A report submitted to National Executive Council (NEC) by Mohammed Dikwa, the then director of funds, Office of the Accountant General of the Federation (OAGF), revealed a startling discrepancy of about ₦323.58 billion, which his analysis failed to explain.
Mr Dikwa was later by President Buhari as acting Accountant-General of the Federation before Ahmed Idris emerged as the Accountant General.
The oil report, exclusively dated June 29, 2015 was presented at the 58th Meeting of the National Economic Council (NEC).
The NEC comprises of the 36 state governors, the governor of the Central Bank of Nigeria and other co-opted members. The NEC is chaired by Vice President Yemi Osinbajo.
Mr Dikwa presented crude oil revenue streams of ₦1,844,764,591,969 for 2012; ₦2,727,834,769,083 for 2013; ₦2,541,454,301,641 for 2014 and ₦1,031,691,963,044 for the first two quarters of 2015. The total oil revenue for the period stood at ₦8,145,745,652,737.
For the amount paid into the Federation account, the report showed the sum of ₦927,312,350,868 for 2012; ₦1,466,951,625,000 for 2013; ₦1,341,545,651,272 for 2014 and ₦591,681,318,358 for the first two quarters of 2015.
The total remittance for the period of 2011 to June 2015 was ₦4,327,490,945,499.
This is shown below:
Naturally, the amount paid into Federation account and that withheld by NNPC should equal the crude oil revenue for each year.
But that was not the case with the OAGF report.
Year Crude cost (Revenue)
(a) Amount Paid into FAAC
(b) Withheld by NNPC
(c) Unreported Amount in FAAC
d=a-b-c
2012 ₦1,844,764,591,969 ₦927,312,350,869 ₦774,382,841,100 ₦143,069,400,000
2013 ₦2,727,834,769,083 ₦1,466,951,625,000 ₦1,179,883,171,083 ₦80,999,973,000
2014 ₦2,541,454,301,641 ₦1,341,545,651,272 ₦1,114,306,750,369 ₦85,601,900,000
2015 ₦1,031,691,963,044 ₦591,681,318,358 ₦426,102,269,704 ₦13,908,374,982
Total ₦8,145,745,625,737 ₦4,327,490,945,499 ₦3,494,675,032,256 ₦323,579,647,982
Cumulatively, the report by the OAGF failed to explain what NNPC did with ₦323,579,647,982.
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