Senate Committee on Public Accounts on Monday gave Central Bank of Nigeria Governor Godwin Emefiele, 72 hours to appear it over the alleged disappearance of $9.5million interest that accrued from Petroleum Profit Tax (PPT) investment.
Chairman of the Committee, Senator Matthew Urhoghide, had complained that the principal sum deposited, tenor, and rate of interest on the transaction were shrouded in secrecy.
Petroleum Profit tax (PPT) is a tax applicable to upstream operations in the oil industry. It is particularly related to rents, royalties, margins, and profit-sharing elements associated with oil mining, prospecting, and exploration leases.
Urhoghide said there have been many issues Emefiele had to reply to corroborate a few statements of account.
He brought that the apex bank had until next tomorrow to seem the committee to deal with the problems.
Recall that the committee had weeks ago summoned CBN officials over alleged disappearance of the fund.
Neither Emefiele nor his consultant appeared earlier than the committee in the course of its sitting the day past.
The summon turned into sequel to the attention of a file by using Auditor-General for the Federation, which audits the spending of Federal Government ministries, departments and businesses.
The Auditor General of the Federation had in his 2016 audit report queried the transaction.
The query reads: “During the examination of transfers to Foreign PPT/Royalty and Foreign Excess Crude Accounts, it turned into found that in the year 2016, amount totaling $6 million and $3.Five million have been credited to the Foreign PPT/Royalty and Foreign Excess Crude Account as hobby on finances invested.
“The authority for placing the price range which yielded the above hobbies totaling $9.5 million in deposit account, the essential sums deposited, the tenor and charge of hobby had been now not made available for audit verification.
“This observation had also been a subject of my reviews since 2017 with none fantastic response from Central Bank of Nigeria.
“Records made to be had for audit further discovered that the balance within the overseas PPT/Royalty and Foreign Excess Crude money owed as of twenty eighth December 2016 had been USD0.00 and USD251,826 respectively.
“This shows the foreign PPT/Royalty became depleted earlier than the 12 months-give up.
“The Accountant-General has been requested to offer the authority for the price range invested, the tenor of the funding, price of interest payable, certificate for the finances invested and forward identical for audit verification.”