Ngwakwe:
This same House that hired Enwegbara, on December 18, 2013 for N115m to produce 50 questions on the “State of the Economy,” which the House of Representatives would like to pose to the Minister of Finance.

Our lower chamber has no class nor the capacity to question PwC.

Ngwakwe:
This same House that hired Enwegbara, on December 18, 2013 for N115m to produce 50 questions on the “State of the Economy,” which the House of Representatives would like to pose to the Minister of Finance.
Our lower chamber has no class nor the capacity to question PwC.

LRNZH:


I can surmise that you prefer the AGF's intepretation of the PwC report than for it to be read and debated out in the open. So unwitting of a disposition.

Ngwakwe:


Who has the constitutional responsibility to interpret or analyse the report? I thought You and Barcanista said the report is self explanatory when submitted?

AGF knows we have operational FOI Act and wouldn't be caught meddling with the report thereby putting PwC credibility to question when the company can always be called to produce the report even by US Government or other Western countries where they operate.

LRNZH:


Then let us see the report and debate on it. It is far easier than AGF's interpretations for 168million people, casting aspersions and going to court to enforce FOI unless someone has something to hide.

At least $1.48Billion is proven missing but no word from the Presidency. Too much foul smell in this saga to let it die down without further scrutiny.

Ngwakwe:

I am yet to know the authenticity of NNPC's claims having not seen the details of the audit report however, NNPC said the $1.48Billion asked to be refunded is outside the accounting period quoted by former CBN Governor, Mallam Sanusi Lamido for which would have been reconciled and credited to Federation account thereafter.

The NNPC account with CBN is an unending transaction which is best scrutinised within a given timeframe.

LRNZH:


Simply put, you are now drawn into interpreting a report you have just admitted to not seeing the details of. This is exactly what we do not want in our polity. There is no gainsay in hearsay accounts. Ngwakwe or AGF's can only give their views but not their interpretations foisted on us all.
Let us all read the report and put a conclusive end to it.

Ngwakwe:


Who has the constitutional responsibility to interpret or analyse the report? I thought You and Barcanista said the report is self explanatory when submitted?


AGF knows we have operational FOI Act and wouldn't be caught meddling with the report thereby putting PwC credibility to question when the company can always be called to produce the report even by US Government or other Western countries where they operate.

Ngwakwe:


Forget about the noisemakers clamouring for the impossible.

There is no where in our laws that mandate the President to make the audit report public hence let's see how a lame duck session of HOR can summon PwC.

barcanista:
Rightly said, no law mandate the President to make report public except one invokes the FOI act, but for transparency sake the President should come open. What is he hiding? Though our Reps seem not to know their jobs

Ngwakwe:


The Senate halted their probe of NNPC until the forensic audit by PwC is received.

I believe they will start from where they stopped. Bukola Saraki made a categorical statement to inform Nigerians that there won't be any sacred cow.

I'm hoping and believing the Senate concludes their probe of NNPC as a function of their legislative oversight in the 8th legislative session.

barcanista:
Is it not the Senate that gave the nnpc clean bill of health? Why can't they contract a different audit firm independently to look into the books? The people accused are the executives mind you! See we need competent people in parliament. We have too many jokes in NASS! As for Saraki..lol

LRNZH:
We need to see the actual report. See AGF acting like Nigerians are illiterate.

barcanista:
@ LRNZH
What are they summoning pwc for? They have submitted to their client (the Executive arm), what else does Reps want them to do? Are they government agency? The person to summon FIRST is the Minister of Finance, and next the AGF, Petroleum Minister, CBN and NNPC. The PWC summon should bo to clarify on their own report if the reps have any reason to believe that the government officers are hiding something or when the reps really want to get right their fact. Bros our reps de fall hand abeg!!!

BackDatAssUp:


Even if you are given the report to feel, smell and taste you won't still believe.

Ntoor!

See una life

LRNZH:
We need to see the actual report. See AGF acting like Nigerians are illiterate.

LRNZH:


I hold a different opinion.
These people and agencies that you quote have been summoned by the senate in the past. Did anything meaningful come out of the hearings? I dear say no.

The reps can waste their time and go through the route you listed or jump the nonsense and speak directly with PwC. It is mind boggling that between $10Billion and $20Billion in dispute (even attested to by NOI herself), has become $1.48Billion. I am with the reps on this one.

LRNZH:

I hold a different opinion.
These people and agencies that you quote have been summoned by the senate in the past. Did anything meaningful come out of the hearings? I dear say no.
The reps can waste their time and go through the route you listed or jump the nonsense and speak directly with PwC. It is mind boggling that between $10Billion and $20Billion in dispute (even attested to by NOI herself), has become $1.48Billion. I am with the reps on this one.

