himkers:



Swerve

park well jare so they dont see ur face...
i dare u to show ur face...
u r working in Gtbank yet advertising for first bank...
dats called political prostitution at its peak
now run along and get down 2 work...ur employers need u now

dammytosh:

I meant Billion Dollars.

i simply divided that into 4.

Thanks all the same.

47 billion dollars per year isn't child's play. Dollars made the sum look small. I prefer it in naira

6trillion naira yearly? Even the devil cannot steal such in a year

Soludo is bitter and disappointed that INEC conducted free and fair election in Anambra state under GEJ. He spent all the money he collected from bank executives in political ambition that fail.Sorry BABA was no longer there to impose you on the people of anambra and rigged the election as he did for his boys in the S/west.
Now that you are fighting corruption, how much did you collect from Mrs Cecilia Ibru ,Erastus Akigbola and others that made you turn your eyes to the other side when they looted peoples money in the bank under your watch. In other clime people like you should be a shame Prof.

Ziggymonn:
Soludo is bitter and disappointed that INEC conducted free and fair election in Anambra state under GEJ. He spent all the money he collected from bank executives in political ambition that fail.Sorry BABA was no longer there to impose you on the people of anambra and rigged the election as he did for his boys in the S/west.
Now that you are fighting corruption, how much did you collect from Mrs Cecilia Ibru ,Erastus Akigbola and others that made you turn your eyes to the other side when they looted peoples money in the bank under your watch. In other clime people like you should be a shame Prof.

May God bless you...i was waiting for someone to point out d bolded...
its as if soludo is now a saint...
most nigerians r poor historians..

Specialist900:
47 billion dollars per year isn't child's play. Dollars made the sum look small. I prefer it in naira

6trillion naira yearly? Even the devil cannot steal such in a year

Then Devil is a learner where Jonathan's Team are.

Did you hear of the 50Billion Dollar @160 it is 8,000,000,000,000 naira (8 trillion naira) 1 Dollar is now 200 + dnt forget.

missing declared by Sanusi then ? They came out and said it is 20Billion Dollars and it will be investigated. 20Billion at 160 is 3,200,000,000,000 (3.2Trillion)

Without sentiment. why should the 2 former CBN Governors who understand the Economy come out to say such ?

Before you go sentimental.

http://www.bbc.com/news/world-africa-17823959 $6 Billion Fuel Subsidy Scam source BBC (April 2012)
http://www.reuters.com/article/2012/05/13/us-nigeria-subsidy-graft-idUSBRE84C08N20120513 $6.8 subsidy scam reuters.

MadCow1:



4 trillion Naira is a little above 20 billion dollars...

That is the money that Sanusi alleged was missing from the NNPC account..

So if NNPC has 20 billion dollars to misplace, how much more is the rest of the economy generating? How much more money there that we don't hearof?

If NNPC had 4 trillion Naira, why did we go borrowing more money?


I am curious..

Dear Madcow,
sorry to inform you that the NNPC money in question/dispute is $10billion and not $20billion as still claimed by confused APC propagandists. The confused Mallam Sanusi initially claimed $48.9billion was missing, and then it changed to $20billion, and then again to $10billion, and later on when the same Sanusi was confronted on why the figures kept changing, he said he is not sure how much is missing but he thinks some money is missing or unaccounted for. Now, that $10billion is what PWC has just submitted a forensic report on a few days ago, and you may want to wait for it to be made public so you can satisfy your curiosity.
It just goes to show that Madcow is not current/up-to-date, else you would not still be stuck on the old spot of $20billion even when Sanusi the accuser had moved over to $10billion and then to "I dont know exactly how much is missing but i know some money is missing or unaccounted for"

dammytosh:


Then Devil is a learner where Jonathan's Team are.

Did you hear of the 50Billion Dollar @160 it is 8,000,000,000,000 naira (8 trillion naira) 1 Dollar is now 200 + dnt forget.

missing declared by Sanusi then ? They came out and said it is 20Billion Dollars and it will be investigated. 20Billion at 160 is 3,200,000,000,000 (3.2Trillion)

Without sentiment. why should the 2 former CBN Governors who understand the Economy come out to say such ?

