PEF must account for interest on N34bn in fixed deposit – Senate

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Senate chickens out of overriding Buhari's veto on Electoral Act Amendment Bill

Senate chickens out of overriding Buhari's veto on Electoral Act Amendment Bill

By Henry Umoru

THE Senate has vowed that the Petroleum Equalization Fund (PEF) now Nigeria  Midstream and Downstream Petroleum Regulatory Authority (NPRA) must account for the  interest that accrued to N34 billion placed in the fixed deposit.

The Senator Matthew Urhoghide, Peoples Democratic Party, PDP, Edo South led Senate Committee on Public Accounts accused the agency of not remitting fully the interest accrued from N34 billion in Fixed deposit account.

Addressing Journalists on the matter, Senator  Urhoghide who noted that the agency must present evidence of remitting N182 million accrued from N34 billion placed in fixed deposit, said  that whether the agency changes name or not, the agency must appear before the Committee and account for interest accrued to N34 billion in the fixed deposit account.

According to him, PEF must account for the outstanding of N100 million that is remaining in the interest accrued to N34 billion placed in the fixed deposit account…



Source: Vanguard Newspaper

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