ekt_bear: The $100 billion number was just to illustrate the larger point that the total FG revenue is less than total oil revenue (hence the word "suppose" at the beginning of the sentence).

Focusing on Sanusi's statement, which part of it do you (Rad1cal) actually disagree with?

a) His claim of the amount of oil NNPC produced during that time period? ($65 billion)
b) His claim about how much actually made it to the federation account? ($15 billion)

Sanusi claimed the NNPC only remitted $15 billion into the coffers from Jan, 2012 - July, 2013.

we are all wondering how our major oil based economy managed all through that period vis-a-vis our budget.

Note our revenue for 18 months was $65 billion( Though erroneous as disputed by NNPC )

Sanusi has already rested his case, probably he discovered he erred in raising such an outrageous missing $49.8 billion alarm.

I am no budget expert, but I suspect the missing funds wont have any effect until the next budget, which will be the end of 2014 to 2015 timeframe. The FG has disputed that the money is missing. But the interesting thing is I haven't heard any official channel suggest that $65biillon of crude was a ridiculous number. This makes me think under-reporting has been going on for years, and we have in fact been making more on crude than the FG lets on. Most likely, it is the scale and brashness of the theft that may have put GEJ in trouble here.

eGuerrilla:

Thankfully, the Presidency has now ordered this - Unremitted $49.8b: Presidency orders meeting of Finance Ministry, NNPC, CBN today

Nobody diverts that kind of money without the man at the top knowing what is going on. This is just a show to calm tensions.

The next question is, what were they planning to use that money for? Probably for GEJ's war chest for 2015 elections. Maybe to even sponsor a milita or two to keep the country hot. Obasanjo already alluded to this in his letter. And its a good enough reason for Sanusi to risk his neck (If Azazi can die in an accident after talking about BH, everybody is fair game)

birdman: I am no budget expert, but I suspect the missing funds wont have any effect until the next budget, which will be the end of 2014 to 2015 timeframe. The FG has disputed that the money is missing. But the interesting thing is I haven't heard any official channel suggest that $65biillon of crude was a ridiculous number. This makes me think under-reporting has been going on for years, and we have in fact been making more on crude than the FG lets on. Most likely, it is the scale and brashness of the theft that may have put GEJ in trouble here.

Nobody diverts that kind of money without the man at the top knowing what is going on. This is just a show to calm tensions.

The next question is, what were they planning to use that money for? Probably for GEJ's war chest for 2015 elections. Maybe to even sponsor a milita or two to keep the country hot. Obasanjo already alluded to this in his letter. And its a good enough reason for Sanusi to risk his neck (If Azazi can die in an accident after talking about BH, everybody is fair game)

Another voice of reason that examines issues dispassionately.

Of course the "man at the top" knows, as Sanusi's letter clearly indicates that his concerns were first raised, verbally, in 2010!

Check this out: NIGERIA: 2012 BUDGET IMPLEMENTATION WAS 40% – SEN MACCIDO

NIGERIA: 2012 BUDGET IMPLEMENTATION WAS 40% – SEN MACCIDO

28 January 2013



Senator Ahmed Maccido, a two term senator representing Sokoto North Senatorial district is the chairman of the Senate Committee on Appropriation. In this interview, Senator Maccido traces the path the National Assembly passed through to pass the budget of the Federal Government and articulates safeguards put forward to ensure appropriate implementation. Excerpts:

Were there issues of unspent funds arising from the implementation of the 2012 budget?
Well, in time past, there used to be issues of unspent funds in the budget but this year, so far, the executive has not come with any figure or informing us that these were unspent funds from 2012.
However, one thing I know is that we would be going out on our statutory oversight duty and until such a time when we come back from such oversight duty, I would not be able to tell you anything about unspent funds.

What was the level of implementation of the 2012 budget?
The precise percentage we were given was 40 percent.

