Missing Funds: NNPC Claims Spending $8.49bn On Subsidy - Politics - Nairaland
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| Missing Funds: NNPC Claims Spending $8.49bn On Subsidy by prov1029(m): 7:16pm On Jan 10, 2014 |
The controversy surrounding the allegedly missing $10.8bn meant to be remitted to the Federation Account by the Nigerian National Petroleum Corporation took another turn on Friday as the NNPC claimed that it spent $8.49bn of the sum on petroleum products subsidy. Prior to NNPC’s claim, the Federal Ministry of Finance is known to be the agency of government saddled with the task of offsetting subsidy claims on petroleum products to oil marketers. But the NNPC, during a press conference at its headquarters in Abuja, argued that all relevant government agencies were aware that the corporation had been subsiding petroleum products without getting back these funds from the Federal Government. The Group Executive Director, Finance and Accounts Directorate, Mr. Bernard Otti, stated that the sum in question was the expenditure incurred as part of the statutory responsibilities which the NNPC executes on behalf of the Federal Government. He said, “The $10.8bn is made up of the following: subsidy claim, $8.49bn; pipeline management and repair cost, $1.22bn; product/crude oil loses, $0.72bn; and cost of holding the strategic stock reserves, $0.37bn.” The Federal Government, in September last year, said it would spend a total of N971bn to subsidise petroleum product consumption in 2013. It, however, did not state whether subsidy payment to the NNPC was part of the N971bn. The Governor, Central Bank of Nigeria had late last year alleged that the corporation failed to remit a whopping $49.8bn to the Federation Account between January 2012 and July 2013. Of this sum, $30bn had been reconciled by the government agencies involved, while $10.8bn was still outstanding. While buttressing Otti’s statement, the Director of Transformation and Corporate Services, NNPC, Dr. Timothy Okon, explained that there was a process by which revenues accrued into the Federation Account and argued that the corporation was mindful of this. http://www.punchng.com/news/missing-funds-nnpc-claims-spending-8-49bn-on-subsidy/ |
| Re: Missing Funds: NNPC Claims Spending $8.49bn On Subsidy by prov1029(m): 7:17pm On Jan 10, 2014 |
what do we do now the money has been spent? what happens to Sanusi? 1 Like |
| Re: Missing Funds: NNPC Claims Spending $8.49bn On Subsidy by AgentMS: 7:19pm On Jan 10, 2014 |
 It took them how many months to realise that it was spent on ''private pockets'' subsidy. This government is corruption worshipping, corruption personified and corruption promoting one. SHIKENA 3 Likes |
| Re: Missing Funds: NNPC Claims Spending $8.49bn On Subsidy by AgentMS: 7:21pm On Jan 10, 2014 |
prov10:29: It took them months to realise a huge sum was spent on ''subsidy''. Says a lot about the stench of corruption and record keeping in NNPC. Like Stella, like NNPC. Probably like Jonathan. |
| Re: Missing Funds: NNPC Claims Spending $8.49bn On Subsidy by Nobody: 7:23pm On Jan 10, 2014 |
Bloody criminals. 1 Like |
| Re: Missing Funds: NNPC Claims Spending $8.49bn On Subsidy by Ellidude(m): 7:24pm On Jan 10, 2014 |
I smell corruption.. |
| Re: Missing Funds: NNPC Claims Spending $8.49bn On Subsidy by Tolexander: 7:38pm On Jan 10, 2014 |
Agent MS: |
| Re: Missing Funds: NNPC Claims Spending $8.49bn On Subsidy by bloggernaija: 7:48pm On Jan 10, 2014 |
My GOD OBJ WHAT HATH THOU DONE ANYBODY WHO HAS LIVED ANYWHERE EAST OF THE NIGERIA WILL NOT BE SURPRISED BY THE SHAMELESS FORM OF CORRUPTION CURRENTLY BEEN PERPETUATED IN ASO ROCK. THIS ONE BEATS EVEN ABACHA. HOW MUCH DID ABACHA STEAL $4 BILLION DOLLARS EYI TI WA DE ENU E. ASIKO TO KI A SO FUN OLUKALUKU KE ERU E PADA LO SI IBI TI O TIWA. THESE FOLKS WERE THE CHEERLEADERS OF THE MILITARY DICTATORSHIP. HOW DO PEOPLE EXPECT THEM TO BE DIFFERENT FROM WHAT THEY ACTUALLY ARE. I DO NOT HAVE SHOES 1 Like |
| Re: Missing Funds: NNPC Claims Spending $8.49bn On Subsidy by najoke: 7:52pm On Jan 10, 2014 |
This Govt=CORRUPTION. |
| Re: Missing Funds: NNPC Claims Spending $8.49bn On Subsidy by kel4soft: 8:17pm On Jan 10, 2014 |
Just Incase |
| Re: Missing Funds: NNPC Claims Spending $8.49bn On Subsidy by ISpiksDaTroof: 8:27pm On Jan 10, 2014 |
I bet anything that the whole $49Billion is what is still missing. How can Billions of dollars just develop feet and flee into the dark night? |
| Re: Missing Funds: NNPC Claims Spending $8.49bn On Subsidy by jjcbuthot: 8:32pm On Jan 10, 2014 |
How much money have we spent so far now on subsidy between 2011 and 2012? N4tr? Heheheheheheheheh... Yeye people. So, a country with a total budget of N4tr for both recurrent and capital expenditure is now spending additional N2tr on fuel subsidy annually? Subsidy to who? Who approved the spending of $10bn by NNPC? Who and who were paid from this money? House of rep should commence investigation immediately and if presidency is involved, impeachment process should start. Nigerians need to take over this country... 2015 is too far away to chase these hoodlums out of Aso Rock. 1 Like |
