BishopMagic:
You made no single sense and expect us to swallow all your autistic dribble with glee.
Charity they say begin at home. Go an ask your "amiable" scammer Fashola to account for 8 years of his administration first.

supersonic:
Nobody is blaming you for ur allegiance to GEJ but for a second,take a look at hw ur world was 10yrs ago and now,then conclude. As you had been attacking everybody,let me refer u to ur ancestors,how were their lives during Obasanjo's regime? Let me conclude with this, "I wonder why you are like this but i don't have problem with that cos that is how ur parents raised you"

BishopMagic:
Another autistic belle hungry broke supporter of APC.
If you ain't eating, don't mean every body else is broke as you.
Get a job and stop depending on your relative to get into political relevance before you can feed.
sycophantic supporter of APC

homerac7: ^^
Those denying probability of $20bn being stolen with little trace from FG coffers either are ignorant of how deeply corrupt and brazen govt officials are, or don't have a clue about the true scale of Nigeria's economy, or probably just don't know what to believe.

obailala:
On the contrary, those denying the probability of missing billions are far from ignorant... They are simply individuals and groups who have voluntarily decided to delude themselves that no money is missing... they fear that if they agree any money is missing, it would be an indictment of Jonathan's administration as being corrupt...
These individuals can never be convinced because even if the theft happens in their faces, they would still deny it ever happened... The increase in the number of private jets in Nigeria lately is enough evidence for even an ediot to know that a lot of money is going down the drain lately. Forbes reports that the number of private Jets in Nigeria jumped from 20 in 2007 to 150 in 2012 (only God knows what the figure would be now in 2014 when people like Tompolo and CAN president have just joined the list last year.
http://www.forbes.com/sites/mfonobongnsehe/2012/09/18/wealthy-nigerians-spend-a-reported-6-5-billion-on-private-jets/
Most Jonathan supporters would make the most ridiculous arguments thinking they are protecting his interests and oblivious of the fact that they are destroying their own future.. Not long ago I met with a cousin who swore with his life that the power problem in Nigeria has been solved by Jona because he now gets light for more than 18 hours per day in his house.. I was like, WTF!.. where do you stay please?... are you really okay?

BishopMagic:

Olodo, the Constitution makes the FG to be bloated. It will take a constitutional maneuver to reduce government spending. It will require balls of steel to reduce wasteful and bloated civil service which your northern abokis will do anything to kick against.

Olodo the Presidential Air Fleet was expanded by your Buhari after he seized power and commandeered executive charter jets from govt owned companies like defunct NITEL, NEPA, NPA etc.

Olodo the problem did not start with Jonathan but when your uncles and fathers from the Southwest were mismanaging the civil service.

T4taiwo: Some people are gullible and blindfolded about the economic status of this nation,the op was trying to give details explanation about how this nation is been milked daily by the so called cabals. instead of us to take a critically analysis of the points raised, we resorted into name calling and insults...@op u raised a valid points which needs urgent response from those in government,all we needs is a details explanation on how our money is been spent.

cronsberg: And do you know the scary thing about this whole thing? Nigeria doesn't have "meters" installed on the crude oil drilling platforms How in the world do you then know the number of barrels you produce in a day? For all we know, this country could be pumping out 5 million barrels every single day. The ribadu committee setup to investigate the fuel subsidy saga pointed the meter thing out, and recommended the immediate purchase and installation of such meters, but it landed on deaf ears, and now, the same ribadu is partying with them. What a hopeless situation. what a hopeless country. Those who want to stay behind and "build/rescue the country" should do so, you are REAL patriots, but for me, am ourra here. Lost hope a long time ago

