STFUand4kMeHARD:
And they called jonathan names.

Rightly, too.

Don't blame NNPC...blame the minster of petroleum, NNpc can't do zilch without his approval.

Hahahahahahahaha

APCcrimes:
Dullarpo at it again..
Buhari, when you go get sense?
You are just too dull!
Dullardihno raised to power 6

Dull! Duller! Dullest!

Firefire:


Painfully, some of the Zombies are suffering and still smiling.

Bros bros brooooooosssss
The suffering never start oooooo
By the time it starts ,the neck of Nigerians will be like streetlight poles,then ppls brains wil straighten out

DickDastardly:
A new report on Thursday said despite President Muhammadu Buhari’s attempt at ensuring transparency in the oil sector, the Nigerian National Petroleum Corporation, NNPC, still withholds billions in oil revenues from the government account.
The report by the Natural Resource Governance Institute, titled “NNPC still holds blank check” said that within the first six months of the Buhari administration, the NNPC withheld over $4.2 billion (about N824.7 billion) out of a total of $6.3 billion (N1.24 trillion) revenues realised from crude oil sales in the second half of 2015.
The withheld revenues represented about 66 per cent of the total revenue – $1.4 billion earnings from Nigeria’s regular crude oil exports for the period; $3.4 billion from domestic crude oil sales, and $1.5 billion from oil sold from the corporation’s upstream subsidiary, the Nigerian Petroleum Development Company, NPDC oil fields.
The report said only $2.1 billion (about N413.7 billion) was transferred to the Federation Account.
The group said the unremitted revenues for the six months was about 14 per cent more than the amount withheld by the corporation under the Goodluck Jonathan administration in the first half of 2015, and about 12 per cent higher than the share withheld in 2013 and 2014.
The report said the figure of unremitted oil revenues in 2015 contrasted sharply with 2005 figures, which showed the NNPC remitted about 68 per cent of its total oil sale earnings to the Federation Account and kept only 32 per cent that year.
The report said while part of the withheld funds was used for servicing Nigeria’s share of the joint venture operating obligations, the NNPC did not fully explain what the other retained revenues from domestic crude and NPDC oil sales were used for.


In general, the report said despite the on-going reforms in the oil sector, the NNPC under the present administration was still retaining a major share of oil sale earnings and spending at will.
Some of the reforms by the Buhari government, the report noted, have cut the number of passive, well connected middlemen that pocketed billions of oil revenues, while the administration has cancelled costly, unbalanced NNPC swap contracts as well as seek more efficient replacements.
The report lamented that recent announcements on NNPC reforms and the latest drafts of the Petroleum Industry Bill, PIB, by the Ministry of Petroleum Resources, failed to adequately address how NNPC and the government would share future oil revenues
“Until government establishes a clear, legally enforceable rule governing which revenues NNPC can keep and how they can be spent, oil sector corruption and waste could return to their prior devastating levels once the president (Buhari) leaves, or prices rise,” the report noted.
While encouraging government to push ahead with its reform plans for the oil sector, NRGI stressed the need for NNPC to adopt new financial controls and transparency measures for its subsidiaries, especially bordering on the several billion revenues retained each year from NPDC operations and its oil trading and marketing subsidiaries.
The Institute also called for the immediate replacement of the 445,000 barrels per day crude oil allocation for domestic refining with a fit-for-purpose mechanism for supplies to the country’s four refineries.
“The government should move to curb the corporation’s discretionary, unaccountable use of much-needed public funds. Until the government instates clear rules for NNPC financing, both the controversies and the underlying revenue leakages will persist,” the report said.
Describing the NPDC as one of the Nigerian petroleum sector’s “great black boxes”, the report said some of the oil from the company’s fields went to its strategic alliance partners, two of which were paid in oil for purportedly shouldering the company’s financial obligations.
From the production of an average of 30,000 barrels per day of Okono grade crude during the period, the report said NNPC retained all earnings ( about $12.3 billion over the past decade) from the offshore Oil Mining Lease (OML) 119 owned wholly by NPDC.

Source:

http://www.premiumtimesng.com/news/headlines/201087-nnpc-withheld-n824-7-billion-oil-revenue-6-months-buharis-govt-report.html

NNPC is a govt institution. Meaning that they are not a private company ant they work for Nigeria. The get the govt salaries that is given to govt workers ate the levels in which they work. They are not entitled to any oil revenues. The money belongs wholly to Nigeria. Meaning that money goes into reserves for investments in projects across the country.

They have no claims over Nigerians money. It is not their money. Don't they get their salaries?

obailala:
In circumstances like this, do you want to know the difference between this administration and the last one?

Under PMB: An investigation would be ordered and NNPC would be made to come out clean and explain the exact reason they aren't remitting funds. If their explanations don't hold water, they would be made to submit the funds.

Under GEJ: Upon hearing this story, GEJ in his unusually paranoid ways would quickly jump into defensive mode by becoming the spokesperson of NNPC. He would swiftly grant an interview where he would claim the report was generated by his political opponents to 'embarrass' his government; he would do this even before carrying out an investigation.

