.

This story is prophetic!

Nigeria's funds are being CLEANED OUT!

Under the guise of a Mai Gaskiya and his so called Anti-corruption fight!

This goverment will at its end probably go down as the most kleptomanic (and Kakistocratic) with Abacha's in second place.

.

http://thenationonlineng.net/buhari-pressure-25b-nnpc-deals-others/

engineerboat:
ACCUSTOMED to meeting most of their financial obligations from their monthly share-out of the Federation Account, Nigeria’s 36 state governors were recently confronted with less-than-expected offers from the pool. Under-remittances from the state oil company and some other agencies mean less revenue for states battling rising costs, high debts, deficits and an impending election cycle. The chickens the President Muhammadu Buhari-led Nigerian National Petroleum Corporation hatched are coming home to roost.

The alarm raised earlier this month by the states’ commissioners of finance that expected remittance to the Consolidated Revenue Fund of the Federation from the NNPC shifted to near-panic mode at state houses last week. Two consecutive meetings of the Federation Accounts Allocation Committee – a gathering of the Minister of Finance and the states finance commissioners – ended without agreement as delegates rejected alleged under-payment by the NNPC.

Fresh confirmation of our untidy national book-keeping practices has just come from an audit report prepared by KPMG and commissioned by the National Economic Council. The report found that 18 federal revenue federating agencies withheld the sums of N526 billion and $21 billion from the Federation Account between 2010 and June 2015. NEC, chaired by the Vice-President, includes the finance minister and the state governors who are understandably livid at the continuation of a system that allows the NNPC especially, to carry on as usual.


They woke late to the posers this newspaper has been raising over the oil company’s dangerous monopoly on refined petroleum products since September; its unverified claims on volumes imported and distributed; its self-regulation; its runaway self-imposed habit of subsidising petrol, and virtual autonomy under an inattentive President who has also made himself the petroleum minister.

Now, governors are finally waking up to the dangers. They should have spotted the booby trap when the NNPC gleefully announced that it was now the sole importer of petrol after independents left the field, citing losses arising from a landing price then of N171 per litre compared to the regulated price of N145 per litre ceiling. The alarm should have been louder when, first, the NNPC said it would absorb the losses and quaintly labelled it “under-recoveries,” and, next, claimed the improbable supply figure of 55 million litres per day. A healthy scepticism would have prompted independent checks much earlier than now to safeguard public funds. Now that landing cost is N191 per litre, NNPC is heartily subsidising on our behalf while we pick up the bills.


In between, Maikanti Baru, Group Managing Director, claimed the company incurred $5.8 billion in two months. In January this year, petrol imports cost N1.4 trillion.

Improbability has given way to incredulity: governors have now taken a cue from The PUNCH in questioning the new figure of 60 million litres supplied per day and Baru’s vow to bring in 100 million litres per day for two months.

Neither Buhari nor the lazy, distracted National Assembly can run away from providing answers to the governors’ posers. Who verifies the NNPC’s import and expenditure claims? There should be a thorough investigation of the company’s operations to ascertain how much petrol comes into the country and where they go. It stretches the imagination that the neighbouring markets of Benin Republic, Niger Republic, Togo, Cameroon, Chad and Ghana can absorb the excess over the 35 million litres per day claimed by the NNPC as our national demand.


More importantly, we should stop the national folly of continuing to allow vested interests to prevent the privatisation of the NNPC’s four loss-making refineries and liberalising the oil downstream. Buhari and Baru are driving the economy that shrank to 1.95 per cent in the last quarter aground. Rather than sell them post-haste, Baru, in accordance with the retrogressive presidential fiat to make them work “at any cost,” is on a forlorn, unworkable drive to attract investors who will provide funds but will not own. Such shallow thinking and convoluted rigmarole have ensured that the refineries cannot meet local demand and continue to accumulate operating losses over the last three decades (group losses of about N546 billion in the three years to 2017). The refineries lost N82.09 billion in 2015, N78.95 billion in 2016 and a report by Bloomberg puts recent losses at the NNPC HQ and the refineries at about $500 million.

Baru’s acrobatics of wooing the original builders and others to invest in refurbishing them are not viable. As long as the NNPC remains a major player in the downstream, operators will continue to flee the local market as Chevron, Texaco, Mobil have done, leaving only the bold and influential Dangote on whose upcoming 650,000 bpd Lekki refinery lies the country’s sole hope of breaking the NNPC stranglehold.

