The Revenue Mobilization Allocation and Fiscal Commission (RMAFC) on Monday put the Nigerian National Petroleum Corporation (NNPC)’s total indebtedness to the federation account at N4.9 trillion between 2011 and 2015.

It further affirmed the recent Auditor General’s report which had indicted the corporation of not remitting N3.2 trillion into the federation account in 2014.

The RMAFC said whereas the auditor general’s report relied on the 2014 Annual Audit Report obtained from the records of the Federation Accounts Allocation Committee (FAAC)’s Technical Sub-Committee on Domestic Crude Oil Sales and reconciliation statement as contained in the NNPC’s mandate to Central Bank of Nigeria (CBN) to arrive at the N3.2 trillion figure, records at its disposal indicated N4.9 trillion was the actual amount being owed the federation by NNPC as at 2015.

The RMAFC, in a statement issued and signed by its spokesman, Mr. Ibrahim Mohammed, said while the auditor general’s report claimed that NNPC owed the sum of N3.2 trillion to the Federation Account in 2014 from domestic crude sale, the corporation owed N1.99 trillion only in 2014 from domestic crude sales.

It added that the figure quoted by the Auditor-General for the Federation (AuGF) must have included revenues from other sources.


With respect to an alleged payment of $235 million realised from the sale of Natural Gas into an undisclosed Escrow Accounts by the NNPC, the commission explained that the NNPC had, on behalf of the NLNG, entered into agreements with three International Oil Companies (IOCs) including Nigeria Agip Oil Company (NAOC), Shell Petroleum
Development Company of Nigeria (SPDC), and Total E&P Nigeria Limited (TEPNG) under a Modified Carry Agreement (MCA) proceeds from which are deposited in Escrow Accounts for funding the various Gas projects under the LNNG.

It said the total amount transferred to the various accounts from 2012 to November 2015 was $1.615 billion.

RMAFC said it had consistently demanded through the FAAC Post Mortem, that the NNPC provide updated financial statements on the projects, a request which the corporation was yet to respond to.

The commission had been working with NNPC to reconcile the figures following a tripartite meeting held with the corporation, Federal Ministry of Finance (FMF) and RMAFC in December, 2015 where it was agreed that in view of the subsidy and other claims by NNPC, the Forensic Audit of the NNPC was critical in establishing which party was actually indebted to the other.

The forensic audit is expected to be concluded by the end of March, 2016.

http://www.thisdaylive.com/index.php/2016/03/22/rmafc-puts-nnpcs-unremitted-funds-at-n4-9tn/

The government should subject that ministry to proper investigation.

This country will be great again. I know that

abeniagbon:
This country will be great again. I know that

by God's grace!

Mynd44, lalasticlala, pick up the call.

Fg

This hummm

The figures aren't even consistent. Lies everywhere

Even if it is 1kobo, all unremitted funds should be traced and those found guilty should be hit very hard.

...and then

all we hear is trillions and billions, yet you tell us Nigeria is broke

awon smellows

Auditor General ~ #3.2tri

RMAFC ~ #4.9tri

NNPC unbundle ~ nationwide strike

elements of truth plenty for this matter just like the sanusi $20b and okonjo

How can (an ex) CBN governor say $40bn and later after reconciliation says $20bn is not remitted by NNPC or missing. Sanusi is a liar and deserved not to be a CBN governor, is an APC friend and against this (the last) government.

***modified***
The above was PDP and Jonathan led administration position on Sanusi, who was illegally forced out of CBN, as the Senate under the Leadership of David Mark ignored the illegal acts of the Executive and proceed to confirm a replacement without investigation of an answered memo of two years back that was renewed and put to public domain as fresh allegations.
I am amazed with how fool our youths and students are, who can not logically comprehend happenings around them and make independent unbias research and opinion of the political history of this country. Imagine PDP and their supporters panting INEC black for inconclusive and violent election. When they have the Nigeria Army/force, Treasury and INEC under them, election were peaceful and in their favour but immediately Buhari was declared winner we start witnessing the PDP of 1999, 2003 and 2007 where elections are marred with ballot boxes snatching, mass thumb printing, killings, etc. Why will APC led government engaged in violence when they can make the Nigeria Army/force, INEC and NYSC their errand boy and influence the courts....