How come these funds are not said to be 'stolen'?

Why are they merely, 'not remitted'?

truthspeaks:
But it still doesn't change d fact dat corruption still reigns under d daullard one

I don't know how some of u sleep at night without conscience. If the corruption reigns then leave the matter for the masses to judge. Whatever the name u call him, he is still ur president and will be for the next 3 years. Deal with that

kossyablaze:
Shebi una see am...... And the dullard is busy junketing around why close to 1 trillion disappeared under his rotten nose in just 6 months.....When breeze blow, foul nyash must open!
Modified.... My birthday loading... April 9th.Young and getting it!

Kossy inahu apu ara ego small small.....

porka:


How come these funds are not said to be 'stolen'?

Why are they merely, 'not remitted'?

The last time I checked, Sanusi Lamido Sanusi also never stated that the NNPC funds were stolen. He only said the funds were unremitted/unaccounted for.

obailala:
In circumstances like this, do you want to know the difference between this administration and the last one?

Under PMB: An investigation would be ordered and NNPC would be made to come out clean and explain the exact reason they aren't remitting funds. If their explanations don't hold water, they would be made to submit the funds.

Under GEJ: Upon hearing this story, GEJ in his unusually paranoid ways would quickly jump into defensive mode by becoming the spokesperson of NNPC. He would swiftly grant an interview where he would claim the report was generated by his political opponents to 'embarrass' his government; he would do this even before carrying out an investigation.

I heard buhari don sack emefiele over that illegal recruitment n emm the probe result into this nnpc case is that buhari does not know anything about petroleum sector. he was n is overhyped n is incompetent n cluelessly clueless.

Read! Read!! Please read well before dropping comments!!!
In the first 6mo of this administration, the TSA was reintroduced and it took longer to fully come into force.
Also, the author reported positive changes that have occurred since the restructuring of the nnpc started (let's not forget that it's still ongoing, like any good work in progress).
Finally, he suggested what he thinks should be done or has not been done (to the best of his knowledge).

We are quick to spit pessimism from our mouths without even thinking. Please read through before chasing FTC. Common sense demands it.

truthspeaks:
I tot u r pro-buhari. Hw come dis comment. Abi dem don hack ur account?

I always say the truth no matter what

crixtex:
Dis Buhari is a corrupt confused careless clueless and dullardic dolt...
How many corrupt cases under 1 year under his corrupt nose??

CBN scam
Forex shady deal
Budget scam
Estacode scam
Helipad scam
Minister scam

Now these......

Buhari ehn....... baba ole...

we already know you Wailers

yaki84:




I heard buhari don sack emefiele over that illegal recruitment n emm the probe result into this nnpc case is that buhari does not know anything about petroleum sector. he was n is overhyped n is incompetent n cluelessly clueless.

Okay you that is 'cluefully cluefull' and underhyped and who knows everything about the petroleum sector, why don't you go and lead?

freeze001:
Hypocrisy is when a Mr. Know-it-all reserves the office of Minister of Petroleum for himself in addition to being President when in reality, he knows absolutely zilch about the sector. Of course, they will pull the wool over his rheumy eyes and he will be non the wiser!

she bi your papa be nurse metuh ? keep wailing

obailala:
Okay you that is 'cluefully cluefull' and underhyped and who knows everything about the petroleum sector, why don't you go and lead?

bobo take it or leave it, bubu was OVERHYPED!
baba dullard is duller n inconsequential ape n tall, lanky thief who was packaged by zombies, sold to zombies n delivered by the votes of educated illiterates, zombies , almajiris n the fools.
thought they said new sheriff is in town, and this is happening under his purview?
pATHETIC.
but guess what he aint disappointing me at all, and am liking it sorry I loveet.
have a nice hot sleep.
u get light at all?
I no mean Dependent power source o.

senior123:



NNPC is a govt institution. Meaning that they are not a private company ant they work for Nigeria. The get the govt salaries that is given to govt workers ate the levels in which they work. They are not entitled to any oil revenues. The money belongs wholly to Nigeria. Meaning that money goes into reserves for investments in projects across the country.

They have no claims over Nigerians money. It is not their money. Don't they get their salaries?

Much of your concerns are borne of lack of understanding.

Nigeria has an obligation to contribute to the funding of crude oil exploration. Nigeria has to pay its own counterpart funding for drilling the oil, in an agreed percentage.

In other words, the oil companies have to be reimbursed for the expenses incurred while taking oil from our land. It is a Joint Venture. It is after the expenses have been deducted from the amount due to us that the excess is transferred to the Federation Account.

Additionally, there are extant laws (that have not been repealed) which allows some revenue collecting agencies of government to deduct the cost of their operations from the proceed collected before remitting the excess to the Federation Account.

The NNPC acts as the Nigerian representative in the JV. They collect all the monies from the IOCs on behalf of Nigeria. They deduct the payables and remit the remainder to the national coffers.