Opaque, self-regulating and over-politicised, the NNPC’s losses pale in contrast to the strong showing of other SOEs like Norway’s Equinox (formerly Statoil), Brazil’s Petrobas and Gulf oil majors that all posted rebounds in 2017 as oil prices rallied. The world eagerly awaits the flotation of Saudi Aramco whose owner, Saudi Arabia, is reforming its economy away from oil dependency and opening up to global investors. Nigeria must follow suit.

Buhari should relinquish the petroleum resources portfolio and reconstitute the NNPC board to allow for reformers from outside the rotten NNPC system. In line with his electoral promise, Buhari should follow the advice of Governor Nasir el-Rufai of Kaduna to “kill the NNPC” to make way for a new entity to emerge and meet national aspirations. A recent report that depots and pipelines that are not even fully utilised drained N174 billion reinforces why the NNPC should exit the downstream sector completely and concentrate on its core function as a holding company.

In the meantime, the parliament should launch an all-out probe into the fuel import system and the refineries. Governors should not stop at insisting on full remittance of all funds due to the CRF, they should go to court to demand their rights.

https://www.punchng.com/buhari-baru-have-made-nnpc-worse/amp/

Thieves Thieves Thieves

Because you guys are unable to squander our oyel money, no renewal of oil well licence abi

Trillions of Dollars will be discovered in Punch premises anytime soon. or they will dig up a file and told us how they benefited from Dasuki or 16billion power project.

Expect nothing good from whatever involves buhari

They are incapable of running Nigeria

gurunlocker:
One promise I still hold on to is that of kachukwu saying if they do not have all refineries working by 2019, then they have failed.. We have 1 year to go.

I don't think you will blame kachikwu.

He is not the minister of petroleum neither is he the NNPC chairman.

He is doing the best he can even as his powers have been totally watered down by Buhari and baru.

When kachiku was fighting for control of the oil sector, buhari in conjunction with his fellow APC fanatics said he was looking for what does not belong to him.

APC IS FAILURE JUST LIKE BUHARI APC IS A slowpoke JUST LIKE BUHARI APC ARE CORRUPT JUST LIKE BUHARI APC LACK HONESTY JUST LIKE BUHARI APC HAS NOTHING TO OFFER JUST LIKE BUHARI

This is not news

Lakeside79:
APC killing the economy as always

What a country

Politicians and businessmen killing the country.
I remember one of them stated one a blog that every family comprising of businessmen and politician also have a sheeple tagged as Nigeria they feast on. So if Nigeria is dying, it is a collective decision to kill Nigeria. Only God can save Nigeria

I have met people who derives pleasure in the thought that Nigeria will never survive. Others will tell you that Nigeria has been sold.
Who is the Nigeria they are talking about here?
Speaking with unknown tongue in the church without interpretation?

Nigeria as an entity of nation is a walking corpse '

What do you expect from 2 dullards fellow....Aboki leave our land... You have nothing to offer.

Paperwhite:
Now, governors are finally waking up to the dangers. They should have spotted the booby trap when the NNPC gleefully announced that it was now the sole importer of petrol after independents left the field, citing losses arising from a landing price then of N171 per litre caompared to the regulated price of N145 per litre ceiling.
The alarm should have been louder when, first, the NNPC said it would absorb the losses and quaintly labelled it “under-recoveries,” and, next, claimed the improbable supply figure of 55 million litres per day.

A healthy scepticism would have prompted independent checks much earlier than now to safeguard public funds. Now that landing cost is N191 per litre, NNPC is heartily subsidising on our behalf while we pick up the bills.
In between, Maikanti Baru, Group Managing Director, claimed the company incurred $5.8 billion in two months. In January this year, petrol imports cost N1.4 trillion.
Improbability has given way to incredulity: governors have now taken a cue from The PUNCH in questioning the new figure of 60 million litres supplied per day and Baru’s vow to bring in 100 million litres per day for two months.
The corruption presently going in the this fraudulent APC Government is just unimaginable.

