate of N131.88 to the dollar to
remit money into the main Federation Account; N132.38 to the dollar for the
joint venture (JV) operations and N132.38 to the dollar for the excess crude
account.
Daily Independent
exclusively reported last Tuesday that monies meant for the Federation Account
are now first lodged into deposit money banks for sometime - for
unofficial gain - before hasty transfer to the Central Bank of Nigeria
(CBN) on the eve of monthly FAAC meetings, and that the disbursement of other
monies is being postponed.
A source added that
monitoring organs of the government find it easier to pass through the eye of
the needle than to gain access to scrutinise the books of the NNPC as
constitutionally required.
Details of
NNPC’s report to the FAAC in October and its statement of accounts for
September showed that the Federation Account had $1,314,832,715.53
(N173,747,902,395.34) in addition to N20,531,790,055 in the naira account, to
make a total N194,279,692,450.34 meant for distribution in October.
Out of this,
$260,000,000 (N34,418,800,000) was set aside for the cash call allocation in
September.
Another $15,000,000
(N1,978,200,000) plus the N15,000,000 in the naira account (totaling
N1,993,200,000) was also deducted as base amount in the NNPC and Federal Government
share crude oil account.
This left $1,039,832,715.53 (N137,350,902,395.34) in
addition to the N20,516,790,055 available in the naira account, making a total
N157,867,692,450.34 available for sharing by the three tiers of government from
the sale of crude oil on both the local and international markets.
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