These are the fundamental issues that need to be addressed. It is very glaring that the former opposition figures (who are now part of the governing elites) did not have the understanding then. Now that they are in the saddle, they don't know how to wriggle out of the 'corruption web' they has 'entangled' them.

Now, is there a risk of abuse of the process? Absolutely. But it's not everything that can be labeled as corruption.

The big problem is that Buhari and people in his camp have long disregarded rationality, opting to find any avenue at all to hit Nigerian institutions and call them names.

But their unfounded reasoning is now coming to hurt them. Everything they had accused past governments of doing will come to hunt them badly.

It's good for Nigerians. We will be able to see the 'CHANGE' very clearly.

usmyak:

we already know you Wailers

lols...we already know you zombies... why not refute my points? ??

ozoigbondu:
Another gate in this fraudulent govt.....NNPC-GATE

.

Bullshit. There is absolutely no rule that says NNPC should fund the Federation Account monthly.. This was pre TSA and no rule was broken. If we had automatic no the remittances from NNPC, the monies would have been looted anyway. Buhari practically shut down governance in the first six months because of massive looting by PDP aligned civil servants and MDA employees.

obailala:
The last time I checked, Sanusi Lamido Sanusi also never stated that the NNPC funds were stolen. He only said the funds were unremitted/unaccounted for.

It means they are no longer 'missing' right?

It means they have been 'found'?

yaki84:




bobo take it or leave it, bubu was OVERHYPED!
baba dullard is duller n inconsequential ape n tall, lanky thief who was packaged by zombies, sold to zombies n delivered by the votes of educated illiterates, zombies , almajiris n the fools.
thought they said new sheriff is in town, and this is happening under his purview?
pATHETIC.
but guess what he aint disappointing me at all, and am liking it sorry I loveet.
have a nice hot sleep.
u get light at all?
I no mean Dependent power source o.

Because a new sheriff is in town doesn't mean there wouldn't be thieves. But rather it means that when cases like this are raised, the case will definitely not be swept under the carpet. As for everything else, light has never been in Nigeria in any regime so it makes no sense blaming Buhari who has just spent 10 months in power and who has just had his first budget passed last week for power failure. Meanwhile you are not blaming your hero GEJ who spent 5 years with unprecedented oil income but who handed over a rotten power system generating less than 2000mw as at May 2015; such shameless hypocrisy.

porka:


It means they are no longer 'missing' right?

It means they have been 'found'?

'Unaccounted for'

Consult your dictionary.

Lanceslot:
Kossy inahu apu ara ego small small.....

nwanne mmadu obughi my fault o!

brightology3:
But bros na wa o

hehehe

kossyablaze:
nwanne mmadu obughi my fault o!

Golibe na o chi gi mere gi eze... Ka iga atum nku kam bata na ogbe gi? Lol

usmyak:

she bi your papa be nurse metuh ? keep wailing

Yes o! I am proud to have him as my father. Yours however is the evil kind, terribly skinny, totally inept and bullishly stands in the way of those who know what to do. I'd never trade Metuh for ur own dumbass Daddy called Papa Bubu the airhead.

obailala:
Because a new sheriff is in town doesn't mean there wouldn't be thieves. But rather it means that when cases like this are raised, the case will definitely not be swept under the carpet. As for everything else, light has never been in Nigeria in any regime so it makes no sense blaming Buhari who has just spent 10 months in power and who has just had his first budget passed last week for power failure. Meanwhile you are not blaming your hero GEJ who spent 5 years with unprecedented oil income but who handed over a rotten power system generating less than 2000mw as at May 2015; such shameless hypocrisy.

in the words of tinubu, only failures look back, lets look forward n think of ways to move naija forward. tinubu on his 8th colloquim.
gej is past, we r now in new era, era of the real cluelessness.
I heard awa I didnt award contract ex governor set a new record today, generating 0MW for 3hrs....
that means electricity generation is now ROCKET SCIENCE!

obailala:
'Unaccounted for'

Consult your dictionary.

See what hypocrisy is causing you.

So they are lost/stolen after all?

yaki84:




in the words of tinubu, only failures look back, lets look forward n think of ways to move naija forward. tinubu on his 8th colloquim.
gej is past, we r now in new era, era of the real cluelessness.
I heard awa I didnt award contract ex governor set a new record today, generating 0MW for 3hrs....
that means electricity generation is now ROCKET SCIENCE!

They are setting every available record now.

What do you expect from the first president to hold a NEPA bill certificate?

But the Petroleum Minister's trips ought to be funded one way or the other... He is currently in the USA. God knows where he is heading next.

see corruption fighting corruption as pmb be minister for petroleum y dem no go steal money whereby him no dey stable for him country.atleast pmb should trust in himself to serve dis country let him try on his own even if it is for 2-3years fixing dis problems den wen it becomes too much he should now be able to seek help from other countries.All the presidents are in there countries working oirs is busy flying.mtchew