This was exactly what I was saying when this happened, we will never know the true volume of waht comes in,NNPC only is in the know, now the claim no subsidy ,but now we know there is subsidy,who pays Me and you cos the NNPC is public not private, so there lies the corruption boat, they (NNPC) can now declare any volume as waht is paind in subsidy, no one to scrutinize, and one person says the FG has no hand in it? realy?

Apc wicked govt

aftermath of demonic CHAINge!

Is anyone here surprised ?

Illitocracy: A government of the illiterates, for the illiterates and headed by an illiterate....Nigerian government as presently constituted under APC.

The Punch, get ready for EFCC visit. Those billions you guys are hiding in your offices will soon be exposed by magu.

Yeye dey smell follow them

Deomelo and Buhariguy will think otherwise or try to shift the goal post by posting IPOB as usual... please ignore them, and make them focus on this topic of thievery by the Islamic thief...

All hail Mr integrity!!! Bunch of overzealous lots, bereft of knowledge and ideas....Just self-righteousness and foolish pride! Smh

Nigeria go better ......waiting for them to tell me how
Miracle can never happen to Nigeria except we enforce it.... But how can we enforce it when we ve all taken political, ethnic and religious sides

When President Trump and IPOB leadership said Nigeria is a zoo and shithole, sycophants didn't understood, they were busy elevating unattentive corrupt president Buhari and terrorists kindred.

President Buhari should make his assets and medical statements available to the public.


No right thinking elected civil servant (president) will appoint him/herself as a minister for any ministry.

If Buhari loses and his probed after his tenure,it's probably that Abacha's corrupt deeds would look like that of a kid picking pennies from the mum's bag compared to Buhari's government level of corruption.
That's why he is so desperate to hang unto power.

doctokwus:
If Buhari loses and his probed after his tenure,it's probably that Abacha's corrupt deeds would look like that of a kid picking pennies from the mum's bag compared to Buhari's government level of corruption.
That's why he is so desperate to hang unto power.

I sincerely prays he loses the election though he has already started manipulating the possible votes to his side.

I so look forward to ekiti election is pdp wins that means the factionalization of apc is complete.

Down Buhari down.


#back2daura

Smh. It would have been worse if the FG had not exited the cash call arrangement with the NNPC and replaced it with a new mechanism for funding the cash calls. It would have been worse if the controversial Offshore Processing Arrangement (OPA) had not been cancelled and replaced with Direct Sales and Direct Purchase (DSDP), it would have been worse if the FG had not mandated NNPC to publish monthly performance to improve transparency, the one you are able to read now, it would have been worse if the Petroleum Industry Governance bill was not passed into law.

I thought you only had people wailing, I don’t know print media house wail as well.

engineerboat:
ACCUSTOMED to meeting most of their financial obligations from their monthly share-out of the Federation Account, Nigeria’s 36 state governors were recently confronted with less-than-expected offers from the pool. Under-remittances from the state oil company and some other agencies mean less revenue for states battling rising costs, high debts, deficits and an impending election cycle. The chickens the President Muhammadu Buhari-led Nigerian National Petroleum Corporation hatched are coming home to roost.

The alarm raised earlier this month by the states’ commissioners of finance that expected remittance to the Consolidated Revenue Fund of the Federation from the NNPC shifted to near-panic mode at state houses last week. Two consecutive meetings of the Federation Accounts Allocation Committee – a gathering of the Minister of Finance and the states finance commissioners – ended without agreement as delegates rejected alleged under-payment by the NNPC.

Fresh confirmation of our untidy national book-keeping practices has just come from an audit report prepared by KPMG and commissioned by the National Economic Council. The report found that 18 federal revenue federating agencies withheld the sums of N526 billion and $21 billion from the Federation Account between 2010 and June 2015. NEC, chaired by the Vice-President, includes the finance minister and the state governors who are understandably livid at the continuation of a system that allows the NNPC especially, to carry on as usual.


They woke late to the posers this newspaper has been raising over the oil company’s dangerous monopoly on refined petroleum products since September; its unverified claims on volumes imported and distributed; its self-regulation; its runaway self-imposed habit of subsidising petrol, and virtual autonomy under an inattentive President who has also made himself the petroleum minister.

