The Petroleum Minister didnot disclose how much has so far been remitted.
Diezani denied the reports that she was seeking the assistance of highly placed individuals in order to get soft landing from the incoming administration of Buhari.
The Federation Account Allocation Committee on Monday constituted a committee to find out the reasons for delay in refunding the sum to the Federation Account.
PriceWaterHouseCoopers were hired to conduct a forensic audit after the former Governor of Central Bank had alleged that $20billion was not remitted to the Federation Account by NNPC.
In their report, PriceWaterHouseCoopers had stated that while the total gross revenue generated from crude oil lifting was $69.34bn between January 2012 and July 2013 and not $67bn as earlier stated by the Senate Reconciliation Committee, what was remitted to the Federation Account was $50.81bn and not $47bn.
The audit also revealed that the $28.22bn was the value of domestic crude oil allocated to the NNPC, adding that the toal amount spent on subsidy for Premium Motor Spirit was $5.32bn.
The Petroleum Minister, Diezani Alison Madueke however explained that the unremitted funds was owed by NDPC for a block that had been assigned from NNPC to NPDC.
Diezani said,
"The PriceWaterHouseCoopers forensic audit that was done a few weeks ago, in its recommendation mentioned that $1.48bn was owed by NPDC for a block that hitherto been assigned from the NNPC to NPDC which is the subsidiary.
"They felt that the right process would be that NPDC will refund the money to Federation Account. NPDC has apparently started those refunds and it is also in discussion with NNPC and DPR on same. So the refund has actually begun"
Dieziani while acknowledging that the payment was being made under her directives, insisted that the funds were merely transferred from NNPC to NDPC, a subsidiary and by no means was it missing.
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