blink182: why are you struggling to show how St.upid you are, for your information FIRS alone in under 12 months remits enough money into the federation account to support the federal budget not to mention NPA, NIMASA, borrowings and the Eca that is always being drawn.

Please if you can't see the big picture then back off.

mrjingles: Let me get this straight, an amount of money higher than our ENTIRE foreign reserves is stolen or diverted in ONE YEAR and the country is still standing? Please lets not glorify stupidity in the name of "reporting"

gondie: yeaaaa, come and lecture me man.
what is your name?
who is your father?
don't worry ASUU will call off the strike soon so that you kids can go play with your mates.

Nightshift: NNPC is perhaps the most corrupt government owned company in the world.
That company has over the decades, wasted so much money that could have brought happiness to many generations of Nigerians.
With good management, NNPC could have been a global player like Russian's Gazprom; making Nigerians proud and leading African nations in oil exploration technology. What a waste!

jt2010:

No need lecturing you, your past posts say a lot about you...

fijiano202: Okonjo-iweala is orchestrating,Madueke is Executing Jonathan is Looking,i love this failed Govt,they have turn us to all to mu-mu,the rich/govt are stealing heavily the poor are fighting themselves for ruins.Wait ooo,i can hear footsteps,the GEJ E-warriors are coming,got to hide....

mrjingles: Let me get this straight, an amount of money higher than our ENTIRE foreign reserves is stolen or diverted in ONE YEAR and the country is still standing? Please lets not glorify stupidity in the name of "reporting"

omenka: Still finding it hard to wrap my mind around this figure. This is plain insane!

kel4soft: Maybe is our turn to also take the spoils after years of neglect.

ballabriggs: Ovoko! Ovoko!!! Ovoko!!!

President Jonafraud again. Every week we discover how another billions has gone untraceable.

One week, one fraud.

Orlando Owoh: Gbogbo omo Nigeria, e ku ifarada.

Afro connect: Are these people stashing so much money to run away and leave us good people of Nigeria to bear the wrath when it caves in...God forbid.
Nigerians we need to take back our country.

taharqa: 'Making', not 'made' Sense I said. Biko, I cannot type unnecessarily. See d Comment from @TMidas I quoted and fully endorsed above.. And by d way, if you read my comment on d PT claim on d last page and if you hv any Sense, you wud be very circumspect at accepting any of these allegations without both criticali analysing it Or waiting for other Info esp counter ones from all sides.

ogb5: If you believe this story then you must believe I am bill gates.

If jonathan can finance 2 yrs budget with only 15billion dollars then he his a magician.

Too many mumu on NL, see as Sahara reporters dey plait una head with lies.
A

Bro is crude oil sales the only source of revenue for naija? With custom an federal inland revenue alone we can finance our budget..so there is an element of truth in this report
Infact, it is 200billion dollars that is missing

fijiano202: Okonjo-iweala is orchestrating,Madueke is Executing Jonathan is Looking,i love this failed Govt,they have turn us to all to mu-mu,the rich/govt are stealing heavily the poor are fighting themselves for ruins.Wait ooo,i can hear footsteps,the GEJ E-warriors are coming,got to hide....

fijiano202: Okonjo-iweala is orchestrating,Madueke is Executing Jonathan is Looking,i love this failed Govt,they have turn us to all to mu-mu,the rich/govt are stealing heavily the poor are fighting themselves for ruins.Wait ooo,i can hear footsteps,the GEJ E-warriors are coming,got to hide....

taharqa:

For those persons 'eating' this thrash, this is what the EDITORS of PT allowed through their 'Paper':

Their 'Analysis' was based on the Assumption of an Average Oil Sales of 2.11millionbpd and Average Price of $105 per barrel. According to them, using these figures for a 10 months period, Jan-Oct 2013, Nigeria 'Earned' (their very words) #10.6trillion from crude oil sales, while NNPC only remitted #5.8billion to the Federation Account within the period (so the difference of #4.8trillion has been 'STOLEN' or 'DIVERTED'); just as $17.3billion (#2.695trillion) was 'earned' as Excess Crude Oil, although the Govt remitted #986.6billion (so the difference #1.708trillion has also been 'stolen' or 'diverted')!!

