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Breaking: CBN Officials to appear before Senate over missing $9.5 million


Officials of the central bank of Nigeria are expected to show up before the Senate on Tuesday over a supposed dissaperance of $9.5 million from the Petroleum Profit Tax(PPT) investment.

As indicated by a Senate Committee on Public Funds, the tenor and loan cost of the PPT were covered in Secrecy.

The board, headed by Senator Mathew Urhogide(PDP, Edo), had brought officials of the Apex bank a week ago in the wake of deliberating on a report by the Auditor-General of the Federation.

Petroleum Profit Tax is kind of tax appropriate to upstream activities in the Oil Industry. It centers significantly around royalties, margins, rents and profit-sharing related with oil-mining, leases and exploration.

CBN officials will likewise be giving clarifications on a 2014 remarkable subsidy of N121 billion paid to Independent Petroleum Marketers in 2016.


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