Before you go sentimental.

the possibility for soludo who has been out of government for a while to get accurate figures is minimal. So I still doubt it

The timing with which this was brought up, i also have issues with.

As regards sanusi, since he played with so many figures at the time made the whole stuff shady. More so, the 20 billion wasn't said to have been missing in 1 year

That money is huge, we must say

Specialist900:
the possibility for soludo who has been out of government for a while to get accurate figures is minimal. So I still doubt it

The timing with which this was brought up, i also have issues with.

As regards sanusi, since he played with so many figures at the time made the whole stuff shady. More so, the 20 billion wasn't said to have been missing in 1 year

That money is huge, we must say

I sentimentally assume it is huge like you did but Soludo says lets have a forum to discuss it and they have not given him any.

We will keep adding Election sentiment, religious sentiment, tribal sentiment until Nigeria go to ruins.

The way i see Soludo's case is like my enemy's friend coming to tell me my Enemy wants to kill me and i say that since he betrayed his friend, he must be lieing. I will rather take caution, step back and examine the situation as a whole instead of throwing it out.

And for the propaganda saying Soludo want to be relevant. Soludo is a Professor not a rif raf who made it through Politics. He does n ot need any appointment and will likely not come back self.

dammytosh:


I sentimentally assume it is huge like you did but Soludo says lets have a forum to discuss it and they have not given him any.

We will keep adding Election sentiment, religious sentiment, tribal sentiment until Nigeria go to ruins.

The way i see Soludo's case is like my enemy's friend coming to tell me my Enemy wants to kill me and i say that since he betrayed his friend, he must be lieing. I will rather take caution, step back and examine the situation as a whole instead of throwing it out.

And for the propaganda saying Soludo want to be relevant. Soludo is a Professor not a rif raf who made it through Politics. He does n ot need any appointment and will likely not come back self.

him asking for a forum to debate isn't totally wrong but there are times also when accusations are thrown and arguing it only gives it relevance.

Just like someone saying come and argue that nigeria is bigger than Africa

To some people, Former World Bank president has no integrity, but former military leader without certificate has integrity.

Lying general...

agabusta:
Soludo stated clearly that the amount is either mismanaged, stolen or unaccounted for.

Soludo isn't still at CBN.how or where did he get his facts? Sanusi is the guy who should say such things.
Besides common sense which some posts here on naira land suggests isn't that common would show that such amount of funds can't be stolen,mismanaged or even be unaccounted for without having an aggrandizing negative effect on the country in question.or at least draw concerns of the imf-or does Jonathan control that too?
We shouldn't call lightly to question the integrity of a woman who gave up an executive post at world bank without accepting basic salary to save Nigeria from the mess it was in before obj recruited her.

eduj:

Soludo isn't still at CBN.how or where did he get his facts? Sanusi is the guy who should say such things.
Besides common sense which some posts here on naira land suggests isn't that common would show that such amount of funds can't be stolen,mismanaged or even be unaccounted for without having an aggrandizing negative effect on the country in question.or at least draw concerns of the imf-or does Jonathan control that too?
We shouldn't call lightly to question the integrity of a woman who gave up an executive post at world bank without accepting basic salary to save Nigeria from the mess it was in before obj recruited her.

The highlighted part of your statement is insulting to the Nigerian people to say the least. We have so many equally qualified and even more qualified people than her. She is not doing us any favour! She is earning her pay and earning well. We have a right to criticise her and demand accountability.

My respect for soludo has lost totally he only want more money u think I want to contest again

agabusta:


The highlighted part of your statement is insulting to the Nigerian people to say the least. We have so many equally qualified and even more qualified people than her. She is not doing us any favour! She is earning her pay and earning well. We have a right to criticise her and demand accountability.

