A national leader of the All Progressives Congress, APC, Bola Tinubu, has lamented the manner in which the Federal Government handled the alleged missing $11 billion (N1.7 trillion).

The Governor of the Central Bank of Nigeria, CBN, Lamido Sanusi, had, in a recent letter to President Goodluck Jonathan, alleged that the Nigeria National Petroleum Corporation, NNPC, did not remit about $49 billion (N7.8 billion) to the government’s coffers. Mr. Lamido later recanted, saying only $11 billion was not returned. He explained that CBN did not capture the figures of the allocations to the Federal Inland Revenue Service, FIRS, and Department of Petroleum Resources, DPR.

Mr. Tinubu said in its poor handling of the controversy, the government had portrayed itself as a “robber government,” that deserved to be swept out of power with the APC’s broom.

He said the country had regrettably degenerated to the extent that losing such a huge amount had become a sign of fiscal rectitude.

In a New Year message to Nigerians, Mr. Tinubu argued that in an atmosphere of good governance, the money should not be missing and if it happened to, senior officials of the government should by now be under criminal investigation by the police.

“Under this administration, the matter is swept aside as if a minor thing, like a broken tea cup on the floor. If this government can treat a missing $11 billion like a minor accounting infraction, much more than a teacup needs to be swept away. This robber government needs to feel the broom and the sweep of change as well,” Mr. Tinubu said.

Read The Rest Here

Happy New Year.

I fully expect the messenger to be bashed through fallacious means including Argumentum ad hominem.

APC is simply Naturally ahead......I don port 4rm pdp ds 2014 ooooo

Tinubu, am advising u to stop playing primary school politics. At ur age u shld be able to hav a proper reasoning before openning ur wide unguarded smelly mouth. Tinubu i hate ur face, it makes me develop running stomach.

Imagine a man who have held lagos state to ransom for almost 14yrs still got guts to accuse someone for corruption. He has mingled with all record holding corrupt minded criminals yet have the guts to talk abt corruption. He's only good at politics and he shud stick to it.... If he further picks corruption as a topic he will be shooting himself in d foot.

You are the King of Robbers Tinubu.

And you expect us to conclude the money was paid into GEJ's foreign account?

The discrepancies are between two or three institutions of the government bordering on the reconciliation of their accounts and they have been mandated to reconcile them and are expected to report back to the National Assembly and the Presidency within a given timeframe.

What should the President do within this timeframe?

ndu_chucks:

Happy New Year.

I fully expect the messenger to be bashed through fallacious means including Argumentum ad hominem.

Ngwakwe: And you expect us to conclude the money was paid into GEJ's foreign account?

The discrepancies are between two or three institutions of the government bordering on the reconciliation of their account and they have gone to reconcile it and are expected to report back to the National Assembly and the President within a given timeframe.

What should the President do within this timeframe?

The unremitted $12 billion was not due to any accounting issue or account reconciliation. The money was not remitted and has not yet been remitted as it should have, by law. Accounting reconciliation has never and will never be an acceptable defense of breaking the law.

What should the President do within the timeframe? How about making an example of one or two of the officials who failed to remit $12billion as required by law?

ndu_chucks:
He said the country had regrettably degenerated to the extent that losing such a huge amount had become a sign of fiscal rectitude

Hmmmmm

Bigcake: Tinubu, am advising u to stop playing primary school politics. At ur age u shld be able to hav a proper reasoning before openning ur wide unguarded smelly mouth. Tinubu i hate ur face, it makes me develop running stomach.

Nature hates your ugly face and brain too. Opio.

teskyg: You are the King of Robbers Tinubu.

If you people can prove that, i'm sure Tinubu won't be a free man today. But the world saw and witnessed in 2013 that Jonathan is the god father of thieves. Very useless man and followers.

As for me and my house, ​we choose the message over the messenger

Jonathan's government is government of the numbers by the numbers and for the numbers" So they dont take numbers seriously...

E.g number games they have been playing

1. The fg created 1.6million jobs in 2013 meanwhile unemployment has reached its crescendo.
2. Nigeria Economy have been growing by 20% year in year out meanwhile poverty rate has been increasing geometrically
3. The inflation rate is 1% at par with strong economy like Japan meanwhile they met a bag of rice at 5000 naira but now 12000naira
4. We have generated more than 10000MW ready for distribution yet we are perpetually in darkness
5. This administration has reconstructed and rehabilitated 5000 road network yet all the roads are not motor-able

6. NNPC STOLE $50BILLION DOLLAR ......NO IT IS ONLY $11BILLION

Alhaji, no money is missing, Sanusi doesn't know the job and was too pompous to learn

ndu_chucks:

The unremitted N12 billion was not due to any accounting issue or account reconciliation. The money was not remitted and has not yet been remitted as it should have, by law. Accounting reconciliation has never and will never be an acceptable defence of breaking the law.

What should the President do within the timeframe? How about making an example of one or two of the officials who failed to remit N12billion as required by law?

You left following, hence your misconception. The reconciliation continued after the Senate appearance.

Read through the article and peruse the outcome of the reconciliation.

… Stakeholders clear NNPC of wrongdoing

From ADETUTU FOLASADE-KOYI,
Abuja. 19th Dec., 2013.

Central Bank of Nigeria (CBN) governor, Mallam Sanusi Lamido Sanusi yesterday told a reconciliation meeting of stakeholders, set up to resolve the controversy over the alleged missing $49.8 billion oil money that he was “misled.”

He told the stakeholders’ meeting held in Abuja that he was misled by the Reserve Department of the CBN. In fact, Sanusi reportedly apologized to the Coordinating Minister of the Economy and Minister of Finance, Dr. Ngozi Okonjo Iweala for the advertised mix-up contained in his letter to President Goodluck Jonathan, sources at the meeting said.

