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N50bn 'Disappeared', N4trn Unremitted By NNPC... Damning 2016 Audit Of FG's Book - Politics - Nairaland

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N50bn 'Disappeared', N4trn Unremitted By NNPC... Damning 2016 Audit Of FG's Book by happney65: 6:43pm On Aug 27
N50bn 'Disappeared', N4trn Unremitted By NNPC... Inside The Damning 2016 Audit Of FG's Books

"Investigation by the audit firm revealed that N50 million loan was written off the books of National Poverty Eradication Programme (NAPEP), Federal Ministry of Agriculture and to some Federal Government staff, without proper disclosure in the financial statement. Similarly, some collecting agencies in NNPC and DPR did not remit any revenue into the Federation revenue account for some months, neither was any explanation given why those months recorded no revenue

Section 85 of the Constitution of the Federal Republic of Nigeria (1999) mandates the audit of all public accounts, which include the federation accounts and accounts of all government parastatals. Subsection 2 of the same section empowers the Auditor-General — or any person authorized by him — to have access to all account records of the government.

In accordance with these provisions, Price Waterhouse Cooper (PwC), in agreement with the Federal Government, conducts forensic audit and gives its expert opinions on the Accounts of the Federation of Nigeria, yearly.

SaharaReporters scrutinized the 2016 audit report, the most recently available to the public, and highlighted few of the auditor’s discoveries.

N4 trillion unremitted revenue

A whooping sum of N4 trillion was, as of the time of preparing the report, unremitted to the Federation Account by the Nigerian National Petroleum Corporation (NNPC).

“The total revenue unremitted as at 1st January 2016 from amounts payable into the Federation Account by NNPC was ₦3,878,955,039,855.73 [Three trillion, eight hundred and seventy-eight billion, nine hundred and fifty-five million, thirty-nine thousand and eight hundred and fifty-five naira].

“The sum of N1,198,138,355,860.30 was due in revenue to the Federation Account out of the total generated in 2016, however, NNPC paid the sum of N1,000,545,058,966.2 resulting in an amount withheld of N197,593,296,894.02. This brought the total amount withheld by NNPC from the Federation Account as at 31 December 2016 to N4,076,548,336,749.75.”

This act of under-remitting to the central account has been a year-on-year occurrence, according to the auditor.

Opaque record-keeping by NNPC

NNPC also failed to clearly state exactly the quantity of crude oil lifted or delivered to Warri Refinery and Petrochemical Company (WRPC), and Kaduna Refinery and Petrochemical company (KRPC).

From the examination of the Demestic Crude Oil Lifting sales profile, a total crude oil lifting of 8,399,027 bbls with a total sales value of $376,655,589.03 (N102, 659,577,632.16) was stated to have been lifted jointly by these two companies.

However, the auditor held that the failure to properly separate these deliveries and charge directly to each company makes it difficult to reconcile and account for each lifting.

Misappropriation of Ecological Fund

The report revealed that funds made available for solving ecological problems in the country were used for other unstated activities not related to purposes for which the fund was set aside.

For instance, over N28 billion, out of the N48,601,928,311.08 meant for development of natural resources, was diverted to other projects. Similarly, the Federal Government “borrowed” from these funds without stating how it intended to pay back.

“We note that the various withdrawals from Funds by the Federal Government are stated to be borrowings. We further observed that the arrangements for the repayment of these funds or borrowings are unclear. For example, the 2017 Budget did not include any appropriations for the repayment of these borrowings.”

N413 million unreturned imprest

At least, 59 Ministries, Departments and Agencies (MDAs) of the government refused to return a total sum of N413, 449,306.08 back to source.

This is in contravention of the Financial Regulation (2009), which stipulates that “all standing impress must be retired on or before the 31st December of the financial year in which they were issued, while special impress shall be retired immediately the reason for which they were granted cease to exist”.

The auditor also added that no explanation whatsoever was provided for the unretired funds.

Nigeria lost N941 billion in uncollected revenues

The financial document revealed that there was a reduction in revenue collected across government agencies except from the Nigerian Customs Service (NCS). The total sum of N941, 039, 251, 064 was reported uncollected by Federal Inland Revenue Service (FIRS), Department of Petroleum Resources (DPR) and the NNPC.

