Ngwakwe: .

** Revolution of any kind is not possible in present day Nigeria rather we will Evolve to something manageable with time.

em77: Nigerians beware of APC, stay away frm them.

omenka: You should speak for yourself. Jagaban calls for "common sense revolution", and anyone who thinks it is "impossible" must be someone who has no sense at all.

lanrexdo: Let the truth be told, he said allot of meaningful things. BAT is a man and a politician. He knows allot about this country. You should know that allot of things has been happening on the federal level because the government has yet to tell how how the said $9.3 million got to SA? Those PDP can loot this our money ehn!

Ngwakwe:

Why are you not supporting the Revolution going on presently in Ekiti State?

You even go further to bash them for their decision to chose Ayo Fayose as Governor for reasons best known to you.

Children will always be children.

For a revolution to proceed, it must appeal to 75% of the citizenry and not to politicians from any divide.

How can any politician call for revolution of any sort after benefiting from the rot in the system?

patrickmuf: Again haters are attacking the "Man" Tinubu and ignoring the message which I think contains every iota of truth...We can keep making same mistakes all because some persons here want us to believe PDP = APC, I'd rather have us taste the other side of the divide and make choices based on experience rather than draw up conclusions already...
We really need a " common sense revolution"

omenka: You should speak for yourself. Jagaban calls for "common sense revolution", and anyone who thinks it is "impossible" must be someone who has no sense at all.

Firefire:


The message of TRUTH from the mouth & heart full of lies, deceit and self-centeredness fellow is good for nothing but to be thrown into the field to be trampled upon by men.

Ngwakwe:

Why are you not supporting the Revolution going on presently in Ekiti State?

You even go further to bash them for their decision to chose Ayo Fayose as Governor for reasons best known to you.

Children will always be children.

For a revolution to proceed, it must appeal to 75% of the citizenry and not to politicians from any divide.

How can any politician call for revolution of any sort after benefiting from the rot in the system?

patrickmuf: Why not sieve out the aspect of the message that speak sense and stop your senseless attack of the source...

patrickmuf: Again haters are attacking the "Man" Tinubu and ignoring the message which I think contains every iota of truth...We can keep making same mistakes all because some persons here want us to believe PDP = APC, I'd rather have us taste the other side of the divide and make choices based on experience rather than draw up conclusions already...
We really need a " common sense revolution"

Special Report By NEITI Indicts FG, Says Multi-Billion Naira Special Funds Bungled - Premium Times
27 Jun 2014 02:03 Written by Agency Reporter Category: Business & Economy Hits: 380 Print Email

About N931.419 billion payments for fuel subsidy by PPPRA and NNPC for 2007 to 2010 not reconciled.

Ghana and the government of the oil-rich island of Sao Tome & Principe are yet to fully repay a $45 million (about N7.2 billion) loan advanced to them from the Stabilization Fund by the Obasanjo administration in 2007, a report by the Nigeria Extractive Industries Transparency Initiative, NEITI has said.

In the report, which detailed how the Nigerian government mismanaged its special funds, NEITI also said that six oil producing states given another N34 billion loan from the Special Fund are yet to pay back more than N28 billion as at December 2011.

The agency stated these during the public presentation of two independent reports – the Fiscal Allocation and Statutory Disbursement Report, and the Solid Minerals Audit Report.

The Chairman, NEITI Board, Ledum Mitee, who made these disclosures while presenting highlights of the Fiscal Allocation and Statutory Disbursement Audit Report, said Ghana and Sao Tome & Principe still owed Nigeria more than N827 million as at December 2011.

Mr. Mitee, who did not state the conditions and purpose for which the two countries were given the loan by Nigeria, said the loans highlighted the level of abuses by the government of some special funds established to serve some special purposes. He did not also name the benefiting oil producing states.

The Stabilisation Fund was a special fund established by the Federal Government for transfers from excess oil revenues to be saved for the future to insulate the domestic economy from the shocks from unpredictable price movements at the international oil market.

However, NEITI said the Fund, like most other special funds, such as the Excess Crude Account, ECA, was deployed as a pool of sludge funds to satisfy objectives other than what they were intended.

