Nigerian President-elect Muhammadu Buhari’s administration will publish the full audit of the state oil company and expects it will need to repay the government more than previously recommended, his party’s policy director said.
Buhari’s All Progressives Congress believes the Nigerian National Petroleum Corp. may need to refund more than the $1.48 billion stated in the highlights of a PricewaterhouseCoopers LLP report released by the auditor-general in February, policy director Kayode Fayemi said Tuesday in an interview at his residence in Lagos, the commercial capital. Ohi Alegbe, a NNPC spokesman in the capital, Abuja, declined to comment.
“I have a figure that’s more than $1.5 billion that’s been talked about,” said Fayemi, a former governor of Ekiti state. “We’ve seen credible information that what PwC says is more than that. We will release the report. We’ll make it available to Nigerians as soon as we have full information on this.”
Former central bank Governor Lamido Sanusi was suspended by President Goodluck Jonathan last year after he alleged the NNPC hadn’t turned over about $20 billion of oil revenue to the government, which earns two-thirds of its revenue from the commodity. Sanusi, now the Emir of Kano, the West African nation’s second-highest Muslim leader, said last month that the issue wasn’t addressed sufficiently.
The oil company said the PwC report, which Jonathan’s government hasn’t published in full, absolved it of Sanusi’s allegations. It has started to refund the $1.48 billion, Petroleum Minister Diezani Alison-Madueke told reporters on Wednesday.
NNPC Changes
The APC may also reorganize the NNPC, which regulates the petroleum sector and takes part in production through joint ventures with Royal Dutch Shell Plc., Exxon Mobil Corp., Total SA, Chevron Corp. and other companies, Fayemi said.
“NNPC will not be in the form or shape it’s currently in,” Fayemi said. “Some measure of unbundling will happen.”
During March elections, former military ruler Buhari, a 72-year-old northern Muslim, became the first opposition leader to oust a sitting president since the country’s independence from the U.K. in 1960. He will take power on May 29.

Buhari’s campaign focused on tackling corruption and Boko Haram’s insurgency. The Islamist group has killed more than 13,000 people, mainly in the northeast, since 2009. Nigeria is also battling graft, ranking 136th out of 175 countries in Transparency International’s 2014 Corruption Perceptions Index, in line with Russia and Iran.

Embarrassing Military

The military’s failure to defeat the militants is an “embarrassment” and it will be “re-professionalized” after a government audit of spending, Fayemi said. Buhari told delegates at a conference of the Nigeria Labour Congress in February that he would investigate how the military spent $32 billion over five years.
“Democratic control of the military is significantly lacking,” Fayemi said. “The leadership will change.”
Nigeria, Africa’s biggest economy and largest oil producer, has been battered by the 47 percent fall in Brent crude prices since a one-year peak in June. Economic growth will slow to 4.8 percent this year, about half the average of the last 15 years, according to the International Monetary Fund. The naira has weakened 17 percent against the dollar in the past six months, more than any of the 24 African currencies tracked by Bloomberg.

Leftist Government

Buhari’s government will be “clearly to the left” of Jonathan’s outgoing Peoples Democratic Party and may boost social spending, including on free school meals and care for the elderly, Fayemi said. The APC will be able to fund its plans by saving about 3 trillion naira ($15 billion) per year from plugging “leakages” and by improving non-oil tax collection, he said.
“This will be deployed to the power sector, to the social safety net,” he said.

Nigeria spends as much as $7 billion a year subsidizing fuel, an expense several economists criticize. Even though the subsidies create “artificial” pricing at gas stations, there’s no guarantee the APC government will cut them, according to Fayemi.
“In the short term, I don’t see us removing any subsidy,” he said.
While the central bank’s independence is key, the new government will probably want it to focus less on developmental agendas such as funding agriculture and small businesses and more on pure monetary issues, Fayemi said.
System Stretched

The regulator “has undertaken a lot more responsibility than I believe it ought to,” he said. “It has become a be-all-and-end-all institution. It makes for less accountability in the system when you’re stretched that thin.”
Ibrahim Mu’azu, an Abuja-based spokesman at the Central Bank of Nigeria, didn’t immediately respond to an e-mail requesting comment.
Buhari captured 52 percent of total votes cast compared to 44 percent for Jonathan, a 57-year-old Christian from the south. The APC’s supporters have high expectations and they will quickly be disappointed if the party doesn’t fulfill its promises, Fayemi said.
“This excitement that we’re seeing is going to wear off if we don’t start delivering,” he said. “In six months or one year, the language will change.”
http://www.bloomberg.com/news/articles/2015-04-22/nigeria-s-apc-will-release-full-pwc-audit-on-state-oil-company

Day of accountability is here. I guess no hiding place.

Thank u Lord!
Just probe Madueke and u would hav solved 35% of the problem ravaging our economy. That woman is connected to everything.

Ok

They must pay back our money to the last kobo.... Kilode Gan sef....

nice. The people have a right to know what secrets are buried in that mysterious report.

APC is fully aware of the height of expectations and they know the people matter and will complain if/when disappointment sets in.

''......The APC’s supporters have high expectations and they will quickly be disappointed if the party doesn’t fulfill its promises, Fayemi said.
“This excitement that we’re seeing is going to wear off if we don’t start delivering,” he said. “In six months or one year, the language will change.”

