Why NNPC didn’t remit N50 billion to TSA – GMD

The Group Managing Director of Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru has explained the non remittance of all Corporation’s funds into the Single Treasury Account (TSA),  stating that approval was got from  President Muhammadu Buhari.
The GMD gave the explanation yesterday in a statement disclaimed refuting an online media report that the Chief of Staff to the President, Alhaji Abba Kyari had directed the Corporation to set aside N50 billion from the NNPC funds.
According to the NNPC GMD in a statement from the Corporation’s spokesperson, Ndu Ughamadu, the Corporation had sought approval from the President not to remit all funds into the TSA and this was graciously approved.
He said the approval of the President was only conveyed to the Corporation by Kyari and not him (Kyari) given the instructions that part of NNPC funds should be set aside.
According to him, never in any fora had he stated that the Chief of Staff to the President, Mallam Abba Kyari, “directed the Corporation to keep the sum of N50billion away from the Treasury Single Account (TSA).”
Ughamadu, therefore in the statement said,  “NNPC wishes to state that the allegation is baseless, and is a clear misrepresentation of the truth.”
On the Presidential approval, he said, “By virtue of the operations of the NNPC, the Corporation had made series of compelling cases to the Presidency and the Central Bank of Nigeria to allow certain categories of accounts operate outside the TSA, as they contain co-mingled funds governed by detailed agreements with local and international implications.
“NNPC equally wishes to state that while these necessary approvals sought by the NNPC were graciously given by the Presidency, the Chief of Staff merely conveyed the notice of these approvals to the Corporation.
“In the same vein, members of the relevant committee of the National Assembly have requested for copies of such approvals, which were duly provided by the Corporation.
“To claim that the Chief of Staff single-handedly approved these exemptions was not only unfair, but is a complete misrepresentation of facts to mislead the general public.
It would be recalled that at the inception of this administration the Presidency had directed MDA’s to remit all funds into TSA for proper accountability.