Now, governors are finally waking up to the dangers. They should have spotted the booby trap when the NNPC gleefully announced that it was now the sole importer of petrol after independents left the field, citing losses arising from a landing price then of N171 per litre compared to the regulated price of N145 per litre ceiling. The alarm should have been louder when, first, the NNPC said it would absorb the losses and quaintly labelled it “under-recoveries,” and, next, claimed the improbable supply figure of 55 million litres per day. A healthy scepticism would have prompted independent checks much earlier than now to safeguard public funds. Now that landing cost is N191 per litre, NNPC is heartily subsidising on our behalf while we pick up the bills.


In between, Maikanti Baru, Group Managing Director, claimed the company incurred $5.8 billion in two months. In January this year, petrol imports cost N1.4 trillion.

Improbability has given way to incredulity: governors have now taken a cue from The PUNCH in questioning the new figure of 60 million litres supplied per day and Baru’s vow to bring in 100 million litres per day for two months.

Neither Buhari nor the lazy, distracted National Assembly can run away from providing answers to the governors’ posers. Who verifies the NNPC’s import and expenditure claims? There should be a thorough investigation of the company’s operations to ascertain how much petrol comes into the country and where they go. It stretches the imagination that the neighbouring markets of Benin Republic, Niger Republic, Togo, Cameroon, Chad and Ghana can absorb the excess over the 35 million litres per day claimed by the NNPC as our national demand.


More importantly, we should stop the national folly of continuing to allow vested interests to prevent the privatisation of the NNPC’s four loss-making refineries and liberalising the oil downstream. Buhari and Baru are driving the economy that shrank to 1.95 per cent in the last quarter aground. Rather than sell them post-haste, Baru, in accordance with the retrogressive presidential fiat to make them work “at any cost,” is on a forlorn, unworkable drive to attract investors who will provide funds but will not own. Such shallow thinking and convoluted rigmarole have ensured that the refineries cannot meet local demand and continue to accumulate operating losses over the last three decades (group losses of about N546 billion in the three years to 2017). The refineries lost N82.09 billion in 2015, N78.95 billion in 2016 and a report by Bloomberg puts recent losses at the NNPC HQ and the refineries at about $500 million.

Baru’s acrobatics of wooing the original builders and others to invest in refurbishing them are not viable. As long as the NNPC remains a major player in the downstream, operators will continue to flee the local market as Chevron, Texaco, Mobil have done, leaving only the bold and influential Dangote on whose upcoming 650,000 bpd Lekki refinery lies the country’s sole hope of breaking the NNPC stranglehold.

Opaque, self-regulating and over-politicised, the NNPC’s losses pale in contrast to the strong showing of other SOEs like Norway’s Equinox (formerly Statoil), Brazil’s Petrobas and Gulf oil majors that all posted rebounds in 2017 as oil prices rallied. The world eagerly awaits the flotation of Saudi Aramco whose owner, Saudi Arabia, is reforming its economy away from oil dependency and opening up to global investors. Nigeria must follow suit.

Buhari should relinquish the petroleum resources portfolio and reconstitute the NNPC board to allow for reformers from outside the rotten NNPC system. In line with his electoral promise, Buhari should follow the advice of Governor Nasir el-Rufai of Kaduna to “kill the NNPC” to make way for a new entity to emerge and meet national aspirations. A recent report that depots and pipelines that are not even fully utilised drained N174 billion reinforces why the NNPC should exit the downstream sector completely and concentrate on its core function as a holding company.

In the meantime, the parliament should launch an all-out probe into the fuel import system and the refineries. Governors should not stop at insisting on full remittance of all funds due to the CRF, they should go to court to demand their rights.

https://www.punchng.com/buhari-baru-have-made-nnpc-worse/amp/

Geesus!!
So Buhari, in his typical buffoonery, chased the independent importers of refined petroleum away , only so that he his extended family and chosen lackeys in the NNPC can be the sole importers of refined petroleum, and as is usual with everything Buhari touches, the books and figures have become opaque and unaccountable.

So what else is new ?

slowice:
Nigeria go better ......waiting for them to tell me how
Miracle can never happen to Nigeria except we enforce it.... But how can we enforce it when we ve all taken political, ethnic and religious sides

People who belong to the various side are doing fine until they are trying to kill Nigeria. Nigeria is a leader (of tomorrow), not a politician.

May God help our country

Buhari has absolutely nothing to offer other than nepotism, tribalism and religion bigotry. He represent everything evil.