Timothy Odah is the head of the committee of finance commissioners of the 36 states and Abuja.The Chairman, Finance Commissioners Forum, Timothy Odah, said the Nigerian National Petroleum Corporation (NNPC) accepted that it owed the Federation Account.Mr. Odah, the Commissioner for Finance in Ebonyi, made the revelation in Abuja when he briefed journalists on the outcome of Friday’s monthly Federal Account Allocation Committee (FAAC) meeting.He said the NNPC representative at the meeting admitted that the organisation owed the federation, and acknowledged not remitting the exact amount it generated.PREMIUM TIMES had published a letter written by the governor of the Central Bank of Nigeria (CBN), Lamido Sanusi, to President Goodluck Jonathan, accusing the NNPC of failing to remit $49.8 billion to the Federation Account between 2012 and 2013.The NNPC had in an initial response accused Mr. Sanusi of ‘ignorance’ with his allegations.Mr. Odah, however, said the actual amount of its indebtedness would be determined at the next FAAC meeting.“The NNPC has admitted that truly they owe the Federation Account and by that information, we referred the deliberation on the figure of what they say they owe to the next FAAC meeting.“This is so that the technical committee will be able to examine NNPC accounts before we will be able to publicise or accept the figure they have quoted,’’ he said.Mr. Odah said the NNPC’s acknowledgment of its indebtedness to the Federation Account over revenue it had failed to remit was “important’’ and described it as a welcome development.“You know previously that it has always been a matter of controversy.“They say they don’t owe and sometimes they will say that it is the federation account that owes them, but this time they have accepted that they owe.“Although, the difference between what we claim they owe and what they claim they owe, is very marginal,’’ he said.Mr. Odah also said the FAAC technical sub-committee would begin to work on measures to further scrutinise remittances by the NNPC in order to avoid such occurrences in future.


http://premiumtimesng.com/business/151408-missing-n8-trillion-nnpc-admits-owing-federation-account-odah.html

Ok.. so Sanusi has been vindicated!!

Can we just get all these top NNPC officials, and top officials in Presidency; lock them up together in a room and torture them smalll.. hopefully theu will all confess where they have been taking our common wealth to all these years!!

Bastards!!

OK, Case Close.

....but they gave us a different version with their laughable and meandering spokesman rubbish the other day.These crooked and corrupt clowns can not even get their lies in order.

Many thanks to Ogbeni Sanusi for exposing these crooks and unpatriotic elements..


So, who is going to jail or at least get fired?

feelamong: Ok.. so Sanusi has been vindicated!!

Can we just get all these top NNPC officials, and top officials in Presidency; lock them up together in a room and torture them smalll.. hopefully theu will all confess where they have been taking our common wealth to all these years!!

Bastards!!

Have nothing to do with presidency, the money belong to Nigerians, Central Bank and NNPC belong to Nigeria,

Sanusi is an upright man. He knew what he was doing when he wrote that letter. Kudos to the mallam.

The word corruption has replace Nigeria Pledge... May GoD save us all
They are all professors of False statement

@OP

Nigeria is a serious joke. What the hell is 36 States Finance Commissioners Forum?

The propaganda continues. So NNPC admits owing federation account now vindicates the claim by Sanusi that N8 trillion is missing? A claim that NNPC had SPECIFICALLY responded to? How does this sort of logic add up? This sort of logic can only make sense to those using what is now called Tinubu Sense to analyse these issues.

For those of us using normal human sense, it does not add up. These are ENTIRELY DIFFERENT matters. NNPC can be owing federation N1, N10 billion or N20 billion or whatever but the amount being owed was not stated in the report. There is absolutely no CONNECTION, except they now tell us that NNPC is owing the federation account N8 trillion.

This, honestly, is the real
bane of our society: The fact
that even an ordinary
corporation can so brazenly
dip hands into our nation's
earnings - illegally and
unauthorized!

And, in all of this, the
supervising minister of the
economy, who should know
what is & where our common wealth is coming
from - and properly manage
it - is playing the ostrich.

With such lack of a
governance structure, this
government has essentially
broken down, truth be told.

P34c3

Jesus Christ! See PROPAGANDA!!.... This has NOTHING to do with d $50bn 'missing' money (whateva dat means). NNPC usuali holds FAAC sm money which they hv been defraying (ie paying back), I think around #7billion each month. The Ebonyi Fin Commissioner never linkd it to d so-called $50bn; that was entirely d doing of d SHAMELESS PT....*smh*

Sincere 9gerian: The propaganda continues. So NNPC admits owing federation account now vindicates the claim by Sanusi that N8 trillion is missing? A claim that NNPC had SPECIFICALLY responded to? How does this sort of logic add up? This sort of logic can only make sense to those using what is now called Tinubu Sense to analyse these issues.

For those of us using normal human sense, it does not add up. These are ENTIRELY DIFFERENT matters. NNPC can be owing federation N1, N10 billion or N20 billion or whatever but the amount being owed was not stated in the report. There is absolutely no CONNECTION, except they now tell us that NNPC is owing the federation account N8 trillion.

Can we hear from the Minister of Petroleum? Please.

You have become their spokesperson.