Mr. Mitee said contrary to the objectives of the Fund, government used it as a pool to grant loans to take care of various expenditures, such as car loans to ministries, departments and agencies, MDAs, for which N13 billion was advanced.

Other disbursements from the fund included about N87.72 billion to the Independent National Electoral Commission, INEC for registration of voters.

The report also reviewed all direct allocations from government to covered agencies, including the Niger Delta Development Commission, NDDC, and the Petroleum Trust Development Fund, PTDF, as well as the ecological fund allocation with the Central Bank of Nigeria, CBN, and the administration and application of ECA.

Some startling findings from the report showed that the NDDC, which was established to manage the three per cent contributions of annual budgets of the oil producing companies for the development of the Niger Delta region, had not prepared audited accounts for 2009, 2010, 2011 and 2012 as at July 2013, despite receiving a total allocation of N593.96 billion between 2007 and 2011.

The report also noted the duplication of about 22 projects with a total contract sum of N1.18 billion, after the payment of about N370.7 million as mobilisation fees, and the disbursement of about N156.81 million for interim payment certificates, IPCs, out of which only N93.09 million were recovered.

The report also observed that substantial work was not carried on significant number of projects valued at about N284.884 billion, despite payment of about N63.558 billion in mobilisation fees.

Similarly, the report noted the general allocation of about N7.442 billion to the nine state offices of the Commission for completion of small ticket projects, which could not be traced.

For the PPPRA, the report revealed that between 2007 and 2010, the petroleum products pricing agency received a revenue inflow of N655.245 billion from the Federation Account for its operations. This excluded its income for 2011, which was not captured by the report, as subsidy payment for the year was by the Debt Management Office, DMO.

Records of subsidy payments, according to the report, showed that the Nigerian National Petroleum Corporation, NNPC, had deducted for that purpose about N1.997 trillion between 2007 and 2011 from its payments to the Federation Account in respect of domestic crude allocations.

The report also showed that about N1.1296 trillion was spent on subsidy payments through the Petroleum Support Fund, PSF for the five years.

On the payment of subsidy for controversial household kerosene scheme, the report showed that except for 2010 and 2011, about N129.025 billion was spent on the supply of 1.6 billion litres of the commodity consumed between 2007 and 2009.

The report revealed that out of about N3.9trillion spent by the Federal Government on payment of subsidy between 2007 and 2011, the PPPRA claimed it spent about N1.927 trillion on marketers, while the NNPC said it also spent about N1.997 trillion, or 51 per cent for the same purpose.

The report pointed out that the reconciliation of the various payments captured by the CBN statements and the audited Financial Statements of the PPPRA showed significant variation of about N931.419 billion for the period between 2007 and 2010.

The report also found out that total transfers to excess crude account, ECA, for the period was about N8.53 trillion, with the highest transfer of N3.15 trillion also recorded in 2011. The figure however dropped below N1trillion in 2009, with only N339.5 billion recorded in the whole year

tomakint:
Obviously you are still going through the hangover from your birthday celebration you must have drank yourself to not only stupor but gross stupidity....what is the reason for this early morning aggression? @ Topic, does anyone still take this fraudster serious

patrickmuf: Why not sieve out the aspect of the message that speak sense and stop your senseless attack of the source...

Jonathan, other PDP governments encourage corruption in Nigeria’s oil industry- government report
May 20, 2013Bassey Udo

The Nigeria Extractive Industries Transparency Initiative says government hardly implements its recommendations on accountability in the extractive industry.


The deliberate inactions of President Goodluck Jonathan’s administration and those of other Peoples Democratic Party governments since 1999 have encouraged corruption and obfuscation in the Nigerian oil industry, an agency has stated.
The Nigeria Extractive Industries Transparency Initiative, NEITI, on Monday, expressed frustration in its efforts to boost the level of transparency and accountability in the oil and gas industry.
The agency blamed the federal government for Nigeria’s recent poor ranking in the global Resource Governance Index, RGI, report of the Revenue Watch Institute, RWI.

