‘NNPC Should Be Audited, We Need To Know Where Oil Money Is Going’ — Sanusi

Date: 08-12-2023 9:38 am (2 months ago) | Author: onuigbo felicia
- at 8-12-2023 09:38 AM (2 months ago)
Online (f)

Former emir of Kano State, Muhammadu Sanusi II, has called for the audit of the Nigerian National Petroleum Company (NNPC) Limited.

While speaking during the Bank Directors’ Association of Nigeria conference in Abuja, Sanusi said the country needs to shine the light on NNPC in the areas of revenue generation and oil production

“The finance minister can not tell you because he doesn’t have a metering system that reports to him.

“The finance minister can not tell you that today, this is how many barrels of oil that we produce and export here. He can only rely on NNPC telling him. Those barrels are revenue; they belong to finance. We have been talking about this for 10 years. We need a metering system.

“The finance ministry needs to know how much oil we are producing everyday, selling, and where the money is going,”
he said.

Sanusi said if the leakages are not fixed in the system, the dollar revenue issue and the exchange rate problem will not be fixed.

“Oil is not going to grow our GDP, I have always said that. If you took out all the oil in Nigeria today and sold it, it would raise our per capital income to maybe $4,000,” he said.

According to Sanusi, oil will ‘never enrich’ the country but it is a working capital for an import-dependent economy.

He said the country can not afford to continue producing oil and not receive revenue in return.

“We are no longer paying subsidy, so where are the dollars? Before it was under recovery, now we do not have underestimate. Where is the money?” he queried.

He furthered that petroleum exploration licences given to unworthy players should be revoked for maximum revenue.

According to him, the country would earn more revenue by moving to alternative energy.

Sanusi also posited that Nigeria should have a Petroleum Minister, adding that the President of the country should not occupy the office.

“Let me advise that the idea of the president being petroleum minister. The last president was minister of petroleum for eight years.

“When I was governor of CBN, we had a petroleum minister. So when we talk about NNPC, I could attack Diezani, now nobody can talk about petroleum because in 8 years if you talk, you are attacking the President,”
he added.

He said a minister who is to be held accountable should be in the office.

Posted: at 8-12-2023 09:38 AM (2 months ago) | Addicted Hero
- Benti247 at 8-12-2023 11:23 AM (2 months ago)
This man is my G. Buhari and the Kyari family must be probed.  Covering up their looting with Emiefele's detention as if he was the only person that served in buharis Government.
Posted: at 8-12-2023 11:23 AM (2 months ago) | Gistmaniac
- gogoman at 8-12-2023 12:01 PM (2 months ago)
 Roll Eyes Roll Eyes Roll Eyes
Posted: at 8-12-2023 12:01 PM (2 months ago) | Grande Master


  1. When The Time Comes, It Has Come’ – Video Of Mr Ibu’s Last Moment Surfaces

  2. "Hike In Cement Price Has Rendered Us Jobless" - Artisans, labourers Cry Out

  3. Reno Omokri Reveals Reason Many Nigerian Women Will Remain Unmarried

  4. ‘It Was An Unfortunate Statement' - Ex Aviation Minister Faults Tinubu Over Comment On Bribe

  5. Geometric Power Project: Ikpeazu, Otti Govt At Loggerhead Over Alleged $5m Investment

  6. 15 Suspects Arrested Over Looting Of Abuja Warehouse

  7. HARDSHIP: 'Don’t Repeat It' – Shehu Sani Warns FCT Residents Against Looting Govt Warehouses

  8. “Don’t Fear Death, Prepare For It” – Yul Edochie Advises Fans Following Mr Ibu’s Death

  9. Zamfara Senator, Abdulaziz Yari Set To Distribute 358 Trucks Of Foodstuffs

  10. Comedian, MC Pashun Reveals Current Economic Hardship Makes Him Misses Ex Pres. Buhari

  11. ‘I Feel Incredibly Privileged’ – Burna Boy Speaks About American City Honour

  12. 'Sanwo-Olu's Promise Of Free Antenatal, Delivery Services A Mirage' - Lagos Residents Lament

  13. Nollywood Filmmakers, Fans Pay Tribute To Deceased Actor Mr Ibu

  14. Hardship: Tinubu Can't Solve Nigeria's Challenges In 9 Months, Says Umahi

  15. "Why My Wedding Won’t Be Elaborate" – Actor, Broda Shaggi Reveals

  16. Ghanaian Pastor Flaunts Cash He Received As Offering After Church Service While Vibing To Song

  17. Police Arrests Driver With Pistol And Ammunition In Edo

  18. Nigerians Should Express Their Feelings Over Hardship In A Responsible, Mature Manner -Shettima

  19. Obasanjo, Peter Obi Meet Chief Imam Of Egbaland To Celebrate His 90th Birthday

  20. VID: Ogun Pastor Arrested For Abducting Member’s Daughter, Raping & Getting Her Pregnant

  1. Veteran Nollywood Actor, John Okafor Popularly Known As Mr. Ibu Is Dead

  2. "I Found Out He Was 51 On Our Wedding Day After Telling Me He Was 38" – Mr Ibu’s Daughter

  3. The Real Cause Of Nollywood Legend, Mr. Ibu's Death Revealed

  4. Ogun Serial Ritualist, Adebayo Azeez Reveals How He Gets His Victims From A Dating App (Video)

  5. Kizz Daniel Shows Off His Beautiful Wife As He Teases With New Music “Showa” (Video)

  6. "Late Herbert Wigwe Built State-Of-Art Private Tomb Before Death Struck" – Source Reveals

  7. Video of Late Sisi Quadri Complaining Bitterly About His Health in a Hospital Surfaces Online

  8. VIDEO: Police Parade Fleeing Female Anambra Lawyer Who Brutalized Maid With Hot Knife

  9. “I Want To Die” James Brown’s Sister Gracious Brown Laments Bitterly

  10. “How My Brother Collapsed On A Movie Set” - Sisi Quadri’s Brother Narrates How He Died (Video)