NIGERIA indebtedness to International Oil Companies (IOCs) stood at $5.1 billion, the Nigerian National Petroleum Corporation (NNPC) told the Senate yesterday.


The $5.1 billion, according to the Corporation, was accumulated from the Joint Venture Cash Call (JVC) business arrangement the country has with IOCs on oil exploration.

But the NNPC denied allegation of mismanagement of $3.2 billion said to have been withdrawn from the Nigerian Liquefied Natural Gas (NLNG) account between 2015 till date.

The Chief Financial Officer (CFO) of NNPC, Isiaka Abdulrasaq, who appeared before the Senate Committee on Gas explained how the debt was incurrininguired capital into it.”

Nigeria, he said, was “only collecting its equity share inform of revenues which made the country as at 2015, to have $6.8 billion unpaid capital into the venture.”

He further explained that “the present government in 2016, succeeded in getting 35 per cent discount from the unpaid capital amounting to $1.9 billion from the unpaid capital, making the country to still owe the IOCs $5.1 billion outstanding.”

On the alleged $3.2 billion reportedly withdrawn from the NLNG account by the NNPC within the last three years, the CFO insisted that there was no mismanagement in any of the withdrawals made.

He noted that based on available records with NNPC, only 13 withdrawals were made from the account amounting to $1.2 billion.

The official said that more than seven IOCs dealing with the NNPC have expressed concern about the continuity of their business operations as a result of bogus figures being bandied about withdrawals from the NLNG account.

Chairman of the committee, Senator Albert Bassey Akpan, asked the NNPC CFO to submit approving documents for all the withdrawals by Tuesday next week.

Akpan said: “We are not saying any money has been stolen. What we are doing is clarifying the processes of expenditures made from the account with a view to making management of the account more transparent and beneficial to Nigerians.”
Source: http://www.nairafame.com/2018/12/nigeria-owes-iocs-51b-says-nnpc.html?m=1

".The official said that more than seven IOCs dealing with the NNPC have expressed concern about the continuity of their business operations as a result of bogus figures being bandied about withdrawals from the NLNG account..."

Now how come the NNPC is oweing this staggering amount of money? How come there are illegal deduction from the NLNG & other subsidiaries account of the NNPC while Nigeria is allowed to accumulate such a debt What is Buhari/Ukachukwu's role in this shameful development?

Meanwhile the government initial statement was that "subsidy is a fraud" but today the story is different.So why are we still paying #145/litre of petrol and a staggering amount of money is being paid as subsidy while there is no accurate amount of daily consumption of fuel from the NNPC.

The government never invest in putting our refineries to work or build the new ones they promise during campaign but now banking on modular refineries being built by private investors that will continue the monopoly @ the downstream sector.

You cannot pay up what you owe the IOCs yet you can illegally spend over 3 billion dollars from NLNG account without permission .. Apart from being heavy borrowers the Buhari govt are also chronic debtors to the business partners..never before have we had it so bad

LIES LIES LIES

On the alleged $3.2 billion reportedly withdrawn from the NLNG account by the NNPC within the last three years, the CFO insisted that there was no mismanagement in any of the withdrawals made.

Clarity as this makes the nation move forward.
A new Sherrif is in town.
Stealing is now CORRUPTION.

This is the same account that the frog-eyed thief called Diezani stole billions of dollars with no one knowing until she ran away when President Buhari became President.
She will vomit our money whichever way it will be soon.
Mr Magu .... we counting on you.

Hahahahahahah, ndi ara leele

What we are doing is clarifying the processes of expenditures made from the account with a view to making management of the account more transparent and beneficial to Nigerians.”

Why are politicians always ending their narratives in this manner?? In reality they are the ones milking hundreds of millions of Nigerians off their common wealth!!

One day the poor will have nothing to eat but the rich!!

And so what?

Next!

What a terrify debt
So huge

[quote author=Racoon post=73828148][/quote]

The $6.8billion was owed by your useless PDP government as at 2015. They refused to pay all contractual Joint venture cash call until Buhari came in to negotiate it down to $5.1billion. This unnecessary debt is another reason why we should never allow PDP back to power.

It is also instructive to note that Nigeria has been up to date with our JVC since 2015 when Buhari took over.

Wahala dey.

Good development.

By the time Buhari will finish his tenure


We will all turn to beggars on the street

googlepikins:
LIES LIES LIES

How is it lies? What do you know? Share pls

Nigeria owing right left center.

What a country!!

I thought Buhari said there is nothing like subsidy.

Nice one debt was owed as at 2015 , PDP don kill us, bubu is just a sweeper

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The give away price is 1.3m negotiable

FarahAideed:
You cannot pay up what you owe the IOCs yet you can illegally spend over 3 billion dollars from NLNG account without permission .. Apart from being heavy borrowers the Buhari govt are also chronic debtors to the business partners..never before have we had it so bad

Lol


Forget this dodgy govt. Spent $1 billion.to get weapons to.fihht boko haram. Yet soldiers.complain.of lavk of weaponry.

And how come is that?
The looting in this govt is horrifying...

Who has done this to us. This is gross incompetence and impunity.

post=73828159:
On the alleged $3.2 billion reportedly withdrawn from the NLNG account by the NNPC within the last three years, the CFO insisted that there was no mismanagement in any of the withdrawals made.

Clarity as this makes the nation move forward.
A new Sherrif is in town.
Stealing is now CORRUPTION.

This is the same account that the frog-eyed thief called Diezani stole billions of dollars with no one knowing until she ran away when President Buhari became President.
She will vomit our money whichever way it will be soon.
Mr Magu .... we counting on you.

This guy is just a dumb head chai

Yoruba people should pay the money o.


They are ally of this despotic govt.

By the time this govt leaves power in 2019 or 2023, the stench will be so obvious

Can they just sell this country?

Nigeria is being conned by these IOCs, they inflate and collect the agreed joint venture operating percentage money from NNPC, while our NNPC does not monitor the expenditure of these IOCs. They end up not utilizing up to what they claim to be the cost of exploration, drilling, production and piping/shipping. But like I have mentioned earlier, NNPC does not monitor the IOCs expenditure, DPR is worse, they come for rig visits/inspections and they are gifted with items worth less than 50,000naira, and they give good reviews to the rigs/ Oil company.

I laugh.. we have malams running our born Niger delta resources.. one day e go happy for this country oo.. useless idiots stealing the Niger delta dry.. fools...

Luciferdevil2:
This guy is just a dumb head chai

that guy is a resilient nincompoop...

By the time this APC govt. is through with Nigerians in terms of debt accumulation,.......


If you know you know!