AbujaIndications emerged yesterday
that $1.03 billion is missing from
Nigeria’s Excess Crude Account
(ECA) in the Central Bank of Nigeria
(CBN).
This disclosure came to the fore
during the Joint Senate Committee of
Finance and Appropriations on the
2013 budget and federal revenue-
generating agencies.
A member of the committee, Senator
Ita Enang and Coordinating Minister
of the Economy and Finance Minister,
Mrs. Ngozi Okonjo-Iweala, gave
different figures of funds accruing to
the ECA.
In the first instance, Senator Enang,
quoting from records available to the
committee, said so far, $14.06 billion
was inflows to the ECA, while $9
billion is outflow, leaving a balance of
$5.06. The minister, who did not tell
the committee how much accrued to
ECA said there is a balance of $4.03
billion.
The difference in figures started when
Senator Enang asked Okonjo-Iweala
how much Nigeria has in the ECA,
how much goes to the SWF and what
the ECA is used for.
The minister replied that the balance
in the ECA stands at $4.3 billion and
the “primary use is in the payment of
oil subsidy for the country…Money
goes in and comes out almost
immediately.”
She also informed the committee that
the ECA is being managed by the
CBN.
Senator Enang, who also chairs the
Rules and Business Committee, on
his part, stated that from records
available to them, the ECA has a
balance of $14.06 billion as inflow,
while outflow reflects $9 billion to
which the minister replied: “It’s a
federation account matter. It belongs
to all tiers of government. When we
pay subsidy, it belongs to all tiers of
government. So, the Federal
Government, states and local
governments are all partakers.”
The minister did not, however,
counter Senator Enang’s figures
before the committee.
On the status of the Sovereign Wealth
Fund (SWF), she said: “The SWF has
$1billion; there have been no further
payments into the SWF, as far as I
know.”
She admitted that there were
leakages within the economy, “with
regards to non-oil revenue,” adding:
“We have launched actions to block
those leakages.”
Also, the minister categorically
denied that the Federal Government is
paying subsidy on kerosene.
Last week, Chairman of the House
Committee on Petroleum
Downstream, Dakuku Peterside, said
government had paid N634 billion to
subsidise kerosene in the last three
years.
Giving the breakdown of the amount,
which Peterside said was spent over
three years, he disclosed that about
N110 billion was spent in 2010;
N324 billion in 2011 and N200 billion
was expended in 2012. No figure was
given for 2013.
In an exchange between the minister
and Senator Bukola Saraki, a
member of the committee, it emerged
that not only does government not
pay any subsidy on kerosene, any
outflow from the ECA was used to pay
for PMS subsidy.
Saraki, who also chairs the
Committee on Environment and
Ecology, pointedly asked the Finance
Minister if government pays subsidy
on kerosene and she replied that the
figures she quoted was for payment
on PMS subsidy.
Not satisfied, thrice, Saraki asked the
minister whether payments from the
ECA included subsidy for kerosene to
which she firmly replied: “Payment is
for PMS only. It doesn’t include
kerosene. I think NNPC should
answer the question on subsidy for
kerosene.”
Meanwhile, the Nigeria Customs
Service (NCS) has said that the
Federal Government has lost N603,
236, 211, 198.93 billion. Out of this
figure, waivers on petroleum products
gulped a hefty N236, 881, 899,
749.05.
NCS Comptroller General, Abdullahi
Dikko, told the committee that eight
different reasons are responsible for
the loss.
http://sunnewsonline.com/new/cover/1-03bn-missing-excess-crude-account/

There's no corruption in GEJ administration. Jonathan a.s.s lickers, over to you.

This is serious money.

What do they need all the monies they steal for Every time I try to wrap my mind around these figures, I find yet another imposible task to accomplish. This is just barbaric!!!

This part of the report caught my attention.

Meanwhile, the Nigeria Customs Service (NCS) has said that the Federal Government has lost N603,236, 211, 198.93 billion. Out of this figure, waivers on petroleum products gulped a hefty N236, 881, 899,749.05.

These "waivers" are one area of massive corruption which we tend to neglect or under-report. I mean, who grants these waivers, to whom, and on what basis?

One of the important changes that we need to make in this country is to remove the power of allocation of oil blocks and granting of import waivers from the executive and put it in the hands of the legislature. We must make it compulsory for lawmakers to OPENLY deliberate and consider every import waiver application before they are granted. The current structure is too opaque and dependent on the personality of the president to remain sustainable.

No wonder people can kill to become president.

Probably nothing is missing, just that Mallam Sanusi has donated the balance to interest groups as he desires.

The 37th State Governor with much cash to play with.