House to probe alleged missing $60bn petroleum profit tax revenue

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The House of Representatives Committee on Public Petitions says it will investigate an alleged missing $60.3 billion in Petroleum Profit Tax and Royalty revenues at the Central Bank of Nigeria (CBN), The Sun reports.

Chairman of the committee, Mr Uzoma Nkem-Abonta (Abia-PDP), stated this on Wednesday in Abuja following failure by the CBN to appear before the committee to defend its submissions over the alleged infractions. He said that the committee would conduct a public hearing as part of the process of investigating the allegation.

The allegation emanated from a petition by Mr Fidelis Uzonwani, a chartered accountant with Synergy Resources Nigeria Limited, to the committee. Uzonwani, who appeared at the committee’s sitting, told the members that “from 2004 to 2016, over $60 billion of petroleum profit tax and royalty revenues were unaccounted for by the CBN’’.