The report said: “The NNPC revenue fell from N2,442,895,781,050.53 to N1,725,318,486,455.07 a difference of N717,577,294,595.46 representing about 29% decrease, FIRS revenue fell from N2,403,882,419,922.32 in 2015 to N2,320,485,354,727.58 a difference N83,397,065,164.74 representing a marginal 3.4% decrease while that of DPR fell from N608,083,591,121.01 to N468,018,699,815.74 a difference of N140,064,891,305.27 representing 23% decrease.”

N50 billion Disappeared

Investigation by the audit firm revealed that N50 million loan was written off the books of National Poverty Eradication Programme (NAPEP), Federal Ministry of Agriculture and to some Federal Government staff, without proper disclosure in the financial statement.

Similarly, some collecting agencies in NNPC and DPR did not remit any revenue into the Federation revenue account for some months, neither was any explanation given why those months recorded no revenue.

Senate Staff Cashed in N747 million

Advance payment of over N747 million given to staff of the Nigerian Senate for procurement in 2016 had not been retired as of June 2017.

Also, some staffers of the Federal Ministry of Power, Works and Housing received cash advances to the tune of N26, 369, 523 which was not retired at the end of the financial year. Rather than recover this fund, new cash advances were granted the same officers yet to retire the first cash advance received.

Same practice was reported at the Bureau of Public Service Reform. Fifty-six members of staff received advance cash of various sums, totaling N35, 209, 835 that went unremitted at the end of the financial year.

Withdrawal from the federation account without approval

N409 billion was withdrawn from the federation account to set off external debts owed by states and FCT, without the authorization from the Auditor-General. This contravened Section 168 (1) 0f the constitution that holds that “Where any payment falls to be made under this Part of this Chapter, the amount payable shall be certified by the Auditor-General for the Federation”.

The Accountant-General of the federation was, however, requested to provide explanation for non-compliance with Section 168(1) of the Constitution and ensure that henceforth, no such off-set are made from the Federation Account without the certification of the Auditor-General for the Federation in compliance with the Constitution"

http://saharareporters.com/2018/08/27/n50bn-disappeared-n4trn-unremitted-nnpc-inside-damning-2016-audit-fgs-books

5 Likes 7 Shares

Re: N50bn 'Disappeared', N4trn Unremitted By NNPC... Damning 2016 Audit Of FG's Book by iammo(m): 6:46pm On Aug 27
Ibe kachuckus letter comes to mind, shocked no wonder Finance Commissioners’ Forum of the Federation Accounts Allocation Committee (FAAC) rejected last NNPC's oil royalties and petroleum profit tax remittance. patiently waiting for 2017 and 2018 reports

77 Likes 5 Shares

Re: N50bn 'Disappeared', N4trn Unremitted By NNPC... Damning 2016 Audit Of FG's Book by princechurchill(m): 6:46pm On Aug 27
The only country whose President is fighting corruption but under his adminstration 50billion disappeared like nollywood ghost and 4 trillion unremitted

Buhari you are a joke of presidency
Lifeless President

401 Likes 33 Shares

Re: N50bn 'Disappeared', N4trn Unremitted By NNPC... Damning 2016 Audit Of FG's Book by truthfulparrot(m): 6:47pm On Aug 27
Who is the president of Nigeria in 2016?

217 Likes 7 Shares

Re: N50bn 'Disappeared', N4trn Unremitted By NNPC... Damning 2016 Audit Of FG's Book by Buharimustgo: 6:47pm On Aug 27
'If we don't kill corruption, corruption will kill Nigeria'

Buhari has sanctimoniously killed Nigeria with Corruption.

227 Likes 12 Shares

Re: N50bn 'Disappeared', N4trn Unremitted By NNPC... Damning 2016 Audit Of FG's Book by huntila(m): 6:48pm On Aug 27
So much leakage in the system.

17 Likes

Re: N50bn 'Disappeared', N4trn Unremitted By NNPC... Damning 2016 Audit Of FG's Book by Racoon(m): 6:48pm On Aug 27
".....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..."


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


From "I will fight corruption" to "Stop glorifying thieves & looters", then "I will jail looters" and now "I wont surrender to corruption" Buhari have proven & confirmed he is damnable corrupt hypocrite.APC! Change! Zombies lets hear what you guys have to say.

