Goodluck Jonathan’s presidency in Nigeria has been defined as much by what has gone missing as by what his government has put in place: the schoolgirls abducted by Boko Haram and billions of dollars in oil revenues allegedly unaccounted for. It is curious therefore, at such a politically sensitive time, that he has allowed another dossier to go adrift: the PriceWaterhouseCoopers audit into oil accounts. The longer his government withholds the report, the more suspicious its motives in public eyes.
Granted, the timing is awkward; just two weeks before presidential elections that have polarised a nation beset by violence and reeling from a fall in oil revenues. But the Nigerian public have a right to full disclosure on what has been an ugly stain on the country’s reputation. This is especially so as it touches on the management of Africa’s biggest economy under the incumbent president, who is seeking re-election.

More than a year ago, Lamido Sanusi, the former central bank governor, publicly questioned discrepancies between oil sales and income of more than $1bn per month. Mr Sanusi warned that the alleged shortfalls to the treasury — up to $20bn between January 2012 and July 2013 — meant foreign reserves were under pressure, even though Nigeria should have been benefiting from the soaring price of oil and saving against an eventual fall. These revelations fuelled a public furore, and investor confidence was knocked further when Mr Sanusi, now Emir of Kano, was suspended from his job.

The government’s answer was to commission the forensic audit, originally due out by September. The auditor general finally released last month a page of selected findings from PwC’s inquiry. Top government and state oil company officials duly seized on these to declare the Nigerian National Petroleum Corporation exonerated and the mystery of the “missing billions” resolved. The NNPC owes the treasury $1.49bn, the government claims, a far cry from the $20bn hole that Mr Sanusi pointed to.
Until the full audit is published, however, it is hard to be sure. Even if it is, PwC’s terms of reference did not cover the extent of questions raised by Mr Sanusi, nor do the findings released so far explain the shortfalls in Nigeria’s earnings during the oil boom. Notably absent is any detailed discussion of the value to the state of contentious financing arrangements with private companies, or of opaque crude oil swaps. Industry experts describe the latter, in which billions of dollars in crude exports are exchanged for refined fuel imports without money changing hands, as the real “Bermuda Triangle”.

According to the auditor-general, PwC found that the state oil company had remitted $50.81bn out of a total of $69.34bn in revenues during the period under scrutiny. It spent $5.32bn on petrol subsidies and $3.38bn on kerosene subsidies, with the remaining gap filled by operational and financing costs. The legality of the kerosene subsidy, which was terminated by presidential directive in 2009 and was not budgeted for thereafter, remains at issue.
Mr Sanusi also alleged that the NNPC was importing about twice the amount of petrol that the nation used while supplying only half its fuel, with the rest provided by private marketers. There appears to have been no effort to audit the volumes of fuel imported, only the NNPC paperwork that supported the subsidies on these.
Fundamental changes to the way Nigeria manages its oil are long overdue. Greater transparency would go some way to help. A good place to start would be by publishing the full PwC report. But it would only be the start.


http://www.ft.com/cms/s/0/c9429bde-c8b1-11e4-8617-00144feab7de.html#ixzz3UXbnpVl9

http://www.mugenation.com/images/chars/King%20of%20Fighters%20XI/yama.gif

In GEJ's voice 'I DONT GIVE A DAMN'

GEJ is corruption personalfied ooooo



So, how can he release a report that would nail him in the eyes of the electorate......
Don't you know it elections time











And he needs to deceive some people, bribe some and use some

The FT shares the same opinion with Sanusi. The $20billion has not been dealt with appropriately.

All that unaccounted money is the source of the dollar bribery scandal that is currently rocking this administration.

chemali:
The FT shares the same opinion with Sanusi. The $20billion has not been dealt with appropriately.

The same way most Nigerians share the opinion that USA is sponsoring Bokoharam and that Obama is an Islamist

Everyone is entitled to his/her opinion but not to a Fact.

GEJ is a Commander in Thief.

The sad thing is that with all these mind boggling missing, misappropriated or looted funds this government has failed to properly accounted for, some compound f00ls will come here to shout GEJ till 2019.

In 2008 our debt stood at $10 billion while our foreign reserve was $58 billion dollars. One would have expected that by 2015 especially with crude selling for above $100 for a good part of four years, Nigeria will be transformed very noticeably. Unfortunately, with very mediocre achievement, our debt has increased to $26 billion dollars while our foreign reserve has tumbled to $29 billion dollars.

Where are all these excess earnings then because we have not seen any improvement in the core sector of the economy to justify our current position in the debt and reserve depts.?

1. Electricity supply - F9
2. Infrastructure - E8
3. Employment - F9
4. Security - F9
5. Corruption - A1

Jonathan is a curse! Nigerians must rise up to kick this government out of Aso Rock come March 28.

They hid the state of the economy for so long until they can no longer hide it. According to NOI all was well, but fast forward several months later, we now know the truth.m

Matter of time before he is exposed. I pray PDP do not win the election but if they do, it is only a matter of time that our brothers in a certain region finally know and accept the fact that their ethnic sentiments and unforgiveness is helping this beautiful nation achieve f*ck all.