Do you mean the overall budget or the capital side?
No, overall would be about 70 percent but when I say 40 percent, I’m referring to the capital expenditure; the capital budget. As you know, the recurrent budget, which encompasses the overheads, payment of salaries and allied matters, they are always implemented 100 percent.
Therefore, we discount that when we talk of budget implementation. We always talk of capital budget when we ask for the level of implementation. As far as the capital budget for 2012 is concerned, the implementation is not more than 40 percent.

What is 40% of Nigeria's budget for 2012?

birdman: I am no budget expert, but I suspect the missing funds wont have any effect until the next budget, which will be the end of 2014 to 2015 timeframe. The FG has disputed that the money is missing. But the interesting thing is I haven't heard any official channel suggest that $65biillon of crude was a ridiculous number. This makes me think under-reporting has been going on for years, and we have in fact been making more on crude than the FG lets on. Most likely, it is the scale and brashness of the theft that may have put GEJ in trouble here.



Nobody diverts that kind of money without the man at the top knowing what is going on. This is just a show to calm tensions.

The next question is, what were they planning to use that money for? Probably for GEJ's war chest for 2015 elections. Maybe to even sponsor a milita or two to keep the country hot. Obasanjo already alluded to this in his letter. And its a good enough reason for Sanusi to risk his neck (If Azazi can die in an accident after talking about BH, everybody is fair game)

How comes the APC e-rats that called for the crucification of Azazi while he was alive and the NSA for "his inability to overcome Boko Haram" are now singing his praises in dead?

Why are APC e-rats so shamelessly devoid of any form principle?

naija2dabone:

How comes the APC e-rats that called for the crucification of Azazi while he was alive and the NSA for "his inability to overcome Boko Haram" are now singing his praises in dead?

Why are APC e-rats so shamelessly devoid of any form principle?

If you ask me, na who i go ask ?

make omo boy go doze abeg, morning go soon break .

Rad1cal:

Sanusi claimed the NNPC only remitted $15 billion into the coffers from Jan, 2012 - July, 2013.

we are all wondering how our major oil based economy managed all through that period vis-a-vis our budget.

Note our revenue for 18 months was $65 billion .

Sanusi has already rested his case, probably he discovered he erred in raising such an outrageous missing $49.8 billion alarm.

OK, so you seem to accept the first number ($65 billion), but not the latter.

And I agree with you, your suspicion of the second # is valid. Presumably Nigeria would have fallen if only $15 billion had been sent from the NNPC to the FG over that 18 month period of time. So it seems reasonable to believe that the amount sent from NNPC to the FG was much higher.

However, if it turns out that say the actual # is $30 billion sent rather than $15 billion, aren't you still curious about the gap between the two?

ekt_bear:

OK, so you seem to accept the first number ($65 billion), but not the latter.

And I agree with you, your suspicion of the second # is valid. Presumably Nigeria would have fallen if only $15 billion had been sent from the NNPC to the FG over that 18 month period of time. So it seems reasonable to believe that the amount sent from NNPC to the FG was much higher.

However, if it turns out that say the actual # is $30 billion sent rather than $15 billion, aren't you still curious about the gap between the two?

Actually, when Sanusi was calculating his calculations, he failed to factor in the 60:40 sharing formula between the FG and the oil coys with attendant sundry expenses from the same earning.

Sanusi calculation of the accruable revenue to the FG should be a lot less than what he furnished, considering our current dwindling oil production and revenue

What I find interesting is rather than clamoring for more transparency so that everyone can see the books of NNPC, folks are more interested in sticking their fingers in their ears and denying the possibility that anything might be wrong.

Shouldn't that be the more important thing, rather than characterizing Sanusi's questions as "the biggest lie in Nigerian history?"

So if $10 billion is what went missing rather than $50 billion, you don't mind so long as Sanusi is wrong?

