Cekpo34:
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 reportsaid 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://truenewsgist.com/2016/12/26/buharis-administration-more-corrupt-than-goodluck-jonathan-4-2-billion-missing-in-nnpc-under-buhari-us-governance-report/

Rad1cal:


Most of you just come of like toddlers telling bedtime fairies to their mates. You are confronted with a humongous corrupt sleeze right under the minister of petroleum who happens to be Buhari. Yet you seek to twist the obvious.

How is this reportage a plus sign that all is well under Buhari pertaining to corruption ?

Jokerman:
See fizznation defending corruption...hahaha... ... just like Sarkki..

This report indicts and implicates the Minister of petroleum, whoever he is because he signs all documents before any transaction can take place...

The minister of petroleum must be a corrupt and dull buffoon... buh I am a Yoruba Moslem,so I won't believe this report....

fiizznation:
Please when next you want to pass your own meaningless comment, do that without calling me names. As you can see, I don't insult anybody here even if I don't share his/her opinion, and I don't reply unintelligent comments that are directed at my person.

freeze001:


Oh really? Then it's all fine and good provided it is not stated that Buhari had firsthand knowledge of the corrupt practises? Please who is minister of petroleum? Besides, how come when Sanusi was bleating around with his news of missing funds, it was President Jonathan that was suitable for blames? Did Sanusi's report ever claim that President Jonathan was aware and supported his bogus claims? Now this is happening and for u and ur fellow zombies, buhari remains holy and untouchable! This ur brand of hypocrisy is factory fitted!

fiizznation:


"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"


If for anything, the above statement by the so-called group have already exonerated president buhari.

Dude, this is just an allegation and anybody have every right to accuse someone of corruption. The important thing here is if there will be any evidence/proof to backup the claim.

When SLS accused gej and his thieving gang of siphoning about $40billion, he had his evidences. He presented Nigerians with an infograph on how NNPC/diezani didn't remit about $20billion to the nation's account. And we all know what happened next


A random group or person won't just wake up one morning and accused the NNPC of not remitting some imaginary amount of money. Now, does the group in the so-called report have any integrity ? I went through this junky reportage like twice, thinking I will see a name that represents the group in it, but alas, what I kept seeing was "the group".

If anybody wants to make any baseless accusations, they have to be ready to come with concrete evidences before anybody can take them serious. That is how it is done anywhere in the world.

Though I don't even subscribe to this type of unprofessional reportage, I still stand to be corrected that the group didn't indict buhari, But rather exonerated him. So what's your fuss all about? Why are you hyper-ventilating as if the group accused buhari of corruption? I don't get.

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.

fiizznation:
The source of this silly news is not even credible. Which one is truenewsgist again.

The report said this, the report said that is all I'm even reading up there. What a trashy nonsense.


Well if for anything, the fake report only indicted NNPC, no where did it said buhari have any firsthand knowledge of the gross corruption that is happening there.

Ejanla07:


Some zombies don't even know Buhari is petroleum minister

PedroJP:




Now that you that all is happening under Buhari's watch, say a reasonable thing about the issue and not trying to find ways to absorb him from blames. Is buhari culpable or do we solely blame just NNPC ?

Ejanla07:


Some zombies don't even know Buhari is petroleum minister

fiizznation:
The thing with most of you commentators is that you don't even have the slightest hint about what the report was saying. Is not an indictment on buhari, is not saying buhari's hands are dirty neither have we seen were buhari was accused of collaborating with some board members in NNPC to siphone some money.

The report clearly stated how some reforms by buhari is rooting out corruption in NNPC. You guys don't understand basic things and that's my number one problem with you.

I don't know where you guys are heading to or why you are desperately and shamelessly trying to twist this report in such a way that buhari will be painted as the cuprit.

fiizznation:
And why is buhari fighting corruption or what is the fight against corruption meant for? You guys think buhari will be compromised or what? Or you think the fight against corruption will stop just because some monies are unremitted.

You guys are funny. Besides this expose is even a plus for the fight against corruption, but I don't expect you guys to understand this because you don't reason with your brains.

Flexherbal:
Where we heading to !

fiizznation:
The source of this silly news is not even credible. Which one is truenewsgist again.

The report said this, the report said that is all I'm even reading up there. What a trashy nonsense.


Well if for anything, the fake report only indicted NNPC, no where did it said buhari have any firsthand knowledge of the gross corruption that is happening there.

fiizznation:
The thing with most of you commentators is that you don't even have the slightest hint about what the report was saying. Is not an indictment on buhari, is not saying buhari's hands are dirty neither have we seen were buhari was accused of collaborating with some board members in NNPC to siphone some money.

The report clearly stated how some reforms by buhari is rooting out corruption in NNPC. You guys don't understand basic things and that's my number one problem with you.

I don't know where you guys are heading to or why you are desperately and shamelessly trying to twist this report in such a way that buhari will be painted as the cuprit.

fiizznation:
The thing with most of you commentators is that you don't even have the slightest hint about what the report was saying. Is not an indictment on buhari, is not saying buhari's hands are dirty neither have we seen were buhari was accused of collaborating with some board members in NNPC to siphone some money.

The report clearly stated how some reforms by buhari is rooting out corruption in NNPC. You guys don't understand basic things and that's my number one problem with you.

I don't know where you guys are heading to or why you are desperately and shamelessly trying to twist this report in such a way that buhari will be painted as the cuprit.

QuotaSystem:


You must underestimate the desperation of those irredeemable supporters of corruption. They have been desperate to stain Buhari's flawless reputation for integrity so that they can feel better about themselves and their irredeemably corrupt and expired paymasters.

As usual, their juvenile antics will continue to be ignored.

BeeBeeOoh:
To Be Shared Electronically

KidsNEXTdoor:
Most of you will be surprised
But not me.....
I knw Buhari is a dullard
A corrupt thief with a band of rogues
Where is sarrki dropshot quotasystem
Ngeneukwuenu mrvitalis et al
Thieves