At the parley attended by officials of the Nigerian National Petroleum Corporation (NNPC), Federal Inland Revenue Service (FIRS), Department of Petroleum Resources (DPR) and Ministry of Finance, the CBN governor reportedly recanted contents of his earlier allegation that a whopping $49.8 billion was missing from the Federation Account, having been unremitted by the NNPC as crude oil sales.

The meeting, which ended at 1.30am yesterday, was said to have reconciled all issues relating to the alleged missing money.

Sources at the meeting said the CBN presentation was nothing different from the contents of the letter already published in the media. It was confirmed that after it was established that the CBN has no other information to add to what was contained in the letter sent to the President, the parley then turned to the NNPC to clarify issues.

Submissions by the NNPC immediately justified that it made necessary payments to the CBN. The presentation by the NNPC indicated that contrary to the contents of the letter by Sanusi, there are other agencies of government, which collect oil revenue. Its officials stated that the CBN can only announce that a certain amount was missing after it has checked the amount paid in by all relevant agencies.

“At the end of the presentation by the NNPC, the CBN governor immediately clarified that he was misled by the Reserve Department of the apex bank which he said did not give him a full view of all the revenue streams to the Federation Account.. He embraced and apologized to the Minister of Finance for the mix-up,” said the source.

Meanwhile, appearing before the Senate Committee on Finance yesterday, Sanusi reiterated that the letter was not to indict the NNPC of corruption but that it was an invitation that was to lead to further investigation of the allegations raised in the document forwarded to the President.

He also recanted before senators that no oil money was missing from the Federation Account, adding that the only amount left to reconcile is just $12 billion.

His words: “I found it very unfortunate (that) it was leaked to the press and the answer is ‘Yes’, the CBN governor did send that letter with those contents. By way of those contents, the Central Bank and Finance Ministry and the government were very much concerned over the years at the very low rate of accretion to the reserves in spite of very high level of oil prices and in particular, depletion of excess crude account in spite of what seems to be very high level of oil sales.

“Now in investigation and trying to understand where those leakages were, our attention was drawn to a huge difference between what appeared to be export of crude made by NNPC and amount repatriated into the crude equity account of the Federal Government.

“What I would like to do is, given the progress we have made, to request that we be given little more time to continue with this process and come back with the final position that is a common position among us if the committee will so grant us…”, Sanusi prayed.

But the Finance Minister insisted before the Senate committee that the only money left to reconcile the accounts is $10.8 billion. “I just wanted to add that we found about $10.8 billion. He mentione $12billion,” Okonjo-Iweala said.


www.sunnewsonline.com/new/cover/alleged-missing-49-8bn-oil-money-sanusi-okonjo-iweala-im-sorry/

This is the case of a pot calling a kettle black. Nigerian politicians are the biggest hypocrites.

As an Economist, you either accept those figures presumably or disprove them with verifiable facts and figures

We need justification for your disapproval.

Clerverly: [s]Jonathan's . government is government of the numbers by the numbers and for the numbers" So they dont take numbers seriously...

E.g number games they have been playing

1. The fg created 1.6million jobs in 2013 meanwhile employment has reached its crescendo.
2. Nigeria Economy have been growing by 20% year in year out meanwhile poverty rate has been increasing geometrically
3. The inflation rate is 1% at par with strong economy like Japan meanwhile they met a bag of rice at 5000 naira but now 12000naira
4. We have generated more than 10000MW ready for distribution yet we are perpetually in darkness
5. This administration has reconstructed and rehabilitated 5000 road network yet all the roads are not motor-able

6. NNPC STOLE $50BILLION DOLLAR ......NO IT IS ONLY $11BILLION
[/s]

Ngwakwe: As an Economist, you either accept those figures presumably or disprove them with verifiable facts and figures

We need justification for your disapproval.

Nwannem , which other verifiable facts and figures are you looking for? Is the reality not staring you in the face? Why do you need economic jargon from me when everything is bare in your face?

Do I need figures to tell you that unemployment has hit high roof?
Do I need figures to ask you to go to the local markets and compare the prices of goods in 2014 vis a vis the price in 2011- that is the layman's way of measuring inflation.
Do I need figures to you i sleep in darkness everyday!
Do I need figures to tell you that economic growth without commiserate economic development is negative growth
Do I need to tell you how i have spent close to 10 thousand naira to fix my car since i got to my village owing to the bad roads dotting everywhere enroute my town.
What do you want to hear from me when the CBN has told us $11billion is missing and no one has come forward for explanation on the missing dollars.

Ngwakwe, abeg leave me make i enjoy my fresh palm wine! Ndi ichie bia nuo mmanya, Egbe bere Ugo Bere, Onye si na Obodo anyi a gaghi adi nma, ya gote mmanu oku, ya enwulara ya oku! Afor a bu afor oma, Onye nta ge enwe ego, onye ukwu ga abakwu uba! Onye mu mejoro na afor gara aga, ya gbahara m, maka agbahagorom ndi mejoro m. Udo diri Umu Igbo nile n' afa Jisos! Amen[b][/b]

I am taking a break from NairaLand till Tomorrow!

Bigcake: Tinubu, am advising u to stop playing primary school politics. At ur age u shld be able to hav a proper reasoning before openning ur wide unguarded smelly mouth. Tinubu i hate ur face, it makes me develop running stomach.

Imagine what a human being just typed. Smh.

Wishing you a happy holiday and a fulfilled plus prosperous 2014.

Clerverly:

I am taking a break from NairaLand till Tomorrow!

Tinubu chief of the 40 thieves is here trying to play the morality card. What a joker..

We Know Right!?

GEJ can still redeem himself but it will take some very radical steps such as getting rid of the ministers and his advisers who have lost the support and trust of the Nigerian people.