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Nairaland Forum / Nairaland / General / Politics / Revealed: “In Three Years, NNPC Generated N8.1 Trn, Gave Nigeria N4.3 Trn (33693 Views)
NNPC: 5 Damaging Things Kachikwu Revealed In His Letter To Buhari / Buhari Seeks Senate Approval To Borrow N2.10 Trn / “in Three Years, NNPC Generated N8.1 Trn, Gave Nigeria N4.3 Trn (2) (3) (4)
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Re: Revealed: “In Three Years, NNPC Generated N8.1 Trn, Gave Nigeria N4.3 Trn by sammhi(m): 6:33am On Jun 30, 2015 |
Dumb figures and most analysis have been dumb too.. grossly, it means NNPC operated with a 55% net profit and that is very good. However, if we look at this figure like this then we are just dumb asses... 2 things need be done. First, .lets have a look further of another three years and see the amount Nnpc made and what was remitted. secondly, lets take the OBJ years and see what NNPC made and what was remitted....the pattern will give us clear view of things.. now if the pattern is same...then no problem so much but if there are massive differences, then a further investigation will be required. Were there special projects and cost ..was the money embezzled? if so by whom? just looking at figures and shouting makes no sense unless we do these exercise 2 Likes |
Re: Revealed: “In Three Years, NNPC Generated N8.1 Trn, Gave Nigeria N4.3 Trn by merbenko: 6:42am On Jun 30, 2015 |
And what is the Daura Lord doing that he can't makes any move with all this news? In another development that didn't stop us from demanding the fulfillment of our campaign promises. I sense lies in this, my reason is if this news is true APC. As a propaganda Congress will have used this as one of there campaign struggle. James bring me my earpiece Yakusu, I'm tired of stories everyday without single work |
Re: Revealed: “In Three Years, NNPC Generated N8.1 Trn, Gave Nigeria N4.3 Trn by 2n2k(m): 6:45am On Jun 30, 2015 |
netizenbuzz: I get your point but there is a lacuna. The constitutional provision is confusing on this matter. There is a difference between receipts and income. This same situation happened in BPE under El-Rufai during privatization in 2000 - 2003. The question is - what should be remitted to the Federation account? Is it gross proceed or net of the cost of generating that revenue? In the case of Customs and Federal inland Revenue, it is easy because govt can easily meet the salaries and other overheads since they are service providing organizations. In the case of NNPC and its joint venture partners, they are producing entities. If all money is remitted to federation account, all such money must be shared by the three tiers of govt. Note that the National Assembly has no power on federation account. It cannot approve budget for direct spending from federation account. Its powers are limited to the share of the FG out of the whole money. That means once the money enters the federation account, all must be shared. Then NNPC, Shell, Mobil etc must wait for the legislatures at the federal level, each of the 36 states and each of 774 local governments to appropriate their own portion of the required production cost (cash calls) before they can have it and finance their operations! Nigeria liquified gas company (NNLG) that is praised for efficiency is not run that way. It simply remits net proceed (profit and cost of gas due to FG) to the federation account. NNPC has a Board that oversees its operations. It is not the duty of shareholders of a commercialized companies to approve budgets, that is the Board's function. NNPC should be seen as a company, the way NNLG is seen, not an alternative ministry of petroleum. I still maintain that NNPC is not a saint but not to the level being bandied. 2 Likes 1 Share |
Re: Revealed: “In Three Years, NNPC Generated N8.1 Trn, Gave Nigeria N4.3 Trn by Chigorkizz(m): 6:48am On Jun 30, 2015 |
Another staged,cooked story!! Excuses in order not to perform or fulfil their campaign promises . we are not new to all these stunts. You(APC) Must perform!!! Soon,the Nunu that was given to you by President Buhari from his Daura malnourished cow will soon expire. |
Re: Revealed: “In Three Years, NNPC Generated N8.1 Trn, Gave Nigeria N4.3 Trn by Godwin10123: 7:03am On Jun 30, 2015 |
businesslawyer:Which NEC was the Report submitted? Nobody has summoned any NNPC official for any report. NEC was instituted yesterday. They only commented based on the minutes of previous meeting of NNPC and minister of finance comment on the state of the account. I think you need to understand that. |
