Nigeria faces questions over 'missing' oil money

2014-02-09 14:43

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Lagos - Africa's biggest oil producer Nigeria is facing questions about where billions of dollars in oil money is going, amid suspicions of fraud and it being syphoned off to fund election campaigns.

The issue has been rumbling on since September, when the governor of the Central Bank of Nigeria accused the Nigerian National Petroleum Corporation of withholding $49.8bn in oil revenue.

Sanusi Lamido Sanusi, who steps down as central bank chief in the coming months, later revised his figures down to $12bn, sparking claims of political pressure.

But this week he again claimed that the state-run NNPC owed the central bank money -- this time $20 billion from the $67bn earned from oil between January 2012 and July 2013.

"It is now up to NNPC... to produce the proof that the $20bn unremitted either did not belong to the federation or was legally and constitutionally spent," he told a parliamentary committee.

Nigeria produces about two million barrels of oil per day, and crude exports account for about 80% of government revenue. 

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Read more on:    nigeria  |  west africa

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