An audit would be reviewed by the house soon.wait for its result before throwing ur stones.
In your earlier post you outrightly condemned her based on circumstantial evidence I only said you shouldn't question ones integrity lightly

eduj:

An audit would be reviewed by the house soon.wait for its result before throwing ur stones.
In your earlier post you outrightly condemned her based on circumstantial evidence I only said you shouldn't question ones integrity lightly

Which earlier statement are you talking about?? Which condemnation are you talking about? I didnt talk about her, I didnt even mention her. I only restated what Soludo said in one line, so that those misquoting him can be informed.

agabusta:


Which earlier statement are you talking about?? Which condemnation are you talking about? I didnt talk about her, I didnt even mention her. I only restated what Soludo said in one line, so that those misquoting him can be informed.

Sorri I mistook ur post with that of another.

Specialist900:
an economist brought it up while a corruption expert (as he claims to be) looks at the possibility of such funds getting missing.

Your comment justify my claim to leave the economy to the economist.

First let me ask. Have you read the soludo's article?

If you've read it then you'll know that this is not a case of corruption but a clear case of competency. Soludo never accused NOI of being corrupt but for being the finance minister in a leaking and corrupt govt without being able to do anything to prevent it. This is a case of competency not corruption.

According to Ribadu argument it's lik saying "I squandered 50mil naira when I haven't earned/saved 100 thousand in the time frame"

Secondly what is this trash I hear/read people writing that Nigeria has not earned up to N30tr? In four years?

Are you people for real?
Are you really using our budget as a yard stick?

Ok! Assuming you want to use federal budget. let me ask this question.

Have you factored in the monthly statutory allocation to all 36 states in five years?

Check this out.
http://www.frontiersnews.com/index.php/business/37-business/2696-federation-account-2012-the-richest-and-poorest-state-beneficiaries-in-nigeria

What you have there is only one year. Now multiply the total by 5years.

What soludo is even talking about does not have anything to do with the budget. Instead they are money that refused to enter the federation account under the watchful act of NOI.

Check this senario:

You have a firm that is into diff sectors Agric, services, banking.
Your income is like this:
Agric. N2m
Services. N4m
Banking. N6m
Total. N12m

Statutory deductions:
4 wifes collected. N400k each = N1.6m
(Oil producing states)
32 children collected N200k each=N6.4m
(Other states)
Remaining (for federal govt to budget on) =N4m
Total. N12m

Assuming that an expert in the type of firm you own now told you that instead of the figures you have above, you were supposed to have something like this.

Your income is supposed to be like this:
Agric. N12m
Services. N6m
Banking. N8m
Total. N26m

That villagers has been stealing your farm produce to the tune of N10m (oil bunkering)
That your clients has been short paying you to the tune of N2m (tax, import duties etc)
That your bankers has been short changing you in your transactions.

All this under the watchful eyes of your manager.

jomoh:



Your comment justify my claim to leave the economy to the economist.

First let me ask. Have you read the soludo's article?

If you've read it then you'll know that this is not a case of corruption but a clear case of competency. Soludo never accused NOI of being corrupt but for being the finance minister in a leaking and corrupt govt without being able to do anything to prevent it. This is a case of competency not corruption.




Secondly what is this trash I hear/read people writing that Nigeria has not earned up to N30tr? In four years?

Are you people for real?
Are you really using our budget as a yard stick?

Ok! Assuming you want to use federal budget. let me ask this question.

Have you factored in the monthly statutory allocation to all 36 states in five years?

Check this out.
http://www.frontiersnews.com/index.php/business/37-business/2696-federation-account-2012-the-richest-and-poorest-state-beneficiaries-in-nigeria

What you have there is only one year. Now multiply the total by 5years.

What soludo is even talking about does not have anything to do with the budget. Instead they are money that refused to enter the federation account under the watchful act of NOI.

Check this senario:

You have a firm that is into diff sectors Agric, services, banking.
Your income is like this:
Agric. N2m
Services. N4m
Banking. N6m
Total. N12m

Statutory deductions:
4 wifes collected. N400k each = N1.6m
(Oil producing states)
32 children collected N200k each=N6.4m
(Other states)
Remaining (for federal govt to budget on) =N4m
Total. N12m

Assuming that an expert in the type of firm you own now told you that instead of the figures you have above, you were supposed to have something like this.

