NNPC has no right to retain oil revenue -Sanusi
The Governor of the Central Bank of Nigeria (CBN), Sanusi Lamido Sanusi Friday insisted that the Nigerian National Petroleum Corporation (NNPC) had no right retaining $10.8 billion oil revenue, saying it contributed to the drop in savings “that left the nation exposed to possible price shocks.”
Sanusi who spoke in an interview with Bloomberg in Abuja said: “Given where the oil price is, we should have more in terms of reserves and savings, and because we don’t have that we are susceptible to shocks in the event of a decline in the oil price.”
Sanusi maintained: “No one has the right to retain money that should have gone to the federation account; so the fact that you’ve admitted retaining or withholding $10 billion is itself bad enough. This money was supposed to come in and if it came in, it would be part of our reserves and part of our excess crude savings.” according to news reports.