Re: Revealed: “In Three Years, NNPC Generated N8.1 Trn, Gave Nigeria N4.3 Trn by icesoul: 7:03am On Jun 30, 2015 |
ideology:Drag GEJ into this NO! He is in it, becouse his signature most be there. He is the number ONE. So he know anytin that happen. 1 Like |
Re: Revealed: “In Three Years, NNPC Generated N8.1 Trn, Gave Nigeria N4.3 Trn by henryboff(m): 7:20am On Jun 30, 2015 |
Naija na wa ooo! So NNPC no dey pay salaries? NNPC no dey do JV funding? I know say e dey likely say them chop small thing ooo but for person to come dey yarn us say them "chop" 47% of their entire income for the past three years is a blatant lie!! Our wahala for naija na say we dey use everything play politics. Nobody wan know the facts na just wetin go suit the politicians. And we sef the masses go just chop any story wey politicians yarn us. For developed countries anything wey politicians yarn them dey chop am with plenty salt and pepper!! 1 Like |
Re: Revealed: “In Three Years, NNPC Generated N8.1 Trn, Gave Nigeria N4.3 Trn by fboycaestro12(m): 7:23am On Jun 30, 2015 |
atlwireles: oga go sleep, there's no justification in spending 3.8trillion Naira to run NNPC in 3 years. No dey call Lagos Uyo for us here 3 Likes |
Re: Revealed: “In Three Years, NNPC Generated N8.1 Trn, Gave Nigeria N4.3 Trn by tempest69: 7:27am On Jun 30, 2015 |
lilprinze:seems someone helped this ape to type the above rubbish . Can't you read the breakdown of events or ur fish brain can't comprehend the right up. 2 Likes |
Re: Revealed: “In Three Years, NNPC Generated N8.1 Trn, Gave Nigeria N4.3 Trn by fboycaestro12(m): 7:28am On Jun 30, 2015 |
Chigorkizz: kontinu....If u get family for NNPC tell him/her to get ready. We will see who is a fool. So u foolishly think NNPC didn't siphone any funds. You will call it excuse but I'm sure you're not traveling to Ethiopia when the big show will start, Just grab a seat and watch 2 Likes |
Re: Revealed: “In Three Years, NNPC Generated N8.1 Trn, Gave Nigeria N4.3 Trn by may0001: 7:35am On Jun 30, 2015 |
aieromon:Nigerians should be grateful to God that Jonah lost the election at the time he did. If he had won,I wonder what would have happened to this great nation. 1 Like |
Re: Revealed: “In Three Years, NNPC Generated N8.1 Trn, Gave Nigeria N4.3 Trn by fboycaestro12(m): 7:36am On Jun 30, 2015 |
merbenko: So according to what you read, the four Governors in the committee are all APC governors. Read again please and stop saying APC lies. coming out with reports like this means they finding excuses. God save you from ignorance 2 Likes |
Re: Revealed: “In Three Years, NNPC Generated N8.1 Trn, Gave Nigeria N4.3 Trn by deboydebo: 7:41am On Jun 30, 2015 |
I hope this does not end up the way it goes in Jona's regime where no one is ever prosecuted......... |
Re: Revealed: “In Three Years, NNPC Generated N8.1 Trn, Gave Nigeria N4.3 Trn by fboycaestro12(m): 7:41am On Jun 30, 2015 |
sammhi: Bros calm down, this is just a report, they are yet to accuse or jail anybody. The report only said NNPC didn't remit 3.8trillion Naira in 3 years. in coming weeks/months we will know how and when the money was spent and so for what reasons. I advise you grab a seat 2 Likes |
Re: Revealed: “In Three Years, NNPC Generated N8.1 Trn, Gave Nigeria N4.3 Trn by AdeniyiA(m): 7:47am On Jun 30, 2015 |
musiwax:Executive collabo ... 2 Likes |
Re: Revealed: “In Three Years, NNPC Generated N8.1 Trn, Gave Nigeria N4.3 Trn by AdeniyiA(m): 7:51am On Jun 30, 2015 |
Everyday i thank God that Jonathan didn't win that election, chaiiii.... the country would be brought to it kneels completely! 2 Likes |
Re: Revealed: “In Three Years, NNPC Generated N8.1 Trn, Gave Nigeria N4.3 Trn by jamesbridget13(f): 7:52am On Jun 30, 2015 |
when breeze blowwwwww fowl y*ansh go opennnnnn |
Re: Revealed: “In Three Years, NNPC Generated N8.1 Trn, Gave Nigeria N4.3 Trn by Demdem(m): 7:54am On Jun 30, 2015 |
musiwax: Jonah-daft is a crook. Yet some fools would had wanted him to continue. Never AGAIN !!!!!! 2 Likes |
Re: Revealed: “In Three Years, NNPC Generated N8.1 Trn, Gave Nigeria N4.3 Trn by Demdem(m): 7:55am On Jun 30, 2015 |
lilprinze: SHut ur trap. PDP governors were present. There was no objection to the revelation. 2 Likes |
Re: Revealed: “In Three Years, NNPC Generated N8.1 Trn, Gave Nigeria N4.3 Trn by laithanman: 7:58am On Jun 30, 2015 |
musiwax: Gbam!! !! U said it all 1 Like |
Re: Revealed: “In Three Years, NNPC Generated N8.1 Trn, Gave Nigeria N4.3 Trn by Demdem(m): 8:00am On Jun 30, 2015 |