Your income is supposed to be like this:
Agric. N12m
Services. N6m
Banking. N8m
Total. N26m

That villagers has been stealing your farm produce to the tune of N10m (oil bunkering)
That your clients has been short paying you to the tune of N2m (tax, import duties etc)
That your bankers has been short changing you in your transactions.

All this under the watchful eyes of your manager.

I must appreciate the time to took to explain this.

I read soludo articles, and the reply from the ministry of finance. My issue is how did he get the figures he brandished. Becos the reply from the ministry says his statistics are wrong.

Well let's leave it for the economist.

That money still plenty to steal sha

jomoh:



Your comment justify my claim to leave the economy to the economist.

First let me ask. Have you read the soludo's article?

If you've read it then you'll know that this is not a case of corruption but a clear case of competency. Soludo never accused NOI of being corrupt but for being the finance minister in a leaking and corrupt govt without being able to do anything to prevent it. This is a case of competency not corruption.




Secondly what is this trash I hear/read people writing that Nigeria has not earned up to N30tr? In four years?

Are you people for real?
Are you really using our budget as a yard stick?

Ok! Assuming you want to use federal budget. let me ask this question.

Have you factored in the monthly statutory allocation to all 36 states in five years?

Check this out.
http://www.frontiersnews.com/index.php/business/37-business/2696-federation-account-2012-the-richest-and-poorest-state-beneficiaries-in-nigeria

What you have there is only one year. Now multiply the total by 5years.

What soludo is even talking about does not have anything to do with the budget. Instead they are money that refused to enter the federation account under the watchful act of NOI.

Check this senario:

You have a firm that is into diff sectors Agric, services, banking.
Your income is like this:
Agric. N2m
Services. N4m
Banking. N6m
Total. N12m

Statutory deductions:
4 wifes collected. N400k each = N1.6m
(Oil producing states)
32 children collected N200k each=N6.4m
(Other states)
Remaining (for federal govt to budget on) =N4m
Total. N12m

Assuming that an expert in the type of firm you own now told you that instead of the figures you have above, you were supposed to have something like this.

Your income is supposed to be like this:
Agric. N12m
Services. N6m
Banking. N8m
Total. N26m

That villagers has been stealing your farm produce to the tune of N10m (oil bunkering)
That your clients has been short paying you to the tune of N2m (tax, import duties etc)
That your bankers has been short changing you in your transactions.

All this under the watchful eyes of your manager.

I have gone through all information in your link and the data that was released for 2012 disbursements. Let me pick out a few points which you need to acknowledge to know that Nigeria could not have earned the kind of money Soludo is talking about, cos those figures exist only in the confines of his head;

1) Those figures/statistics said the government disbursed a total of N8trillion in 2012, but you seem to forget that 2012 was about the best year Nigeria has ever had in terms of oil revenue since independence. In 2012, the average price of crude oil was around $113 per barrel and there was a period in that year when oil peaked at about $134 pee barrel - compare that to other years when oil was mostly under $100 a barrel and you will see one reason why the government was able to disburse up to N8trillion in 2012. Today, oil is less than $50 per barrel, and it has been less than $100 per barrel for most of Jonathan's administration, so YOU CANNOT CLAIM THAT "YOUR STATISTICS FOR 2012 CAN EASILY BE USED AS A YARDSTICK FOR MEASURING OTHER YEARS". 2012 in which the government earned enough to have been able to disburse N8trillion was just an exceptionally good year for Nigeria, which was not comparable to other years. Why dont you show us statistics for other years to prove that 2012 is comparable?

2) Most of Nigeria's revenue comes from oil, and we can do a little calculation here to have an idea of how much Nigeria could potentially earn from oil:

Note: The royalties and taxes combined that the government collects from each barrel of oil produced in Nigeria roughly an average of 40% - 60% (It varies depending on several factors), but let's work with 50% for this calculation

Nigeria's average daily output for the past 5years is around 2.5million barrels per day.

