Ngozi Okonjo-Iweala, Minister of Finance and Coordinating Minister for the economy, has announced that the audit report on $10.8 billion allegedly missing from the coffers of the Nigerian National Petroleum Corporation, NNPC, will be ready in November.

The Minister stated this during the Financial Times Africa Summit 2014 held recently in London, United Kingdom.

She also said there had been ongoing discussions between the Ministry of Finance and the Ministry of Petroleum Resources on the matter, adding that the huge attention generated by the unaccounted fund necessitated the government to take steps leading to the appointment of PriceWaterhouseCoopers (PWC) to do a forensic audit.

Okonjo-Iweala said, “Initially it was $48 billion, then $20 billion; but the figure we have always had is $10.8billion. I am minister of finance; if money is missing I want it to be used for good things for the country and that was why when we went to the Senate, we demanded for forensic audit. The President supported it and asked for it to be done.”

She revealed that because of the crisis generated by the debate, government had to engage PwC with the auditor general of the federation heading the team which was given 16 weeks to complete the work.

The Finance Minister said the forensic audit team has now spent between 11 and 12 weeks out of the 16 weeks allotted for the assignment.

Johnson Alabi
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