The Chairman of the Revenue Mobilization, Allocation and Fiscal Commission (RMAFC), Engr Mahmud Tukur, has raised the alarm that the nation’s reserve has gone dangerously low to the point that if drastic measures were not taken immediately to stem the tide, the 2010 budget would be a stillbirth, dead on arrival.

Speaking with Daily Sun, he blamed the situation on the government’s decision to place its commitment to Joint Venture Partners through its Joint Venture Cashcalls (JVC) over the interest of the nation. According to him, payment for JVC has wiped out the entire $20.1billion in the excess crude (oil revenue) and slashed the excess domestic (non-oil revenue) from N322billion to N1.47billion all within one year, January to December 2009.

Tukur, who was at one-time Permanent Secretary, Ministry of Petroleum, also said that the revenue formula currently in use, was illegal.
The RMAFC boss, while explaining why the nation was having problem in the energy sector, also dropped a bombshell that the gas needed to power the thermal stations have been sold for 20 years and the little left, the multinationals consider it more economical to be flared.

http://www.sunnewsonline.com/webpages/news/national/2010/apr/19/national-19-04-2010-001.htm

Again.

The amount these guys spend in oiling their system is so much that the one put into developing Nigeria nothing - but a peanut.

I hope Mr Joe is not dipping his hands in the Till, while roaming around the world telling people how good he is. Did he consult Mr Abdussalam Abubakar on how to empty the the Till in a year.

The time is was buoyant what did they do nothing to show for it instead it was arrogant and recklessness. One day the oil will run dry and everybody will start thinking. Nigerian politician are the worst in the world.

Arkison:

I hope Mr Joe is not dipping his hands in the Till, while roaming around the world telling people how good he is. Did he consult Mr Abdussalam Abubakar on how to empty the the Till in a year.

Calling you blind and ignorant might at the moment be premature but not unwarranted. How long has jonathan and his cabinet been in office and when the did the depletion occur if i might ask Einstein ?

edoyad:

Calling you blind and ignorant might at the moment be premature but not unwarranted. How long has jonathan and his cabinet been in office and when the did the depletion occur if i might ask Einstein ?

You don't have to pre-empt an insult. We don't need Rocket science to understand Nigerian fraud system.

What is with the sharing of the excess crude account before governors endorsed Mr Joe?

What if Mr Joe is planting the story in the news, telling us in advance that our accounts will be empty, so we do not expect anything at the end of the year.

Arkison:

I hope Mr Joe is not dipping his hands in the Till, while roaming around the world telling people how good he is. Did he consult Mr Abdussalam Abubakar on how to empty the the Till in a year.

timeframe Jan-Dec 2009. doubt if you could pin it on him.
may possibly be why the cabal intent on holding onto power wouldn't let us be. they wouldn't even spare the nation N1.47b. using an incapacitated yar'adua as front, everything must go.

ojimbo IV:

timeframe Jan-Dec 2009. doubt if you could pin it on him.
may possibly be why the cabal intent on holding onto power wouldn't let us be. they wouldn't even spare the nation N1.47b. using an incapacitated yar'adua as front, everything must go.

BREAKING NEWS: The "CABAL" is still in power . . . . . no be the same group dey there? even if we now have different faces representing the same group?

Surprise ! Surprise !! Surprise!!!

The gas in my father's farmland has been sold for 20 years by one aboki, who has never set foot on my father's farm. While mallam aboki together with his wazobia cronies share the loot, my father would continue to suffer 100 years of environmental degradation. hmmmm.

^^^ Deep

Arkison:

You don't have to pre-empt an insult. We don't need Rocket science to understand Nigerian fraud system.

What is with the sharing of the excess crude account before governors endorsed Mr Joe?

What if Mr Joe is planting the story in the news, telling us in advance that our accounts will be empty, so we do not expect anything at the end of the year.

Didn't look at it from that angle but i guess you have a point.

If you allow some people the privileged, they will milk us dry in one signature.

One day we'll wake to the reality that the country has been sold 10 year back