[size=38pt]Sanusi lied about $49.8bn missing money – Senate committee[/size]

MAY 29, 2014 BY SUNDAY ABORISADE



The Senate Committee on Finance on Wednesday described as untrue allegations by the suspended Governor of the Central Bank of Nigeria, Mallam Lamido Sanusi, that $49.8bn was missing from the Federation Account.

The committee, led by Senator Ahmed Makarfi, which submitted its report also said the total crude oil lifting from January 2012 to July 2013 was $67bn and not $65bn as claimed by Sanusi.

Sanusi had written President Goodluck Jonathan alleging that the Nigerian National Petroleum Corporation had failed to remit $49.8bn, being part of the income it generated from the sale of crude oil to the Federation Account.

But the committee stated that all the agencies, which made presentations to it, agreed after reconciliation that $47bn out of the $67bn had been credited to the Federation Account, leaving only $20bn yet to be accounted for.

It added that the $5.254bn spent on subsidy for Premium Motor Spirit by the Petroleum Products Pricing and Regulatory Agency, which was part of the $20bn, was covered by the Appropriation Acts of 2012 and 2013.

It, however, said that $3.512bn for kerosene subsidy certified by PPPRA for the period January 2012 to July 2013 was not appropriated for by the National Assembly.

The committee, therefore, asked the management of the NNPC to refund $262m to the Federation Account, being the expenses it could not satisfactorily defend during the just concluded probe of the alleged missing $49.8bn.

It also asked the corporation to remit the balance of $218m out of the $2.4bn third party financing, out of which the share of the Federation Account was $1.58bn.

It also recommended the complete stoppage of the subsidy regime in the country.

The $262m, which the NNPC was asked to refund, was in respect of holding strategic stock reserve, pipeline maintenance and management cost, and capital expenditure.

The committee stated in the report, “There is the need for the subsidy regime to be totally discontinued with. All stakeholders, however, should be consulted and carried along as much as possible before abolishing the subsidy.”

It further noted that royalties and taxes amounting to $447.8m, being outstanding from the Federation Account share from the $6.815bn listings by the NNPC on behalf of the NPDC, remained unremitted

It also noted that gross lifting under the third party financing arrangement was $2.4bn, out of which the share for Federation Account was $1.588bn

“The Attorney-General of the Federation confirmed and gave documentary evidence showing the sum of $1,370,172,650.36 was remitted to the Federation Account,” the report stated.

The committee, therefore, recommended that the NNPC should remit the balance of $218,069,354.32 to the Federation Account

“The NNPC should refund and remit to the Federation Account the sum of $262m, being expenses it could not satisfactorily defend of holding strategic stock reserve; pipeline maintenance and management cost and capital expenditure,” it stated.

It said that further legislative action by the Senate should be taken after the receipt of the forensic audit being undertaken at the NNPC by the Auditor-General for the Federation and auditors.

It asked the NNPC not pay for its operational expenditures directly from the federation’s funds without appropriation by the National Assembly and that the corporation should strictly adhere to international best practices in keeping records.

Other recommendations are: “That the NNPC should not control the revenue account of the NPDC in order not to undermine its separate legal status and make accountability more difficult.

“That average number of days taken to discharge a vessel load of 33 and a half days as against the expected one and a half days resulting in $207.8m demurrage.

“The committee could not see how the figure of $49.8bn was arrived at by the CBN governor in the first instance.

“That the CBN governor at the first hearing had forwarded the figure of $12bn as money to be reconciled and changed his position to $20bn at subsequent hearings.

“At the conclusion of his written submission, Sanusi posited that it could be $20bn, $12bn, $10.8bn or anything in between.

“The CBN governor orally or in writing never outright submitted that money was missing but that money was not remitted to the Federation Account by the NNPC.”

The committee also recommended that President Goodluck Jonathan should prepare and present to the National Assembly a supplementary budget to cover the over-expenditure in the sum of N90.693bn for PMS subsidy for 2012.

It also said the sum of N685.910bn for kerosene subsidy expended without appropriation by the National Assembly in 2012 and 2013 should also be covered by the supplementary budget.

The committee observed that there was lack of proper and adequate coordination between key agencies of the government such as Ministry of Finance, Ministry of Petroleum Resources, the CBN, NNPC, Department of Petroleum Resources, and Federal Inland Revenue Service.

It noted that the issue of non-remittance of oil revenue was not new and that it was the not the CBN governor that first discovered it, adding that it had been a recurring issue at the monthly Federation Account Allocation Committee meetings.

[size=28pt]The committee, however, stated that it could not see how the figure of $49.8bn was arrived at by the CBN in the first instance.[/size]

LRNZH:


I hold a different opinion.
These people and agencies that you quote have been summoned by the senate in the past. Did anything meaningful come out of the hearings? I dear say no.

The reps can waste their time and go through the route you listed or jump the nonsense and speak directly with PwC. It is mind boggling that between $10Billion and $20Billion in dispute (even attested to by NOI herself), has become $1.48Billion. I am with the reps on this one.