The Guardian
Senate has uncovered N34 billion in a fixed deposit account allegedly traced to the management of Petroleum Equalisation Fund (PEF) and non-remittance of N182 million interest.
The agency only remitted N82 million, while withholding N100 million from an interest of N34 billion in various banks.
The discovery by Senate Public Accounts Committee (SPAC), chaired by Senator Matthew Urhoghide, was based on a 2016 Auditor General’s report, currently being considered by the committee.
The management of PEF declined to appear before the committee for a meeting on Wednesday, last week. The new management of Nigerian Upstream Regulatory Commission is expected to respond to the allegation, since the Federal Government has scrapped the Fund, following signing of the Petroleum Industrial Act.
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