Sincere 9gerian: The propaganda continues. So NNPC admits owing federation account now vindicates the claim by Sanusi that N8 trillion is missing? A claim that NNPC had SPECIFICALLY responded to? How does this sort of logic add up? This sort of logic can only make sense to those using what is now called Tinubu Sense to analyse these issues.

For those of us using normal human sense, it does not add up. These are ENTIRELY DIFFERENT matters. NNPC can be owing federation N1, N10 billion or N20 billion or whatever but the amount being owed was not stated in the report. There is absolutely no CONNECTION, except they now tell us that NNPC is owing the federation account N8 trillion.

By Sanusi stating only exactly what he knew should have been ideally remitted, it is up to NNPC to either dispute the amount or claim that no amount was owed; either way, NNPC would have to account for all the money in broad day light.

I’m pretty certain Sanusi knew money was stolen, an amount far less than $49 billion, which will come to light if NNPC had to audit their account.

This is akin to a record company owing you $1 for every CD sold but only remitting $100 to your account. However, based on the number of times your song gets played on the radio and your CDs that you see for sale in the market, you believe the record company must have sold over 100 copies of your CD. Normally, if written into your contract, you can ask to audit their records but what happens if you can't get an audit? You can sue them and allege that they owe you $1 million, which they will probably deny but to prove their case, they will need to calculate the exact money owed through an audit of their records.

As you can see, NNPC is now claiming that they owe the federation account but only because they know an audit is coming. What they’ll owe the federation account is whatever they can’t cover for.

Sanusi wins.

DerideGull: @OP

Nigeria is a serious joke. What the hell is 36 States Finance Commissioners Forum?

4Wilywily:
Have nothing to do with presidency, the money belong to Nigerians, Central Bank and NNPC belong to Nigeria,

The minister in charge was appointed by GEJ so it has everything to do with him and even by now, he should be asking for her resignation, but I wont hold my breath since corruption is his own middle name, way of life and administrative colors..

Sincere 9gerian: The propaganda continues. So NNPC admits owing federation account now vindicates the claim by Sanusi that N8 trillion is missing? A claim that NNPC had SPECIFICALLY responded to? How does this sort of logic add up? This sort of logic can only make sense to those using what is now called Tinubu Sense to analyse these issues.

For those of us using normal human sense, it does not add up. These are ENTIRELY DIFFERENT matters. NNPC can be owing federation N1, N10 billion or N20 billion or whatever but the amount being owed was not stated in the report. There is absolutely no CONNECTION, except they now tell us that NNPC is owing the federation account N8 trillion.

What is the different between owe and non remittance. To owe means you borrowed and you are now owing? Who borrowed them the money and who authorized the borrow, even, who sighed the borrowing agreement and what are the terms?


That's if OWE is what you are trying to hide under.

agbameta:


The minister in charge was appointed by GEJ so it has everything to do with him and even by now, he should be asking for her resignation, but I wont hold my breath since corruption is his own middle name, way of life and administrative colors..

Oponu Meta, the Tinubu dog, accusing others of corruption with all manner of ease.

If all parties involved in this saga comeout openly & say that they are guilty some mutalas like sincere 9geria will still defend them.

Sincere 9gerian: The propaganda continues. So NNPC admits owing federation account now vindicates the claim by Sanusi that N8 trillion is missing? A claim that NNPC had SPECIFICALLY responded to? How does this sort of logic add up? This sort of logic can only make sense to those using what is now called Tinubu Sense to analyse these issues.

For those of us using normal human sense, it does not add up. These are ENTIRELY DIFFERENT matters. NNPC can be owing federation N1, N10 billion or N20 billion or whatever but the amount being owed was not stated in the report. There is absolutely no CONNECTION, except they now tell us that NNPC is owing the federation account N8 trillion.

u r a big f**l u dis guy. it is people like u dat will Neva allow dis country move forward.. u c d truth in front of you yet u still refuse to admit d facts.. y will people like you even exist.. u r a disgrace to human hood.. just keep shut pls

Sincere 9gerian: The propaganda continues. So NNPC admits owing federation account now vindicates the claim by Sanusi that N8 trillion is missing? A claim that NNPC had SPECIFICALLY responded to? How does this sort of logic add up? This sort of logic can only make sense to those using what is now called Tinubu Sense to analyse these issues.

For those of us using normal human sense, it does not add up. These are ENTIRELY DIFFERENT matters. NNPC can be owing federation N1, N10 billion or N20 billion or whatever but the amount being owed was not stated in the report. There is absolutely no CONNECTION, except they now tell us that NNPC is owing the federation account N8 trillion.

24% of equity crude revenue is what NNPC remits to the federation account, what NNPC is saying is that they have not remitted the full 24% which can never be N8Trillion. How can they owe more than the total revenue they are accountable for (24% of total oil sales) Premium Times can spin.. Chei! They are writing this trash all in the name of rubbishing GEJ's administration. Some of us have refused to be cajoled

ok we do hear. so how mush unable dem dey owe? and how dem hope to pay back? from 2014 oil proceeds? and pay money borrowed to pay 2014 debt from 2015 oil sales.

4Wilywily:
Have nothing to do with presidency, the money belong to Nigerians, Central Bank and NNPC belong to Nigeria,

av neva doubted ur foolishness wen it comes to falling behind Jonathan....

Everythng has to do with the presidency....