Senate Committee on Public Accounts on Monday issued an invitation to Central Bank of Nigeria Governor Godwin Emefiele, giving him 72 hours to appear before it over the alleged disappearance of $9.5million interest that accrued from Petroleum Profit Tax (PPT) investment.
Chairman of the Committee, Senator Matthew Urhoghide, had complained that the principal sum deposited , tenor, and rate of interest on the transaction were shrouded in secrecy.
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 Nation reports.
Urhoghide said there were many issues Emefiele needed to respond to corroborate some statements of account.
He added that the apex bank had till next tomorrow to appear the committee to address the issues.