drshrewd: [b]At first when the ousted CBN governor com emir Sanusi Limido Sanusi alerted the president and the general public that $49b was missing I said to myself that this guy must be high on concentrated “ogogoro”( a local alcoholic drink popular among the Niger Delta people). He even collaborated my suspicion when he vacillated around this figure to $10b and further to $20b. As a rational mind I played down this seemingly outrageous claim as I felt it was not worth my deep analytic evaluation. For an amount of money that can transform a ten square miles of Sambissa forest to a mini New York city awashed with sky scrapers, an amount that is about 4% of our rebased GDP (economists should be in better position to appreciate the implication of this) , an amount that can electrify the whole of west Africa sub region with modern state of the art power evacuating equipment, an amount that can fixed all the bad federal roads in the country with modern state of the art drainage and pedestrian walk ways embellished side by side with beautiful trees and flowers, an amount that is three fourth of the federal government’s yearly budget. I said to myself that this bogus claims of missing $20b is as unthinkable as unthinkable itself and realistically unrealistic! And if such amount should be missing then the federal government would be fiscally ruined as well as financially distressed and perhaps America ‘will’ know! I hastily concluded that the CBN governor should refrain from making spurious claim that defies logic and verges on insubordination.

However, after some few months I started reflecting on the poor state of our dear country. The epileptic to zero power supply, the noisome to critically dilapidated state of our federal roads, the unprecedented striking tumult sweeping across critical government organization due to paucity funding and wanton neglect , the poor budgeting (less than 30% capital I bet no serious developing country can make any head way with that) and it very poor implementation, the insecurity plague despite huge amount of money being sunk in that sector and the growing institutionalization of corruption and it attendant impunity. All I can only surmise was that the once crawling giant of Africa has finally fallen deep in slumber. Further reflection on the state of affairs of our dear country literally plunged my mere pessimism into full blown despondency as I review our budget for the past few years.

The FG under GEJ has over the years in his budget proposals pegged the bench mark of petroleum product at around $70 and over these years the product has consistently been sold for around $100 leaving us with an excess of $30. This excess ought to be in the excess crude account (ECA). Let get our hands a little bit dirty with figures and statistics. Nigeria having been producing an excess of 2m barrels of crude oil per day over the years implies that 2mx30 or $60m (conservative estimate) ought to be made a day from the excess crude sales. In a year this amount to 365x60=$21,900m or $21.9b (could this be the missing money?) but again, FG has 60% stake of the joint venture with the multinationals therefore, FG ultimately gets 60% of $21.9b = $13.140b. for two years FG gets 2x$13.14b= $26.28b. wao!! A figure not far from the purported missing $20b not being remitted in the federation account and not in the excess crude account either within the alleged fiscal financial years. In fact the ECA was seen depleting during this period and beyond. The states statutory allocation equally went down to the chagrin of the state governors. The question is where are our monies( the money may even be beyond the said missing money if you do your maths very well).what is even the state of our ECA currently? Some years ago, NOI (okonjeconomics) said that they want to maintain a minimum of $50b in the ECA for economic sustainability and stability. So where is the said minimum amount? The last time I checked ECA is as good as empty.

After my analysis, I decided to disabuse myself of the incredibility that $20b or more is impossible to have got missing. In fact, I strongly believe that far more than that may be missing. I also vindicated Sanusi for erroneously indicting him earlier on. Finally, I wept for my dear country led by a government whose body language strongly consents corruption. A government that has left the anti corruption agencies embarrassingly toothless and inert. A government that is too myopic to know that fight against corruption ought to be her first priority because if corruption is tackled head on then Nigeria should certainly be on a course of being 90% fixed. A government whose head recently appeared on a national TV to proclaim to the world that stealing is not corruption. What a show of shame!

Dr.shrewd typing via Bonny island Rivers State.
[/b]

tit:

I still cannot believe that Nigeria's oil and gas processes or not metered.
Someone tell me it is not true.
The meter unit is the single most important piece of equipment in the oilfield.

drshrewd: [b]At first when the ousted CBN governor com emir Sanusi Limido Sanusi alerted the president and the general public that $49b was missing I said to myself that this guy must be high on concentrated “ogogoro”( a local alcoholic drink popular among the Niger Delta people). He even collaborated my suspicion when he vacillated around this figure to $10b and further to $20b. As a rational mind I played down this seemingly outrageous claim as I felt it was not worth my deep analytic evaluation. For an amount of money that can transform a ten square miles of Sambissa forest to a mini New York city awashed with sky scrapers, an amount that is about 4% of our rebased GDP (economists should be in better position to appreciate the implication of this) , an amount that can electrify the whole of west Africa sub region with modern state of the art power evacuating equipment, an amount that can fixed all the bad federal roads in the country with modern state of the art drainage and pedestrian walk ways embellished side by side with beautiful trees and flowers, an amount that is three fourth of the federal government’s yearly budget. I said to myself that this bogus claims of missing $20b is as unthinkable as unthinkable itself and realistically unrealistic! And if such amount should be missing then the federal government would be fiscally ruined as well as financially distressed and perhaps America ‘will’ know! I hastily concluded that the CBN governor should refrain from making spurious claim that defies logic and verges on insubordination.