Unfortunately we may all have to suffer their inability to vote without sentiments but if suffering in order to get liberated is what we need, then so be it. One thing is certain, our freedom is near, liberation of this beautiful nation full of milk and honey is close.

Nigeria I believe in you, Nigeria you are blessed.

Ngwakwe:


The same way most Nigerians share the opinion that USA is sponsoring Bokoharam and that Obama is an Islamist

Everyone is entitled to his/her opinion but not to a Fact.

Where did you get this from? The majority believes BH is a creation of this administration. Thats a fact that you have INTENTIONALLY and dubiously ignored.

.

"Industry experts describe the latter, in which billions of dollars in crude exports are exchanged for refined fuel imports without money changing hands, as the real “Bermuda Triangle”."


I dey laugh

Ole Ni Jonathan

arsetalks:
Where did you get this from? The majority believes BH is a creation of this administration. Thats a fact that you have INTENTIONALLY and dubiously ignored.

You are the same with Obama and Madam Clinton who told us poverty is the cause of bokoharam.

Buhari once said "fight against bokoharam is a war against Nothern Nigeria".

Can you reconcile the statements with your submission or will you prove further how ISIS is GEJ's creation?

Ngwakwe:


You are the same with Obama and Madam Clinton who told us poverty is the cause of bokoharam.

Buhari once said "fight against bokoharam is a war against Nothern Nigeria".

Can you reconcile the statements with your submission or will you prove further how ISIS is GEJ's creation?

Stop clinging unto the same line. At the time in point, our military were killing innocent civilians and leveling villages without following rule of engagement.

Now compare Buhari's stand to that of Jonathan's statements:

1. "Boko Haram are our siblings and you don't go kill your siblings"
2. "Boko Haram are in my government"

PDP is Boko Haram, Boko Haram is PDP - General Azazi. He was murdered by PDP after that revelation.

Now focus on the topic of discuss and don't derail this thread.

This is election period , so i doubt if the government will release the full report during this period. And moreover, government may likely setup committee as usual to look into the full report before releasing it to the public.
Nigeria , a country where corruption is differnt from stealing.

Ngwakwe:


You are the same with Obama and Madam Clinton who told us poverty is the cause of bokoharam.

Buhari once said "fight against bokoharam is a war against Nothern Nigeria".

Can you reconcile the statements with your submission or will you prove further how ISIS is GEJ's creation?

If poverty is not the cause of Boko haram, do you honestly think they will encourage people to blow off themselves with the promise of a few amount of money and some rubbish virgins in heaven? Poverty like it or not, is the major reason for boko haram. Poverty has ensured people in the north can't send their kids to school ( because PDP has looted them dry) which has made it easier for the kids to grow up and become "manipulatable"

Also, do you mind to provide full quotes from the quote you attribute to GMB?

Also, do you care to tell us why GMB, if he is behind boko haram, has not been prosecuted by the government of the day? Or are we to say he is above the law?

PassingShot:


Stop clinging unto the same line. At the time in point, our military were killing innocent civilians and leveling villages without following rule of engagement.

Now compare Buhari's stand to that of Jonathan's statements:

1. "Boko Haram are our siblings and you don't go kill your siblings"
2. "Boko Haram are in my government"

PDP is Boko Haram, Boko Haram is PDP - General Azazi. He was murdered by PDP after that revelation.

Now focus on the topic of discuss and don't derail this thread.

Thanks buddy!

PassingShot:


Stop clinging unto the same line. At the time in point, our military were killing innocent civilians and leveling villages without following rule of engagement.

Now compare Buhari's stand to that of Jonathan's statements:

1. "Boko Haram are our siblings and you don't go kill your siblings"
2. "Boko Haram are in my government"

PDP is Boko Haram, Boko Haram is PDP - General Azazi. He was murdered by PDP after that revelation.

Now focus on the topic of discuss and don't derail this thread.

Follow the conversation and stop quoting comments out of context.

I refuted the young man's allegation that Bokoharam is a creation of this administration and from your comment, we just said the same thing disproving his assertions.

Ngwakwe:


Follow the conversation and stop quoting comments out of context.

I refuted the young man's allegation that Bokoharam is a creation of this administration and from your comment, we just said the same thing disproving his assertions.

You didn't need to use Buhari's stand to justify whatever allegation you think you want to refute. Now face the topic.

Ngwakwe:


The same way most Nigerians share the opinion that USA is sponsoring Bokoharam and that Obama is an Islamist

Everyone is entitled to his/her opinion but not to a Fact.

It is not the same at all! This case is different.

PwC have already submitted the report of their findings to the FG. Why are they sitting on the report if they have nothing to hide? Perhaps they found some details too embarrassing for public consumption.

PassingShot:


You didn't need to use Buhari's stand to justify whatever allegation you think you want to refute. Now face the topic.

Yes o, i am not from the north or a muslim, but i feel a sense of revulsion when the state descends to the level of boko haram and summarily executes suspects or dehumanize them. The reasons been
1) it undermines the long term viability of the state
2) If we accept the current approach a precedent would have been set to treat us likewise when we disagree with state policies by civil disobedience

This doesn't, for reasonable people, mean i support boko haram activities.

Is there any surprise there has been no diligent prosecution of any of the captured Boko haram fighters or suspect in the past 6 years