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BREAKING: CBN to appear before Senate over missing $9.5 million

Officials of the central bank of Nigeria are expected to appear before the Senate on Tuesday over an alleged disappearance of $9.5 million from the Petroleum Profit Tax(PPT) investment.

In response to a Senate Committee on Public Funds, the tenor and interest rate of the PPT had been shrouded in Secrecy.

The committee, headed by Senator Mathew Urhogide(PDP, Edo), had summoned officials of the Apex bank last week after deliberating on a report by the Auditor-Normal of the Federation.

Read more: CBN releases framework for N75bn youth investment fund

Petroleum Revenue Tax is kind of tax relevant to upstream operations within the Oil Industry. It focuses majorly on royalties, margins, rents and profit-sharing related to oil-mining, leases and exploration.

CBN officials can even be giving explanations on a 2014 outstanding subsidy of N121 billion paid to Independent Petroleum Marketers in 2016.

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