Nigeria Is Broke: Federation Account Allocation Committee Meeting Postponed As NNPC Fails To Remit Monthly Revenue
Posted: April 8, 2012 - 04:25

By Saharareporters, New York
SaharaReporters obtained a text message sent to members of the committee stating that the meeting has been postponed due to the failure of the Nigerian National Petroleum Corporation (NNPC) to pay its monthly proceeds to the Nigerian treasury. The NNPC’s inability to remit funds means that the committee does not have enough funds to share among the three tiers of government.


A source from one of the southeast states disclosed that the postponement of the meeting as well as uncertainty over when the NNPC would remit funds to be shared “is causing alarm amongst committee members.” Asked if the NNPC’s action signaled that the Nigerian government might be broke, the source said, “I cannot say the government is broke, but recently committee did not meet as it should to discharge its revenue sharing duties.”

Another source suggested that the NNPC, which is the collector of the country’s oil earnings, might not have gathered enough funds for the current allocation period. “This could spell trouble in the coming months for the federal, state and local governments,” the source added.

The Goodluck Jonathan administration has been notorious for raiding the country’s treasury and embarking on reckless spending of Nigeria’s foreign reserves, a highly reliable source told Saharareporters.

The new date for the committee meeting is April 16, 2012. “We are hoping that the NNPC would have remitted sufficient funds by then,” said a committee member.

Ejiné: Why we even still have this grand mascot of collossal corruption called NNPC is still a mystery to me.

babaowo: Time will tell!

ak47mann: i thought nigeria generate 80% of her internal and external revenues from other source apart from oil

nuclearboy: Seems the real reasons fuel prices were increased are starting to manifest!

kombats: will neva believe sahara reporter

Black_Revo: This is a misplaced conclusion as anything could cause a delay in the remittance and they should have just simply inquired instead of spreading bear parlor rumours.

P:S What would be the motives of people that only want to place or hear bad news about the government, goodluck or PDP?.

Johndoe100:

Yes, 80% of Nigeria's revenue comes from Lagos and the other Yoruba states. See parasites, small delay de don de shit for pant.
Fear catch them, see as gbawe just de stammer giberish in fear. No worry, we go still give una oyel moni. Parasitic fools.

Donbrig: Nigerian govt got broke long ago due to our mismanagement. The only way to avert these disasters that awaits us all in the near future is to vote out PDP in 2015, they have caused enough damages to our nation, virtually everything they do is a waste of resources. The battle to unseat them in 2015 must start now or we are all doomed.