| Re: Missing Funds: NNPC Claims Spending $8.49bn On Subsidy by Nobody: 8:59pm On Jan 10, 2014 |
GEJ wanted to remove the subsidy, all the controversies and corruption but Tinubu and his slaves said capital NO. Can you eat your cake and still have it? I guess its possible in Tinubu's world. I will never stop advocating for removal of fuel subsidy. Ghana has already done the needful. But tribal and negative politics has stalled the needful in Nigeria. 1 Like |
| Re: Missing Funds: NNPC Claims Spending $8.49bn On Subsidy by agbameta: 9:07pm On Jan 10, 2014 |
Sincere 9gerian: GEJ wanted to remove the subsidy, all the controversies and corruption but Tinubu and his slaves said capital NO. Can you eat your cake and still have it? I guess its possible in Tinubu's world. You just love choking on his NUTZ......don't you? fahgittt 1 Like |
| Re: Missing Funds: NNPC Claims Spending $8.49bn On Subsidy by Sloan: 9:13pm On Jan 10, 2014 |
What subsidy again? Was the subsidy not significantly reduced when a big chunk of it was removed early last year? Now a whole $ 8.5 B has been spent??  Clearly, there was no other place to write off the stolen money except lying it was spent on subsidy! I hope the legislators go in again and see how much has actually been spent on subsidy! In any case, this government is living corruption and it is exactly what Nigerians deserve! Long suffering o yea fresh air suckers! 1 Like |
| Re: Missing Funds: NNPC Claims Spending $8.49bn On Subsidy by kel4soft: 9:19pm On Jan 10, 2014 |
Sincere 9gerian: GEJ wanted to remove the subsidy, all the controversies and corruption but Tinubu and his slaves said capital NO. Can you eat your cake and still have it? I guess its possible in Tinubu's world. You should have ignored the thread if your respond was to talk about a subsidy that was never paid. Who pays subsidy? NNPC or PPRCA?. Sincere 9geria, I don't think you voted for GEJ in 2011, maybe you are just an opportunist that find your way closer to him. I will tell you, all my expectation of him jailing and chasing out criminals in our system when he won in 2011 has been cut short. 1 Like |
| Re: Missing Funds: NNPC Claims Spending $8.49bn On Subsidy by Seequadry(m): 9:21pm On Jan 10, 2014 |
THE END |
| Re: Missing Funds: NNPC Claims Spending $8.49bn On Subsidy by Abagworo(m): 9:22pm On Jan 10, 2014 |
So its remaining 2billion Dollars now. Let's clap for them because 2billion Dollars is chicken change. Ole buruku! 1 Like |
| Re: Missing Funds: NNPC Claims Spending $8.49bn On Subsidy by AZeD1(m): 9:29pm On Jan 10, 2014 |
I love my country |
| Re: Missing Funds: NNPC Claims Spending $8.49bn On Subsidy by kel4soft: 9:30pm On Jan 10, 2014 |
Sincere 9geria I took some photographs of the Enugu-PH rail line, PH section, I actually told you in the other thread, that PH axis nothing has been done. But I got all the abuses. Will post more later tomorrow or sunday, when I go around there again
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| Re: Missing Funds: NNPC Claims Spending $8.49bn On Subsidy by kel4soft: 9:36pm On Jan 10, 2014 |
Abagworo: So its remaining 2billion Dollars now. Let's clap for them because 2billion Dollars is chicken change. Ole buruku! It was used to maintain our equipment in our refineries. |
| Re: Missing Funds: NNPC Claims Spending $8.49bn On Subsidy by Nobody: 9:49pm On Jan 10, 2014 |
Sloan: What subsidy again? Was the subsidy not significantly reduced when a big chunk of it was removed early last year? Now a whole $ 8.5 B has been spent??Now that APC have significant numbers in the house of reps, they should invite all the relevant agencies and examine how the figures were reconciled and seek for answers to all the relevant questions. That is the beauty of the check and balances in a democracy. But if you ask me, the solution to all these confusion is complete removal of fuel subsidy. If Ghana could do it, why not Nigeria? 1 Like |
| Re: Missing Funds: NNPC Claims Spending $8.49bn On Subsidy by wirinet(m): 10:03pm On Jan 10, 2014 |
Sincere 9gerian: GEJ wanted to remove the subsidy, all the controversies and corruption but Tinubu and his slaves said capital NO. Can you eat your cake and still have it? I guess its possible in Tinubu's world.You are a very despicable person and you are evil. I am sure you are worse than armed robber, drug pusher and ritual murderer all added together as you can do anything for money? How is fuel subsidy connected with unremitted $10.8b or is it $8.5b? Is Jonathan the first head of state to pay fuel subsidy in Nigeria or on the planet? was the fuel subsidy not taken care of by the 2013 appropriation act? who gave NNPC the authority to dish out our oil earnings as they like without the knowledge of the CBN or the finance ministry? Then what concerned Tinubu with the outright theft going on at NNPC? for your