BY BODE GBADEBO |
The Senate Public Accounts Committee (SPAC) has given the Governor of Central Bank of Nigeria (CBN), Godwin Emefiele, a three-day ultimatum to appear before the committee over the alleged missing $9.5m interest accrued from Petroleum Profit Tax (PPT) investment.
The principal sums deposited, the tenor and rate of interest were shrouded in secrecy, according to the Senate panel chaired by Senator Matthew Urhoghide.
LEADERSHIP reports that the PPT is a tax applicable to upstream operations in the petroleum industry.
It is particularly related to rents, royalties, margins and profit sharing elements associated with oil mining, prospecting and exploration leases.
Speaking on the development, the chairman of the committee, Senator Uroghide, said there were many issues Emefiele needed to respond to in order to reconcile some statements of account.
He added that the governor of the apex bank has till Thursday this week to appear before the Senate panel to address the issues raised.
It will be recalled that the committee had two weeks ago summoned the officials of the CBN over alleged disappearance of the fund. But the bank officials failed to appear before the lawmakers.
The summon was sequel to the consideration of a report by the Auditor-General for the Federation, which probed the spending of federal government’s agencies.
The report had said: “During the examination of transfers to Foreign Excess PPT/Royalty and Foreign Excess Crude Accounts, it was observed that during the year 2016, amount totalling $6 million and $3.5
million were credited to the Foreign PPT/Royalty and Foreign Excess Crude Account as interest on funds investments.”