However, after some few months I started reflecting on the poor state of our dear country. The epileptic to zero power supply, the noisome to critically dilapidated state of our federal roads, the unprecedented striking tumult sweeping across critical government organization due to paucity funding and wanton neglect , the poor budgeting (less than 30% capital I bet no serious developing country can make any head way with that) and it very poor implementation, the insecurity plague despite huge amount of money being sunk in that sector and the growing institutionalization of corruption and it attendant impunity. All I can only surmise was that the once crawling giant of Africa has finally fallen deep in slumber. Further reflection on the state of affairs of our dear country literally plunged my mere pessimism into full blown despondency as I review our budget for the past few years.

The FG under GEJ has over the years in his budget proposals pegged the bench mark of petroleum product at around $70 and over these years the product has consistently been sold for around $100 leaving us with an excess of $30. This excess ought to be in the excess crude account (ECA). Let get our hands a little bit dirty with figures and statistics. Nigeria having been producing an excess of 2m barrels of crude oil per day over the years implies that 2mx30 or $60m (conservative estimate) ought to be made a day from the excess crude sales. In a year this amount to 365x60=$21,900m or $21.9b (could this be the missing money?) but again, FG has 60% stake of the joint venture with the multinationals therefore, FG ultimately gets 60% of $21.9b = $13.140b. for two years FG gets 2x$13.14b= $26.28b. wao!! A figure not far from the purported missing $20b not being remitted in the federation account and not in the excess crude account either within the alleged fiscal financial years. In fact the ECA was seen depleting during this period and beyond. The states statutory allocation equally went down to the chagrin of the state governors. The question is where are our monies( the money may even be beyond the said missing money if you do your maths very well).what is even the state of our ECA currently? Some years ago, NOI (okonjeconomics) said that they want to maintain a minimum of $50b in the ECA for economic sustainability and stability. So where is the said minimum amount? The last time I checked ECA is as good as empty.

After my analysis, I decided to disabuse myself of the incredibility that $20b or more is impossible to have got missing. In fact, I strongly believe that far more than that may be missing. I also vindicated Sanusi for erroneously indicting him earlier on. Finally, I wept for my dear country led by a government whose body language strongly consents corruption. A government that has left the anti corruption agencies embarrassingly toothless and inert. A government that is too myopic to know that fight against corruption ought to be her first priority because if corruption is tackled head on then Nigeria should certainly be on a course of being 90% fixed. A government whose head recently appeared on a national TV to proclaim to the world that stealing is not corruption. What a show of shame!

Dr.shrewd typing via Bonny island Rivers State.
[/b]

Douglasdale:


[/color]you are not an expert in the Nigerian oil industry and just like Sanusi you goofed big time on this one.
Here are a few facts for you.
1. Nigeria represented by NNPC has a stake of 60 or 51percent depending on the agreement signed with the exploration. All expenses incurred during exploration and production (for example... Feasibility studies, development, construction of Rigs, flowstations, Gas plants,refineries etc are shared in the same proportion as agreed. So If for example to build an FPSO will cost 2Billion dollars, The IOC has to provide 40% of the cost and NNPC will bring the 60%... Where will the money come from? NNPC won't pay with cash but will pay by allocating barrels of crude to offset that bill and that's why the ammount never tarries. All operational cost has to be shared between both parties.

2. The petroleum subsidy money is collected from the earnings fromcrude and so is extra bugdetory allocations.

3. Sanusi is not an expert on crude sales and he jumped the gun in announcing ficticious and incredulous ammounts. Allow KPMG Conclude their audit first before embarrasing yourselves like Sanusi. [/b]

what is this one bluffing up there. did you read my post at all . i am well involved in what is going on in the down stream sector of the nigeria petroleum sector. i have been only very conservative with figures. Go back and reread my post