Let's assume an average oil price of $100 per barrel over the past 5years

On a daily basis the government eared 2.5million barrels x $100 x 50% (royalty & taxes from each barrel) = $125million

in one month, the amount is $125million x 30days = $3.75billion

in one year, the amount is $3.75billion x 12months = $45billion

That means in a very good year when oil trades at $100 per barrel and there is not much shortage of production capacity as a result of sabotage or pipeline vandalism, Nigeria would earn about $45billion only from oil, and at the average naira exchange over the past 5years which was about N150 to a dollar before the recent crash, that would have amounted to just about N6.75trillion

It is on record that the federal government earns about 85% of its total revenue from oil, so that means we can safely assume that this N6.75trillion represents 85% of the total money earned by the federal government in a very good year when oil price is very high unlike the current situation where it has crashed

Going by the above, you can clearly see that in a very good year when oil price is so high such as we had in 2012 where average oil price was about $113 per barrel, Nigeria could barely manage to earn up to N9trillion if other non-oil sectors of the economy also performed so well, but 2012 was just an EXCEPTION because we've not had it so good since then.

If going by Soludo's assertion that N8.6trillion (that is $57.3billion based on N150 to a dollar average for last 5years) had been stolen on an annual basis since the past 5years, it means that the money stolen, mismanaged or misappropriated annually is far more than the total amount the government earns from oil on a yearly basis. Maybe now you can see why it's obvious that Soludo's senses have since departed him....and he doesn't know so, cos he still thinks he is normal!

otijah:
Come to think of it, why is that its during this election period that soludo is showing himself, is he been paid to do it or what
How can 30trn be Missing and is has nt been uncovered for over years? Where did he come up with the calculations? Why is he showing up now?
Summary APC at work

Silly ignorant Nigerian. Where was ur silly ass at when Lamido cried out about the missing $20billion?Get ur facts right before u come display ur ignorance on nairaland.

nelsonoba:



Dear Madcow, I will try to explain this to you in plain HUMAN language, and also in a way that any SANE HUMAN or COW can understand;

As a country, we have an annual budget that is based on our Receivables, we budget based on money/funds we can have access to. The total money that the Government has earned from which it budgets within the past 5years is not up to N20trillion........go and refresh yourself with this fact from records.

Inside this "Less than N20trillion" over the past 5years, the federal government has disbursed money to State and local governments on a monthly basis

Inside this "Less than N20trillion" over the past 5years, the federal government has been paying federal government workers' salaries

Inside this "Less than N20trillion" over the past 5years, the federal government has carried out capital projects (Including the new trains that APC supporters pretend not to like and claim they are not as beautiful as Dubai & Mexican trains, even though Buhari couldn't even give us a single locomotive while he was in power)

Inside this "Less than N20trillion" over the past 5years, the government has funded the approved increases in minimum wage and NYSC allowances

Inside this "Less than N20trillion" over the past 5years, the government has been building Almajiri schools all over the North, reconstructing several abandoned federal roads that previous administrations left delapidated and abandoned, etc etc etc.

So my Dear Madcow, please tell me again how you or Soludo can claim the Government has Mismanaged, misappropriated or stolen N30trillion and another N8.6trillion from inside this less than N20trillion budget over 5years?

Another common sense (which doesn't seem common to some people) should make you know that The Government needs to have had access to at least N38.6trillion over the past 5years of Jonathan's administration before it could ever have the capacity/ability to STEAL, MISMANAGE or MISAPPROPRIATE that amount!!

Madcow, you cannot STEAL, MISMANAGE or MISAPPROPRIATE an amount of money you have not had access to in the first instance!!!