RWI, in the report, which measured the quality of the extractive industries governance in 58 resource-rich countries across the world, ranked Nigeria 40th, with a score that showed the country’s extractive industries governance as ‘very weak’.
The assessment conducted on the quality of four key governance components, namely Institutional and Legal Setting; Reporting Practices; Safeguards and Quality Controls, and Enabling Environment, showed that Nigeria fared better in institutional and legal setting, as a result of the existence of several legislation on openness and transparency, including NEITI Act, 2007 and Freedom of Information Act, while being rated poorly on the enabling environment.
Failure since 1999

Frowning at the rating, NEITI said, as an agency set up with a mandate to enthrone transparency, accountability and good governance in the country’s extractive sector, it is concerned that its efforts are not yielding desired results as a result of “the slow pace of implementation of findings and recommendations contained in series of its audit reports since 1999.”
“Although an Inter-Ministerial Task Team was set up to address the findings and recommendations of NEITI audit reports under a remediation plan developed by the team, implementation by affected government agencies have recorded little progress,” the agency lamented in a statement by its Director of Communications, Ogbonnaya Orji.

“For instance, NEITI audit reports have consistently recommended inter-agency collaboration to recover an outstanding sum of $9.6 billion from companies (indicted in the audit reports, including the Nigerian National Petroleum Corporation, NNPC, for refusing to pay to government various revenues). This fund was uncovered by NEITI as underpayment, under-assessment and variance in royalties, signature bonuses, levies and taxes owed to the Federation.”

According to Mr. Orji, NEITI audit reports also highlighted the need for openness and competition in the conduct of bids round for allocation of oil blocks, review of existing contracts with companies, efficient and reliable metering regime for measurement of crude.

President Jonathan and the petroleum minister, Diezani Alison-Madueke, have been accused in previous investigations by journalists including the now rested NEXT Newspapers of serial violations of Nigerian laws in the allocation of oil blocks and oil export licenses.
Other recommendations that NEITI has made but which have been ignored by the successive federal governments include automation of data gathering and records keeping process, and transparency and accountability in management of revenue flows from companies to the Federation account. Mr. Orji pointed out that Nigeria could have fared better if these identified remedial issues were promptly addressed by government.

FG must commence implementation
While welcoming global assessment like that of the RWI, NEITI said it “strongly believes that for Nigeria to record significant improvement in such global ranking in future, there is need for prompt implementation of findings and recommendations contained in its audit reports.”
It reiterated the demand for swift passage of the Petroleum Industry Bill, PIB, now before the National Assembly for approval, adding that when passed into law, the Bill would address substantial issues raised in its reports.

omenka: I can see you still angry I didn't invite you to the purtey.. Change your ways then we can start doing business.

Whatever it is, I still insist the Op is a fool. Sue me.

byrron:

PDP= APC
same thieves but in two different groups.
The masses are so gullible.

Gbawe:

Doing as you say is the only way to advance a common sense and pragmatic take on issues. Whatever some feel Tinubu is guitly of does not nullify his message about the much more damaging failings of the FG covering all States of our nation and affecting every man, woman and child.

https://www.premiumtimesng.com/business/135147-jonathan-other-pdp-governments-encourage-corruption-in-nigerias-oil-industry-government-report.html

em77: Nigerians beware of APC, stay away frm them.

Uteghe: The jobless PDP e-staff mobilized and spread around blogs to demonize APC will fail and return to hunger by may 2015. Only a perverted trader in own conscience will criticize Asiwaju. Who fought Abacha? Who funded NADECO,Radio Kudirat and catered for the army of exiles Abacha and his goons-much of whom have found solace in the jinxed PDP-persecuted and hounded? Was it not Asiwaju? Look, PDP e-spit lickers,am a Niger Deltan,from Akwa Ibom,and I can say with ALL AUTHORITY,that apart from primordial and idio.tic ethnic and regional solidarity,NDtans do not have a single reason to support GEJ. So,stop the lazy Asiwaju hate hate post and comments!

isrecole: "Commonsense revolution" cos of economic vampires of which Tinubu himself is one! How could Tinubu of all people be demanding good governance when his governorship in Lagos State was fraught with massive looting of treasury,excessive grabbing of lands, highhandedness and all known vices?? Let Tinubu surrender all he stole in Lagos State,apologise to Lagosians,then Nigerians can now take him serious!!!!