182 Likes 6 Shares

Re: N50bn 'Disappeared', N4trn Unremitted By NNPC... Damning 2016 Audit Of FG's Book by unohbethel(m): 6:48pm On Aug 27
Hhmm
Re: N50bn 'Disappeared', N4trn Unremitted By NNPC... Damning 2016 Audit Of FG's Book by dokie: 6:50pm On Aug 27
truthfulparrot:
Who is the president of Nigeria in 2016?
Abiola

113 Likes 2 Shares

Re: N50bn 'Disappeared', N4trn Unremitted By NNPC... Damning 2016 Audit Of FG's Book by unohbethel(m): 6:51pm On Aug 27
truthfulparrot:
Who is the president of Nigeria in 2016?
the answer :



the lifeless..
the stark illiterate..
the Mr intergrity ma arse..
dullard called president buhari

180 Likes 3 Shares

Re: N50bn 'Disappeared', N4trn Unremitted By NNPC... Damning 2016 Audit Of FG's Book by Blakjewelry(m): 6:57pm On Aug 27
I thought buhari was going to unbundle nnpc

80 Likes 1 Share

Re: N50bn 'Disappeared', N4trn Unremitted By NNPC... Damning 2016 Audit Of FG's Book by Olatunji1929: 7:04pm On Aug 27
truthfulparrot:
Who is the president of Nigeria in 2016?
Goodluck jonathan was the president while saraki was the minister of petroleum in 2O16 SAI BABA TIL 2O5O

152 Likes 2 Shares

Re: N50bn 'Disappeared', N4trn Unremitted By NNPC... Damning 2016 Audit Of FG's Book by Donald95(m): 7:05pm On Aug 27
Buhari is just a lifeless Paedophile

67 Likes 3 Shares

Re: N50bn 'Disappeared', N4trn Unremitted By NNPC... Damning 2016 Audit Of FG's Book by donbachi(m): 7:06pm On Aug 27
What an economic sabotage.

17 Likes

Re: N50bn 'Disappeared', N4trn Unremitted By NNPC... Damning 2016 Audit Of FG's Book by buharitill2023: 7:21pm On Aug 27
Ok
Re: N50bn 'Disappeared', N4trn Unremitted By NNPC... Damning 2016 Audit Of FG's Book by haveadream: 7:35pm On Aug 27
All hail the fighter of corruption the undisputed champion and president of Nigeria - LIFELESS AND DULLARD- MUHAMMADU BUHARI in whose administration, Billions of Naira meant for the innocent Nigerians are disappearing and yet he keeps telling us that he is fighting corruption. What a shame that such a dullard and lifeless old man is leading Nigeria at this very moment of our history. What a shame!!!!

109 Likes 5 Shares

Re: N50bn 'Disappeared', N4trn Unremitted By NNPC... Damning 2016 Audit Of FG's Book by slimghost(m): 7:35pm On Aug 27
You won't see Sarki and other deadbrain BMC crew members here. Bloody sycophants selling the country cheap just to fill their belly.

129 Likes 5 Shares

Re: N50bn 'Disappeared', N4trn Unremitted By NNPC... Damning 2016 Audit Of FG's Book by osazeeblue01: 7:35pm On Aug 27
happney65:
BY BANJO DAMILOLAAUG 27, 2018

"Investigation by the audit firm revealed that N50 million loan was written off the books of National Poverty Eradication Programme (NAPEP), Federal Ministry of Agriculture and to some Federal Government staff, without proper disclosure in the financial statement. Similarly, some collecting agencies in NNPC and DPR did not remit any revenue into the Federation revenue account for some months, neither was any explanation given why those months recorded no revenue

Section 85 of the Constitution of the Federal Republic of Nigeria (1999) mandates the audit of all public accounts, which include the federation accounts and accounts of all government parastatals. Subsection 2 of the same section empowers the Auditor-General — or any person authorized by him — to have access to all account records of the government.

In accordance with these provisions, Price Waterhouse Cooper (PwC), in agreement with the Federal Government, conducts forensic audit and gives its expert opinions on the Accounts of the Federation of Nigeria, yearly.

SaharaReporters scrutinized the 2016 audit report, the most recently available to the public, and highlighted few of the auditor’s discoveries.

N4 trillion unremitted revenue

A whooping sum of N4 trillion was, as of the time of preparing the report, unremitted to the Federation Account by the Nigerian National Petroleum Corporation (NNPC).

“The total revenue unremitted as at 1st January 2016 from amounts payable into the Federation Account by NNPC was ₦3,878,955,039,855.73 [Three trillion, eight hundred and seventy-eight billion, nine hundred and fifty-five million, thirty-nine thousand and eight hundred and fifty-five naira].