Ikengawo:

Nigerian 2013 Annual Budget in USD- Largest budget Nigeria has ever had
$31,168,750,000
http://allafrica.com/stories/201307260620.html


Amount Sanusi alleges was stole from the coffers of 1 ministry (NNPC) within the entire federal government
$49.8b Missing Oil Money
http://premiumtimesng.com/news/151445-%E2%80%AAmissing-%E2%80%AAn8-trillion-nnpc-accuses-sanusi-playing-politics.html



I have renounced all respect for this man unless he appologized for his failed attempt to deceive Nigerians. This means that everything from the paychecks of every in the government including the whole senate and president, to recurrent expenditures were all stolen by the NNPC. and lo and behold the person he's making the accusation towards

Chief, please use your brain. Sanusi said $50 billion has been diverted. What he is saying is that the CBN account should house the entire revenue that NNPC collects. Obviously, as expenses come up, NNPC will have to deduct the expenses from the same account. What NNPC has done is that they are using different accounts to house some of their revenue and expenses are deducted from those accounts. The problem with that arrangement is that there is no visibility to what NNPC is doing...

Don't get it wrong, no one condones stealing even if it is a dollar, but raising a callous and exaggerative alarm, liable to unnecessary heat the polity and malign the govt is not the right way.

If the audit reveals infractions of any amount. That is a story for another day which will be adequately discussed.

Rad1cal: Don't get it wrong, no one condones stealing even if it is a dollar, but raising a callous and exaggerative alarm, liable to unnecessary heat the polity and malign the govt is not the right way.

If the audit reveals infractions of any amount. That is a story for another day which will be adequately discussed.

I warned you earlier about the use of certain descriptors (e-Gorrilla), didn't I, you sonofabit#ch.

Having just looked back at your posts, I can see my proverb about not being the sharpest tool in the box (since there are different types of birds) did sink in eventually.

The fact is, you do condone corruption, and you know it. Shackled by blind solidarity and ethnic sentiments, you fool no one when you eviscerate the CBN governor - for raising concerns about matters of national interest - first; before belatedly feigning concern about 'stealing', as you have done here.

Continue in this vein and you will eventually get consumed by your own hypocrisy which, by the way, stinks to the high heavens.

Strange that some people question the qualification and experience of the CBN governor. I know the governor is not trying to score any political point. He is alarmed at the way the NNPC conduct their affairs. They seem to be more of a secret cabal than a trading organisation.

Why would people come here and scream to discredit the allegations levied by the CBN governor. I pity my country. Mediocrity and foolishness has eaten deep into our heart.

ekt_bear: What I find interesting is rather than clamoring for more transparency so that everyone can see the books of NNPC, folks are more interested in sticking their fingers in their ears and denying the possibility that anything might be wrong.

Shouldn't that be the more important thing, rather than characterizing Sanusi's questions as "the biggest lie in Nigerian history?"

So if $10 billion is what went missing rather than $50 billion, you don't mind so long as Sanusi is wrong?

The pib, and foi bill have and will boost transparency. I found my facts and figures through the use of public information

eGuerrilla:

I warned you earlier about the use of certain descriptors (e-Gorrilla), didn't I, you sonofabit#ch.

Having just looked back at your posts, I can see my proverb about not being the sharpest tool in the box (since there are different types of birds) did sink in eventually.

The fact is, you do condone corruption, and you know it. Shackled by blind solidarity and ethnic sentiments, you fool no one when you eviscerate the CBN governor - for raising concerns about matters of national interest - first; before belatedly feigning concern about 'stealing', as you have done here.

Continue in this vein and you will eventually get consumed by your own hypocrisy which, by the way, stinks to the high heavens.

E-Gorilla please shut your gub up. You were totally empty in your defense of Sanusi.

Your lovely proverb is best suited to you, coz you were obviously deficient. Yeye dey smell.

So because one's father plans to spend 33bn in a year means all he has is 33bn??

But he didnt say the money was for one year. He said from 2009 to 2013.

Why would that be hard to believe?

eGuerrilla: Sanusi never said funds were stolen outright, he used the word "diverted" instead.
For those of you who don't know, the unauthorised diversion of funds is considered one of the major forms of corruption in the developing world.

I put it to @OP and his co-travelers on this thread that, even on a good day, they are nowhere near Sanusi's equal on matters relating to the workings of the CBN or the Budget Office. Against this background, it behooves you to show some humility.

