Missing $9.5m PPT fund: CBN to appear before Senate panel Tuesday
Officials of the Central Bank of Nigeria are expected to appear before the Senate Committee on Public Accounts on Tuesday over alleged disappearance of $9.5m interest accrued from Petroleum Profit Tax (PPT) investment. The principal sums deposited, the tenor and rate of interest were shrouded in secrecy, according to the Senate panel chaired by Senator […]
The Central Bank of Nigeria (CBN)
Officials of the Central Bank of Nigeria are expected to appear before the Senate Committee on Public Accounts on Tuesday over alleged disappearance of $9.5m interest accrued from Petroleum Profit Tax (PPT) investment.
The principal sums deposited, the tenor and rate of interest were shrouded in secrecy, according to the Senate panel chaired by Senator Matthew Urhoghide (PDP, Edo).
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.
The committee had last week summoned the officials of the apex bank over alleged disappearance of the fund.
The summon was sequel to the consideration of a report by Auditor-General for the Federation, which probed the spendings of federal government’s agencies.
In a related development, the Senate panel also summoned the apex bank over N121 billion 2014 outstanding subsidy paid to Independent Petroleum Marketers in 2016.