Here was the Mathematics used:
--- 2.11millionbpd * $105 per barrel * 30days * 10months * #158= #10.5trillion Oil SOLD (equivalent in their own mind to money 'earned' by Nigeria).

--- 2.11mbpd * $26 Excess per barrel(ie $105- $97) * 30days * 10months= $16.5billion (approximately $17.3billion they used since am using 30days per month).

So PT wud have us believe that Crude Oil, at least the Nigerian Oil, just magically produces and sells itself just like that, kwa (maybe that's why it is called 'Sweet Oil')? PT wud have us believe that All the Oil Companies in Nigeria (Shell, Chevron, Total, Oando, Sahra Energy, ExxonMobil, Halliburton, NNPC itself, etc) are a bunch of Father Xmases who love Nigeria so much that they not only produce/sell our crude for us for FREE without adding the COST of production nor do they Share from the Oil sales. Such Wonderful set of Companies in deed!! May they be blessed, Always !!

OK, enough of Clowning around; lets get back to Reality now:
When a Country produces and sells Oil to the International market, the money that buyers pay (like the #10.6trillion above) is just the SELLING PRICE. There is a COST associated with producing and selling every barrel of Oil sold (Cost of Exploration, Licensing, Exploitation, Producing, Storage, Transportation, Running cost, Labour, buying of sophisticated Equipment/Platforms, Insurance, Security, etc, etc, etc). This COST is subtracted from the SELLING PRICE; the Resulting Difference been the SHAREABLE PROFIT. It is only this PROFIT that is SHARED bw the Govt and the Oil Companies in the ratio 70/60: 30/40 (depending on the JV partnership). Govts share then goes to the Federation Account. This is the SUM that the producing country truly EARNS.

Now, the very 1st question that immediately comes to mind is how the helll is PT Editors unaware of this ELEMENTARY stuff such that they went ahead to make weighty allegations based on a premise that is sooooo Wrong, and easily so too?? But the Truth is that they KNEW. This was no mistakes nor was it an oversight. They knew EXACTLY what they were/are doing. These are not a group of OLODOS (like some Clowns here, some of whom have already commented foooolishly already); these are Smart Guys, albeit with severely flawed Characters. So also knew they were going to be caught easily at least by a few critically-minded persons, SO WHY DID THEY STILL DO IT.

Well, for same reasons an 'OLODO' Senator (he also knew exactly what he was doing too) from the North and an APC member (or Prospective member) recently publicly said that #500billion Subsidy money was 'missing', even after he admitted that #300billion was received by the FG out of the total possible Sum of #800billion, and had papers showing that the FG only receives 41% of the SURE-P funds whilst States, LGAs and Ecological fund receives the remaining 59% (and 59% of #800 is approximately #500billion, the same amount he declared 'missing'). He also knew by the way that States and LGAs, including his own, have ALL religiously received their share of the money every month at FAAC meeting, YET he went ahead to make the allegations and it initially made headlines!!!

Same reasons Ameachi said that $5billion was 'missing' from the Federation Account when the same Amaechi had been leading the charge by Govs to share out the monies in the Excess Fund. When Okonjo-Iweala finally confronted him the #54billion he Amaechi had collected as the Exact share of Rivers State's part of the 'missing' $5billion Excess Fund, he waited like 4 days b4 responding and saying 'yes we received the #54billion share' (in other words, there was No 'missing' $5billlion) but said that they did not know that the #5554billion they received came from the Excess Fund (Imagine that!!!!). Amaechi knew the truth from the start and also knew he will caught red-handed, But still he did it and made Headlines!!

Why would these people go to such an extent to stream HUGE Headlines, when they knew that they would be caught relative EASILY since premises are so 'obviously' lousy? Why do they want to make the Screaming Headllines? Why??

Did I hear words like DESPERATION, POWER MONGERING, HYPOCRISY, etc etc etc..... Maybe, you may not be so far off then.

5thNOTE: very true! Assuming in the time of OBJ, $49B was nt missing, which shows D möney was there, what Did OBJ do with D money? If it was nt also given to Obj, is that nt D same trend now, then how many of u bigots called 4 Obj's removal? In Yar Adua's time, if such or like that amount was remitted to him, were are D achievement of such money. Abi such money is too small to do things visble in D south to north?