information most ordinary Nigerians are against outright removal of fuel subsidy and it has nothing to do with tribe, party or religion .it is only paid hacks like you and tribal bigots who swallow any shit excreted by Jonathan that support removal of subsidy. I am fvcking angry that ordinary suffering Nigerians being blamed for Jonathan's massive looting of the country. Even with the so called partial removal of fuel subsidy, I know how much I spend monthly on petrol for generator as the power situation is pathetic, not to talk on how much I burn on my car to move around, before I forget a substantial amount is also paid on generator to run my office, and you are here talking trash because you get free money for writing rubbish. If a massive additional $8.5b (outside the almost 1 trillion Nair appropriated by the national assembly 2013 for oil subsidy ) was used to further pay for oil subsidies, then you and your paymaster owes us a duty to publish the names of the people the subsidies were paid to, the amount paid and the quantify of fuel imported that the subsidy was paid for. 1 Like |
| Re: Missing Funds: NNPC Claims Spending $8.49bn On Subsidy by nduchucks: 10:07pm On Jan 10, 2014 |
The President told us 7 days ago that the new 250% increase in trariff on tokunbo cars will save Nigeria $4bn. Today we are told that twice that amount, $8.5billion was spent by NNPC on subsidy, though it took NNPC 2 whole months to "reconcile" their accounts in other to make this discovery. Dear Mr. President, bikonu, trim the fat off your organizations and free up these billions for the benefit of ordinary Nigerians. Do the right thing for us , sir. Haba Mallam!! 1 Like |
| Re: Missing Funds: NNPC Claims Spending $8.49bn On Subsidy by kel4soft: 10:12pm On Jan 10, 2014 |
Sincere 9gerian: Your last statement sums it up but, how do we trust this government if it keeps been insincere to us. The subsidy reinvestment scheme, the palliatives etc. Quite unfortunate |
| Re: Missing Funds: NNPC Claims Spending $8.49bn On Subsidy by wirinet(m): 10:20pm On Jan 10, 2014 |
Sincere 9gerian: After inviting all the relevant agencies and if the so called subsidies are not reconciled, what should they do? commence impeachment proceedings against president Jonathan? Complete removal of fuel subsidy is never the solution, a corrupt regime will always find ways to defraud the citizens, subsidy or not. is it not curious that the more subsidy is removed, the more the amount of money used to subsidize increases. Nigeria is not Ghana, Ghana does not have the poor population and crude oil resources Nigeria has. If the government insist on complete removal of oil subsidies, then they should also completely hands off oil resources to the communities that own the oil, so they can sell and refine their oil at cheaper rate than Ghana. I can't imagine my community that has 13 oil Wells paying the same price as a Ghanaian with very little oil resources. 1 Like |
| Re: Missing Funds: NNPC Claims Spending $8.49bn On Subsidy by DonaldGenes(m): 10:27pm On Jan 10, 2014 |
Dirty news like this infuriates me-Are these people really thinking we are fools? Or none of us went to school? What kind of nonsense talk is this nah? Spent the money on subsidy, By the way,who are the suppose people who collected the money? Abi? Na Ghost dem spent am on Mr.President are you sleeping or what? 1 Like |
| Re: Missing Funds: NNPC Claims Spending $8.49bn On Subsidy by Nobody: 10:58pm On Jan 10, 2014 |
What financial reporting system does NNPC have? We need to see their audited annual report. 1 Like |
| Re: Missing Funds: NNPC Claims Spending $8.49bn On Subsidy by wirinet(m): 11:20pm On Jan 10, 2014 |
Another question for Jonathan 's paid lapdogs and tribal bigots; how was NNPC able to pay fuel subsidies to beneficiaries without passing through the CBN and finance ministry? Are you people telling us that they sold Nigeria's oil, the money was paid into our foreign account (maybe J.P Morgan ) and NNPC solely issued checks to the foreign bank for the subsidy beneficiaries to cash in dollars and then transfer the money to their accounts in Nigeria. I seem to be an accounting illiterate, so I need a learned person to tell me how $8.5 billion can pass through the country without the knowledge of the CBN or the finance ministry. 1 Like |
| Re: Missing Funds: NNPC Claims Spending $8.49bn On Subsidy by ihimami: 11:21pm On Jan 10, 2014 |
The irony of this whole thing is that, some people still believe that the President is not involve in this. It was in 2010 when I concluded that GEJ will be the most corrupt leader Nigeria will ever had when he refused to declare his assets. Most of his supporters can be considered as enemy of the state because they are fully aware that he is very corrupt and others are just plain naive who are easily fools by his well cultivated meekness and simple disposition. Nigeria is in a serious problem if this man is not kick out. |
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