Nigeria is producing at least and I mean all least 1.75million barrel per day crude oil officially. You do the math, now add those missing barrels per day and those barrels unaccounted for, again add taxpayers money and revenue from our customs, and the reserve inherited from his predecessor, so stop deceiving yourself, and forget what that stupid ribadu is saying he himself knows he's lying just like everybody in GEJ's administration because of immunity from prosecution and money they are sharing. All I know is they can't fool all of us at least not for long, and nemesis will soon catch up with them if they didn't repent because Holy book say a great punishment awaits they which is why God is hardening their mind remember Pharaoh.

olami234lekan:


Nigeria is producing at least and I mean all least 1.75million barrel per day crude oil officially. You do the math, now add those missing barrels per day and those barrels unaccounted for, again add taxpayers money and revenue from our customs, and the reserve inherited from his predecessor, so stop deceiving yourself, and forget what that stupid ribadu is saying he himself knows he's lying just like everybody in GEJ's administration because of immunity from prosecution and money they are sharing. All I know is they can't fool all of us at least not for long, and nemesis will soon catch up with them if they didn't repent because Holy book say a great punishment awaits they which is why God is hardening their mind remember Pharaoh.

maybe you need to read this post i made earlier again to be sure you are not the one deceiving yourself:




I have gone through all information in your link
and the data that was released for 2012
disbursements. Let me pick out a few points
which you need to acknowledge to know that
Nigeria could not have earned the kind of
money Soludo is talking about, cos those figures
exist only in the confines of his head;
1) Those figures/statistics said the government
disbursed a total of N8trillion in 2012, but you
seem to forget that 2012 was about the best
year Nigeria has ever had in terms of oil
revenue since independence. In 2012, the
average price of crude oil was around $113 per
barrel and there was a period in that year when
oil peaked at about $134 pee barrel - compare
that to other years when oil was mostly under
$100 a barrel and you will see one reason why
the government was able to disburse up to
N8trillion in 2012. Today, oil is less than $50 per
barrel, and it has been less than $100 per
barrel for most of Jonathan's administration, so
YOU CANNOT CLAIM THAT "YOUR STATISTICS
FOR 2012 CAN EASILY BE USED AS A YARDSTICK
FOR MEASURING OTHER YEARS". 2012 in which
the government earned enough to have been
able to disburse N8trillion was just an
exceptionally good year for Nigeria, which was
not comparable to other years. Why dont you
show us statistics for other years to prove that
2012 is comparable?
2) Most of Nigeria's revenue comes from oil, and
we can do a little calculation here to have an
idea of how much Nigeria could potentially earn
from oil:
Note: The royalties and taxes combined that the
government collects from each barrel of oil
produced in Nigeria roughly an average of 40% -
60% (It varies depending on several factors), but
let's work with 50% for this calculation
Nigeria's average daily output for the past
5years is around 2.5million barrels per day.
Let's assume an average oil price of $100 per
barrel over the past 5years
On a daily basis the government eared
2.5million barrels x $100 x 50% (royalty & taxes
from each barrel) = $125million
in one month, the amount is $125million x
30days = $3.75billion
in one year, the amount is $3.75billion x
12months = $45billion
That means in a very good year when oil trades
at $100 per barrel and there is not much
shortage of production capacity as a result of
sabotage or pipeline vandalism, Nigeria would
earn about $45billion only from oil, and at the
average naira exchange over the past 5years
which was about N150 to a dollar before the
recent crash, that would have amounted to just
about N6.75trillion
It is on record that the federal government
earns about 85% of its total revenue from oil, so
that means we can safely assume that this
N6.75trillion represents 85% of the total money
earned by the federal government in a very
good year when oil price is very high unlike the
current situation where it has crashed
Going by the above, you can clearly see that in a
very good year when oil price is so high such as
we had in 2012 where average oil price was
about $113 per barrel, Nigeria could barely
manage to earn up to N9trillion if other non-oil
sectors of the economy also performed so well,
but 2012 was just an EXCEPTION because we've
not had it so good since then.
If going by Soludo's assertion that N8.6trillion
(that is $57.3billion based on N150 to a dollar
average for last 5years) had been stolen on an
annual basis since the past 5years, it means
that the money stolen, mismanaged or
misappropriated annually is far more than the
total amount the government earns from oil on
a yearly basis. Maybe now you can see why it's
obvious that Soludo's senses have since
departed him....and he doesn't know so, cos he
still thinks he is normal!

APC at work again.