NO $25 BILLION IS MISSING, UNACCOUNTED FOR – PRESIDENCY

ABUJA, Nigeria – The Presidency has said that no $25 billion is missing or unaccounted for contrary to media reports, describing the reports as malicious and sensational reporting that lacked basic facts.

“There is no NNPC $25 bn missing or unaccounted for. Please beware of sensational/malicious reporting that has no basis in fact”, the Presidency said in a statement.

The Presidency made the statement following a leaked memo from Minister of State, Dr. Ibe Kachukwu that the Managing Director of NNPC, Dr. Maikanti Baru awarded $25 billion contract without approval.

The Presidency said on tweeter that the Muhammadu Buhari administration in implementation of the TSA has closed multiple NNPC group accounts to promote transparency and probity.

It added that proceeds from the sale of crude sold by any firm on behalf of Nigeria go directly to the Federation Account & not to the firm.

“There are no financial values attached to this. They’re simply shortlists stating terms/conditions for lifting/supply of petroleum products”, the Presidency added the Crude Term Contract and DSDP agreement are not procurement contracts but instead a shortlisting process for off-takers and suppliers”, it noted.