Business
Sanusi Slams NNPC Over Oil Theft
Governor of Central Bank of Nigeria (CBN), Sanusi Lamido
Sanusi, has passed vote of no confidence on the Nigerian National Petroleum
Corporation (NNPC) over poor management and regulation of the nation’s oil
sector.
Sanusi expressed the concern while reacting to the recent
revelation made by the Minister of Petroleum Resources, Diezani Allison-Madueke
that Nigeria lost about $7 billion to oil theft in 2011.
He specifically expressed doubt over Nigerian crude oil
production, which currently stands at 2.7 million barrels per day according to
NNPC’s report as against the 2.4mbpd oil benchmark projection for the year
2012.
Sanusi, who appeared alongside his deputies, Tunde Lemo and
Sarah Alade, before Abdulmumin Jubrin-led joint House committee on Finance,
Legislative Budget and Research, National Planning and Aid, Loans and Debt
Management, also called for “bombing of illegal refineries” in the Niger Delta
region.
The CBN governor, who was drilled by members of the joint
committee for over 3 hours, queried whether NNPC has required facility for
measuring of the actual crude oil explored across the country.
To curtail the extent of corruption and shady deal in the
sector, the CBN chieftain, called on the National Assembly to strengthen NEITI
and ensure quick passage of the long awaited Petroleum Industry Bill (PIB).
In his submission, the Chairman of the joint committee,
Abdulmumin Jubrin, noted that the projection for exchange rate for MTEF was
consistently N160 for 2013 to 2015, except for 2012 that was N155.
He said “most of the time we give analysis, we make
comparative analysis with countries around the world and when we talk about the
issue of benchmark, what most of these countries does with their surplus at the first instance is
subsequently to balance their budget.
“When they borrow, what they do with the money can be
physically seen as it is tied to specifics. When they save. They save
transparently in a way that even the layman in the street will understand. My
worry is that we have been doing these processes, budgetary process, fiscal
planning, monetary policies but if am going to limit it to budgetary process,
it has always been the same or similar.
“The process is the same, the parameters are similar, the
modules are the same, same institution, same system and many of the
personalities are even the same. We want to get things differently in 2013 and
moving forward in 2014 and 2015 and subsequent years, it means that something
have to change”.