“The sum of N1,198,138,355,860.30 was due in revenue to the Federation Account out of the total generated in 2016, however, NNPC paid the sum of N1,000,545,058,966.2 resulting in an amount withheld of N197,593,296,894.02. This brought the total amount withheld by NNPC from the Federation Account as at 31 December 2016 to N4,076,548,336,749.75.”

This act of under-remitting to the central account has been a year-on-year occurrence, according to the auditor.

Opaque record-keeping by NNPC

NNPC also failed to clearly state exactly the quantity of crude oil lifted or delivered to Warri Refinery and Petrochemical Company (WRPC), and Kaduna Refinery and Petrochemical company (KRPC).

From the examination of the Demestic Crude Oil Lifting sales profile, a total crude oil lifting of 8,399,027 bbls with a total sales value of $376,655,589.03 (N102, 659,577,632.16) was stated to have been lifted jointly by these two companies.

However, the auditor held that the failure to properly separate these deliveries and charge directly to each company makes it difficult to reconcile and account for each lifting.

Misappropriation of Ecological Fund

The report revealed that funds made available for solving ecological problems in the country were used for other unstated activities not related to purposes for which the fund was set aside.

For instance, over N28 billion, out of the N48,601,928,311.08 meant for development of natural resources, was diverted to other projects. Similarly, the Federal Government “borrowed” from these funds without stating how it intended to pay back.

“We note that the various withdrawals from Funds by the Federal Government are stated to be borrowings. We further observed that the arrangements for the repayment of these funds or borrowings are unclear. For example, the 2017 Budget did not include any appropriations for the repayment of these borrowings.”

N413 million unreturned imprest

At least, 59 Ministries, Departments and Agencies (MDAs) of the government refused to return a total sum of N413, 449,306.08 back to source.

This is in contravention of the Financial Regulation (2009), which stipulates that “all standing impress must be retired on or before the 31st December of the financial year in which they were issued, while special impress shall be retired immediately the reason for which they were granted cease to exist”.

The auditor also added that no explanation whatsoever was provided for the unretired funds.

Nigeria lost N941 billion in uncollected revenues

The financial document revealed that there was a reduction in revenue collected across government agencies except from the Nigerian Customs Service (NCS). The total sum of N941, 039, 251, 064 was reported uncollected by Federal Inland Revenue Service (FIRS), Department of Petroleum Resources (DPR) and the NNPC.

The report said: “The NNPC revenue fell from N2,442,895,781,050.53 to N1,725,318,486,455.07 a difference of N717,577,294,595.46 representing about 29% decrease, FIRS revenue fell from N2,403,882,419,922.32 in 2015 to N2,320,485,354,727.58 a difference N83,397,065,164.74 representing a marginal 3.4% decrease while that of DPR fell from N608,083,591,121.01 to N468,018,699,815.74 a difference of N140,064,891,305.27 representing 23% decrease.”

N50 billion Disappeared

Investigation by the audit firm revealed that N50 million loan was written off the books of National Poverty Eradication Programme (NAPEP), Federal Ministry of Agriculture and to some Federal Government staff, without proper disclosure in the financial statement.

Similarly, some collecting agencies in NNPC and DPR did not remit any revenue into the Federation revenue account for some months, neither was any explanation given why those months recorded no revenue.

Senate Staff Cashed in N747 million

Advance payment of over N747 million given to staff of the Nigerian Senate for procurement in 2016 had not been retired as of June 2017.

Also, some staffers of the Federal Ministry of Power, Works and Housing received cash advances to the tune of N26, 369, 523 which was not retired at the end of the financial year. Rather than recover this fund, new cash advances were granted the same officers yet to retire the first cash advance received.

Same practice was reported at the Bureau of Public Service Reform. Fifty-six members of staff received advance cash of various sums, totaling N35, 209, 835 that went unremitted at the end of the financial year.

Withdrawal from the federation account without approval

N409 billion was withdrawn from the federation account to set off external debts owed by states and FCT, without the authorization from the Auditor-General. This contravened Section 168 (1) 0f the constitution that holds that “Where any payment falls to be made under this Part of this Chapter, the amount payable shall be certified by the Auditor-General for the Federation”.