barcanista: Protection Seeker..................what did Jonah-daft ur god do about this abnormally when he was in charge? Besides, what u goons dont know is anytime u claim NNPC spends, u are invariably saying Jonah-daft spends. He was in charge 100% and all these went under his leadership. 1 Like |
Re: Revealed: “In Three Years, NNPC Generated N8.1 Trn, Gave Nigeria N4.3 Trn by otr1(m): 8:02am On Jun 30, 2015 |
How much did Sanusi say was missing again? SMH 2 Likes |
Re: Revealed: “In Three Years, NNPC Generated N8.1 Trn, Gave Nigeria N4.3 Trn by afoo02(m): 8:02am On Jun 30, 2015 |
lilprinze:please try to be real for once. 2 Likes |
Re: Revealed: “In Three Years, NNPC Generated N8.1 Trn, Gave Nigeria N4.3 Trn by dmcdad: 8:15am On Jun 30, 2015 |
johnny1980:God bless you bro... You just made my day with the emboldened. 2 Likes |
Re: Revealed: “In Three Years, NNPC Generated N8.1 Trn, Gave Nigeria N4.3 Trn by Highvotage: 8:21am On Jun 30, 2015 |
So even if they were having under head, paying the whole Country salary, their cut (an agency of government) should have more than what the whole federation collected? Why can't we for once call a spade a spade for Nigeria to move? gbl01: 1 Like |
Re: Revealed: “In Three Years, NNPC Generated N8.1 Trn, Gave Nigeria N4.3 Trn by 989900: 8:24am On Jun 30, 2015 |
AdeniyiA: na collabo o . . . dem don code o! 1 Like |
Re: Revealed: “In Three Years, NNPC Generated N8.1 Trn, Gave Nigeria N4.3 Trn by otr1(m): 8:25am On Jun 30, 2015 |
atlwireles:Your testimony will be needed by the EFCC. So in your own little mind, NNPC should be doing business without reporting to its master? 3 Likes |
Re: Revealed: “In Three Years, NNPC Generated N8.1 Trn, Gave Nigeria N4.3 Trn by mubarak001(m): 8:27am On Jun 30, 2015 |
All des long story...make Dem just collect and share it amongst d citizen. Meanwhile, For your private tutoring in science subjects, training on AutoCAD, archicad, artlantis studio, and chess game in Port Harcourt. Contact; renadox@yahoo.com |
Re: Revealed: “In Three Years, NNPC Generated N8.1 Trn, Gave Nigeria N4.3 Trn by dmcdad: 8:29am On Jun 30, 2015 |
rottennaija:God bless you. |
Re: Revealed: “In Three Years, NNPC Generated N8.1 Trn, Gave Nigeria N4.3 Trn by TheGoodJoe(m): 8:32am On Jun 30, 2015 |
Important excerpts from the article. He said it had become clear that the NNPC had not respected the Constitution on how government money should be spent. “If NNPC needs to spend money, it is obliged to prepare its budget like every other business enterprise. That budget will be scrutinized by the executive and forwarded to the National Assembly and the National Assembly will accordingly appropriate it. “If the federal government cannot spend without appropriation, why should any agency spend without appropriation?” “We looked at the numbers for the Excess crude account, the last time the Minister of Finance and Coordinating Minister of the Economy reported to the Council and it is in the minute, she reported by November 2014, that we had $4.1 billion. “But today the Accountant General Office reported we have $2.0 billion. Which means the Honourable Minister spent $2.1billion without authority of the NEC. And that money was not distributed to states, it was not paid to the three tiers of government. 1 Like |
Re: Revealed: “In Three Years, NNPC Generated N8.1 Trn, Gave Nigeria N4.3 Trn by TheGoodJoe(m): 8:38am On Jun 30, 2015 |
According to him “The Excess Crude account was started by President Olusegun Obasanjo around 2004-2005. “It was an administrative arrangement to save for a rainy day. And it was meant to have very clear accountability such that every state and local government, in a particular state knows their balance in the Excess Crude Account, though you can’t spend it but you know how much of it is yours. “But what we have seen, in the last few months or years is that the Excess Crude Account was operated unilaterally by the federal government, drawings were made unilaterally without consulting those that actually own the money because the Excess Crude Account is 52 percent owned by the federal government and 48 by the states and LGA. |
Re: Revealed: “In Three Years, NNPC Generated N8.1 Trn, Gave Nigeria N4.3 Trn by joseph1832(m): 8:55am On Jun 30, 2015 |
barcanista:Oh so you're saying I have not the ability to see things as they are?. Or you're also saying you're the only one with the ability to see things as they are?. I'll hold you to your words. |
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