Oh! SHUT ya tha, @e-Gorilla. Wud you once respect the Intelligence of forum members here, and quit assuming that everyone is endowed with d same pea-sized brain as you!!!.... Sanusi's Unsigned 'letter' said d said amount was 'diverted', alright; but it also said that it was 'not remitted to the Federation Account' within d same period. That is, $50bn was NOT AVAILABLE for Sharing, hence funding, both d Federal and d other 815 Sub-national Budgets, since ALL monies that are used to fund d budgets must 1st be remitted to d Federation Account and then Shared out from there to all tiers of Government during d monthly FAAC meetings. So in what way is d @OP's queries/submissions wrong or misdirected?..... Since you are all so 'smart' and Concerned, maybe you may want to also tell us how $50bn was 'diverted'/'not remitted' to d Federation Account in a year where according to d same Sanusi d Economy grew by more than 6%, d Foreign Reserves grew from about $33bn to $45bn (with d Excess Fund Component growing from around $3billion to more than $9billion), d Naira appreciated by more than 3%, d Nigerian Stock Exchange Capitalisation base had one of its largest growth ever, and more amazingly, Nigeria's Debt Accumulation esp to fund d budget deficit reduced from about #800bn to #600bn. Yet, $50bn was supposed to have been 'diverted', 'stolen', 'not remitted' for that year, and half of d next- ALL these why Crude Oil production actuali decreased to bw 2-2.2million bpd!!! Explain to us 'Einstein' how all these make sense to you. Thanks

Genius100:


Chief, please use your brain. Sanusi said $50 billion has been diverted. What he is saying is that the CBN account should house the entire revenue that NNPC collects. Obviously, as expenses come up, NNPC will have to deduct the expenses from the same account. What NNPC has done is that they are using different accounts to house some of their revenue and expenses are deducted from those accounts. The problem with that arrangement is that there is no visibility to what NNPC is doing...

They hardly use their brain my brother. People just come up with nonsense conclusions and feel cool about displaying their ignorance to world, that's why Nigeria is so backward. @OP, you might want to educate yourself with the reply I quoted above. It might also interest you to know that there's something called "benchmark" in our budgeting, that means its not all the monies that come in from oil sales that is used to finance the budget. We can peg our benchmark at $79 per barrel, this means that by law even if we sell oil at an international price of say $150 per barrel, only the agreed benchmark must be used for budget financing while the excess ($150 -$79 = $71 ) is deposited in the "excess crude account". I am no budget expert but from my layman understanding, Sanusi knows exactly what he is saying.

ekt_bear:

OK, so you seem to accept the first number ($65 billion), but not the latter.

And I agree with you, your suspicion of the second # is valid. Presumably Nigeria would have fallen if only $15 billion had been sent from the NNPC to the FG over that 18 month period of time. So it seems reasonable to believe that the amount sent from NNPC to the FG was much higher.

However, if it turns out that say the actual # is $30 billion sent rather than $15 billion, aren't you still curious about the gap between the two?

The argument of the NNPC is that the oil revenue accrue to the Nation through various agencies whose accounts are also held by the CBN. NNPC is responsible for a faction of those remittance The DPR and FIRS are responsible for the rest. Now NNPC according the CBN has remitted $15 Billion. It is their (NNPC) position that the balance of the accrual should be in the DPR and FIRS remittance, as is the procedure. What is expected now is for the remittances from the DPR and FIRS to be factored into the discourse and the picture will be clearer.

Either Sanusi doesn't understand this flow, too lazy to find out or simply being mischievous. Whichever way it's a shoddy business.

blank: But he didnt say the money was for one year. He said from 2009 to 2013.

Why would that be hard to believe?

maam, his letter said Jan, 2012 - June , 2013.