The Accountant-General of the federation was, however, requested to provide explanation for non-compliance with Section 168(1) of the Constitution and ensure that henceforth, no such off-set are made from the Federation Account without the certification of the Auditor-General for the Federation in compliance with the Constitution"

http://saharareporters.com/2018/08/27/n50bn-disappeared-n4trn-unremitted-nnpc-inside-damning-2016-audit-fgs-books

Lalasticlala


Nigerians should ask Buhari who he shared the money with.

69 Likes 4 Shares

Re: N50bn 'Disappeared', N4trn Unremitted By NNPC... Damning 2016 Audit Of FG's Book by haveadream: 7:38pm On Aug 27
Dont worry they are coming. They are busy writing their rejoinder.

slimghost:
You won't see Sarki and other dead brain BMC crew members here.
Bloody sycophants selling the country cheap just to fill their belly.

24 Likes

Re: N50bn 'Disappeared', N4trn Unremitted By NNPC... Damning 2016 Audit Of FG's Book by mycar: 7:40pm On Aug 27
No, pmb is not corrupt, he is corruption redefined.

50 Likes 1 Share

Re: N50bn 'Disappeared', N4trn Unremitted By NNPC... Damning 2016 Audit Of FG's Book by ivandragon: 8:16pm On Aug 27
N50m or N50b?


pmb's administration is certainly corrupt, but figures must be based on facts & not conjectures...


this report needs further clarification anyway...

3 Likes

Re: N50bn 'Disappeared', N4trn Unremitted By NNPC... Damning 2016 Audit Of FG's Book by Xander85: 8:19pm On Aug 27
truthfulparrot:
Who is the president of Nigeria in 2016?

....and the minister of petroleum?

62 Likes 4 Shares

Re: N50bn 'Disappeared', N4trn Unremitted By NNPC... Damning 2016 Audit Of FG's Book by capatainrambo: 8:21pm On Aug 27
Xander85:

....and the minister of petroleum?
lifeless bubu

44 Likes 2 Shares

Re: N50bn 'Disappeared', N4trn Unremitted By NNPC... Damning 2016 Audit Of FG's Book by etebefia: 8:21pm On Aug 27
By the time Buhari is done with Nigeria, we will be begging Abacha to come back.

84 Likes 2 Shares

Re: N50bn 'Disappeared', N4trn Unremitted By NNPC... Damning 2016 Audit Of FG's Book by capatainrambo: 8:22pm On Aug 27
Xander85:

....and the minister of petroleum?
lifeless bubu

16 Likes 1 Share

Re: N50bn 'Disappeared', N4trn Unremitted By NNPC... Damning 2016 Audit Of FG's Book by StarUp(f): 10:21pm On Aug 27
Hope nobody touch my share of the unremitted cash?

19 Likes 4 Shares

Re: N50bn 'Disappeared', N4trn Unremitted By NNPC... Damning 2016 Audit Of FG's Book by 1zynnvn(m): 10:21pm On Aug 27
I'm sure BUBU isn't aware of this, he is never aware of anything. Sai BUBU

41 Likes

Re: N50bn 'Disappeared', N4trn Unremitted By NNPC... Damning 2016 Audit Of FG's Book by EmekaMD(m): 10:21pm On Aug 27
And to think that Buhari is not only the president but also the minister of petroleum which makes him directly in charge of the NNPC actions and inactions..

Is he going to tell us that he does not also know about this one, just as he never knew anything?

Jus sell this country and give me my share..
I'd gladly leave and never come back

46 Likes 1 Share

Re: N50bn 'Disappeared', N4trn Unremitted By NNPC... Damning 2016 Audit Of FG's Book by Oceannaagent: 10:21pm On Aug 27
Such a damaging report and a huge discovery of rot shocked shocked shocked shocked

14 Likes

Re: N50bn 'Disappeared', N4trn Unremitted By NNPC... Damning 2016 Audit Of FG's Book by MANNABBQGRILLS: 10:22pm On Aug 27
Stealing is now CORRUPTION.

No hiding place for the thieves and rogues anymore.

They must be exposed and sentenced accordingly.

Sai Baba.

7 Likes 6 Shares

Re: N50bn 'Disappeared', N4trn Unremitted By NNPC... Damning 2016 Audit Of FG's Book by magoo10(m): 10:22pm On Aug 27
Buhari is fighting a lifeless anti corruption war
Last time I checked buhari is still the petroleum minister.

40 Likes 1 Share

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