Checking the political history of Fayose and Wike from 2007 elections will give a clearer view of who they are; most especially Wike as a LGA Chairman.

TGM2015:
How can (an ex) CBN governor say $40bn and later after reconciliation says $20bn is not remitted by NNPC or missing. Sanusi is a liar and deserved not to be a CBN governor, is an APC friend and against this (the last) government.

What concerns Sanusi here? Is Sanusi the chairman of RMAFC that is making the accusations? Is Sanusi the Auditor General of the federation that is accusing your God Jonathan and his accomplice Diezani of non remittance of Oil sales?
The truth is that NNPC did not remit monies ment for Nigeria into the federation account, so whether, it is $60 billion, (Sanusi) $20 billion(Sanusi revised), $10 billion (Okonjo Iweala), $1.6 billion (KPMG), N3.2 trillion AuGF, N4.9 trillion (RMAFC), the fact is Jonathan and Diezani is still owing Nigeria billions of dollars.

The ex-CBN governor was right. NNPC has decided to silence the issue with the card of Forensic Audit Report. Why didn't they do this forensic audit report since being accussed in 2014? If they like they shift their Forensic Audit Report date to eternity it won't change much under Buhari's close watch.
IPOB, Wailers, 40 man crew food is set, or you guys on moral hunger strike?

wirinet:


What concerns Sanusi here? Is Sanusi the chairman of RMAFC that is making the accusations? Is Sanusi the Auditor General of the federation that is accusing your God Jonathan and his accomplice Diezani of non remittance of Oil sales?
The truth is that NNPC did not remit monies ment for Nigeria into the federation account, so whether, it is $60 billion, (Sanusi) $20 billion(Sanusi revised), $10 billion (Okonjo Iweala), $1.6 billion (KPMG), N3.2 trillion AuGF, N4.9 trillion (RMAFC), the fact is Jonathan and Diezani is still owing Nigeria billions of dollars.

Leave them alone. We understand their situation. Always insecure about everything from their past, even their own shadow.

P

Really Serious!

80% discount off shipping

thats alot of money

i thought dy said it was an error from the auditor..


wen will this govt of brukutu tell the truth

Can someone tell Mr. president we've heard enof of these stories of how everybody loot the Treasury under Jonathan. plz start work
The free feeding fr primary schools
The railway u promised
The 5k fr un-employed youths
5million jobs every year
4years is short even life sef is short make ds count Mr.President

That's quite a gargatuan sum.

Make we ask PDP and Jonathan na only dem fit tell us the truth buttress with some lies

Ok

When Sanusi raised the alarm then, he was summarily crucified by the Ineffectual Buffoon as he went on his usual defense of corruption with his rendition of "goats and yams", "America will know", and "stealing isn't corruption".

How come RMFAC now "know" such was unremitted- has the body now become an "American" body??

Jonathan was nothing but a plague unto this nation, what I simply don't understand is what we did as a people to deserve such a biblical punishment....

Well...what can I say?

Some people will get pissed of if Jonathan is blamed for this but if you're such a person, bear it in mind that all this happened when he was in-charge of the country and he was privy to such information. I remember several times the directors of NNPC where summoned to the national assembly but they didn't just turn down the invitation, they totally ignored the federal lawmakers. The minister of petroleum resources was asked to come speak to the national assembly why the funds weren't remitted and she said she can't Obey any summon except she's told to do so by her boss, the President.

Saintbonnie:
The figures aren't even consistent. Lies everywhere

kip living in self denial. E 4 no even pain me if ur fada benefit from da loot self.

TGM2015:
How can (an ex) CBN governor say $40bn and later after reconciliation says $20bn is not remitted by NNPC or missing. Sanusi is a liar and deserved not to be a CBN governor, is an APC friend and against this (the last) government.

no wonda u have dis improvishd mentality, 4 a country lose such money wld definitely amount to some ppl dier sense.