That is what GEJ and PDP didn't realize all through their reign. They never expected people to complain about anything.

I'm happy APC and Buhari will start their tenure with the knowledge that people are watching and will complain if anything goes awry. That is what makes for successful and people oriented governance.

Kk

Some Pillocks will still try to find a way to turn this into a negative thing. If you are one of such plonkers, please do everyone a Favour, Keep shut or just go and drink a bottle of arsenic, ok thanks.

Sincere and Transparency in Governance all the way! May God help Buhari to clean up all the 16yrs of mess and deliver good governance.

It is well with Nigeria.

Eye service.

Sweetguy25:
Eye service.

You will be very hallow deep inside because yours is going to be a very long journey of hate.

Many of us criticized Jonathan for the wrong things he did. But yours from day one is severe criticisms for what is yet to happen and things that have never happened. At this rate, when you will start making sense, we may not even notice.

Please take it easy. High Blood Pressure is real.

By the time Buhari's Administration is fully in charge, Nigerians will be surprised at many mind boggling revelations that will come out from the outgoing government.

I am very sure that we probably do not know about more than 50% of atrocities committed by GEJ and his cohorts.

Let's wait and see as things unfold.

I smell prison for some people

Knowing that Nigeria will again be put on the path to greatness under the leadership of Buhari, whose ability I haven't the slightest doubts about, makes me all misty eyed. I imagine where we would have been by now had we made this right choice since 2003.

God continue to bless and protect this man.

PassingShot:
By the time Buhari's Administration is fully in charge, Nigerians will be surprised at many mind boggling revelations that will come out from the outgoing government.

I am very sure that we probably do not know about more than 50% of atrocities committed by GEJ and his cohorts.

Let's wait and see as things unfold.

We know too but it should not be used as an excuse for non-performance. Nigerians deserve to know the truth. A sincere government tells it's citizens the truth rather than operate in secrecy.

PDP made us tenants in our own country for 16 years. I'm glad to see their back

Boss13:


We know too but it should not be used as an excuse for non-performance. Nigerians deserve to know the truth. A sincere government tells it's citizens the truth rather than operate in secrecy.

There can't be any excuse whatsoever for failure.

Way to go!

This is exactly why i voted for APC, we need to know what PDP has been doing in the last 16 years. A lot of revelation is about to come out......i can not wait.

I like the fact that the APC government knows that there is really no time to check time.

Nigerians have very high expectations of the incoming government and it must not fritter the gooodwill it currently enjoys.

As for me and my house, we ll give Buhari just six months to settle down. Nigeria is in deep shiit and there's no single second to waste

Ghen, Ghen, Some people are now sweating out 10 litres of sweat per hour.

This is a sign of a serious govt, that seems to know what is expected of it in form of deliverables.

I pray God's fear will be in them, to always know that the day of reckoning will surely come soonest.

We are watching closely. If they do not perform up.to expectation, they shall be booted out too. We do not care whose ox is gored, by shouting "conspiracy" gang-up or whatever stup1d slogan that might be adopted then.

We are gradually getting to the days where ballot box stuffing and snatching, as well as, God-fatherism will be a sheer waste of time.

God bless card reader for us.

How did ekiti lost fayemi ? Damn! The guy is brilliant, he his a fashola without resources ! Am sure he'll be a star player in buhari's policy team.

egift:
Sincere and Transparency in Governance all the way! May God help Buhari to clean up all the 16yrs of mess and deliver good governance.

It is well with Nigeria.

Abacha did NOT steal.
~ General Buhari, 2008

akins56:
How did ekiti lost fayemi ? Damn! The guy is brilliant, he his a fashola without resources ! Am sure he'll be a star player in buhari's policy team.

Yet he spent N3.3 billion on his bedroom

The N3.3Billion Ekiti State Government Mansion — See the Opulence on Display

[img]http://media.premiumtimesng.com/wp-content/files/2014/10/800x533xEkiti-State-house-1-e1414076267341.jpg.pagespeed.ic.OrGarYrn9T.webp[/img]





More from: http://www.premiumtimesng.com/news/headlines/169945-photo-news-the-n3-3billion-ekiti-state-government-mansion-see-the-opulence-on-display.html

He did all that wasteful spending while owing workers salary, students bursary awards after spending UNDISCLOSED billions on a phantom airport project

Ekiti Plans International Airport Project
May 02, 2012

More from: https://www.nairaland.com/928296/ekiti-plans-international-airport-project

Please note that was a year after he had said Ekiti state does not need an airport

kiti Airport Project Not My Priority, Says Fayemi
Aug 16, 2011

More from: https://www.nairaland.com/737419/ekiti-airport-project-not-priority

APC is simply a bunch of PRETENDING crooks and a gathering of Smooth CRIMINALS.
No more, no less!!!

We had better be seriously on our guard and be very watchful otherwise we will be WORSE of than where we are now

This why we put our trust on GMB during the last election. God bless Nigeria !!!

Why must it always be Niger-delta oil. Cant Nigeria as a Nation look for other sources of income??

The delusion of the average Nigerian/APC supporter is quite telling. Look at the numbers been branded here, $7B from oil subsides, saving $15 billion from leakages and increasing taxes, then spending N3T on social welfare programs. In 2015, someone is calling his government a leftist government.

I wish Nigerians Goodluck, you deserve what's about to hit most of you.