A massive 18 months with little or no remitted revenue. The harder you try to defend him, the more difficult it is. Ndo

kokoA: They hardly use their brain my brother. People just come up with nonsense conclusions and feel cool about displaying their ignorance to world, that's why Nigeria is so backward. @OP, you might want to educate yourself with the reply I quoted above. It might also interest you to know that there's something called "benchmark" in our budgeting, that means its not all the monies that come in from oil sales that is used to finance the budget. We can peg our benchmark at $79 per barrel, this means that by law even if we sell oil at an international price of say $150 per barrel, only the agreed benchmark must be used for budget financing while the excess ($150 -$79 = $71 ) is deposited in the "excess crude account". I am no budget expert but from my layman understanding, Sanusi knows exactly what he is saying.

bla bla bla. The usually stubborn and resilient Sanusi Lamido has backtracked on his alarming accusation, choosing a soft landing instead .

I advise his e-Soldiers to also follow suit by stopping the incessant lies.

That something is unbelievable does not mean it can't be true. We have seen such a couple of times in Nigeria. What's needed is a probe to unravel the actual amount missing.


Going by Nigeria's standard, the figure might even be higher at the end of such probe.

ekt_bear: Maybe I am missing something, but why is this impossible? Suppose that Nigeria grosses $100 billion/year in oil, say 60% of this is redirected in some way, of which $40 billion is available for the FG's budget.

Why are these things inconsistent? Why do you assume that the amount of money stolen must be strictly less than the FG budget?

Clearly the amount of money stolen has to be less than the total amount of revenue (or at least it seems difficult to steal say $150 billion if you only gross $100 billion), but since the FG budget <<<< gross oil revenue, nothing inconsistent here.

Yea, you are missing smtin. 1st, Nigeria does not earned d entire SELLING Price of Crude Oil, but its Share from d Profit gotten after subtracting d rising Cost Price of producing/selling d Crude. 2nd, the money that finali goes to Nigeria actuali goes to d Federation Account from which it then Shared to all d tiers of Govt (the 816 of them), with which they then use to fund their budgets- although there are other nonOil sources which constitute less than 40% of d total amount.

let me begin by stating clearly that I am not in support of sanusi or the federal government, what interests me is the truth, the whole truth and nothing but the truth. Now, why do the government and it's paid hacks and ethic anarchist always foam in the mouth each time an allegation is laid against their principal? A simple denial and presenting the actual figures would have been the most sane thing to do. We have a finance ministry headed by a world renown banker, we have Firs who should have all receipts of oil sales for tax purposes, we have myriads of agencies who should have records of all oil sales. So why have all remained silent. Only the accused NNPC and some faceless CBN directors are making noise.

I used to be a fan of sanusi but I am not so comfortable with some of his actions and sometimes outbursts but I cannot still accuse sanusi of dishonesty. For him to write the personal letter to the president shows he knows something sinister is going on, but wants to see if the president is aware or involved. I wish tribalists and paid hacks read the letter carefully and digest what sanusi is implying. If they can reason beyond hatred for anything Islam, Hausa/Fulani or APC, they would realize that they would require at least 5 lifetimes to achieve what sanusi had already achieved. But they are here forming smart for someone who had been a banker for over 30 years and have risen to the top of two major banks in the country.

If you read the letter well your should realize that Sanusi was talking about total uncounted for oil sales and not the federal government share of the joint venture. Even if the joint venture oil firms are entitled to 40 percent of the oil sales the total records must be with NNPC, Sanusi claims it is not. Now juxtapose this allegation with the new revelation by Aganga that some oil exports have been sold with fake papers, then you will understand Sanusi's angle and that $49 billion shortfall would not be so outrageous. He is also indirectly indicting the joint oil partners.

we await a proper audit by external auditors, but which ever way it goes, Sanusi should resign. if his allegation is true he becomes a hero and if it is false he becomes a villain.

This whole saga is very easy to resolve and would be clearer after the meeting to reconcile accounts between the CBN, NNPC, DPR and FIRS!
So experts in the house continue assuming and concluding and deducing and reteirating and supposing and Stating.

However if for any reason the Diverted/Missing Billions of DOLLARS is reconciled and found/not found to be where it should be then I can begin discussion. For now I am happy to continue reading how the mindset of people functions with incomplete information.

What is still keeping this man as the CBN govnor. I thought by now he should have leave that office. Becos, he has become unrelevant and controversial.