• Berates NNPC for abuse of financial procedures

By Segun James



The presidential candidate of the Peoples Democratic Party (PDP), Alhaji Atiku Abubakar, has come down hard on the Nigerian National Petroleum Corporation (NNPC) over what he described as huge abuse of financial procedures in the running of the state oil company, alleging that the $1 billion voted in the 2019 budget to fund the under-recovery in petrol price was simply a slush fund to finance President Muhammadu Buhari’s re-election campaign.

A statement issued yesterday in Abuja by Atiku’s Special Assistant on Public Communication, Mr. Phrank Shaibu, said “the secret and opaque re-introduction of subsidy in the prices of petrol even before it was provided for in the 2019 budget without any budgetary approval by the National Assembly was proof of the colossal amount of embezzlement and rip-off that have now become the hallmark of the Buhari administration”.

Atiku recalled that at the beginning of 2018, the federal government illegally diverted $1.05 billion (N378 billion at N360 to a dollar) sourced from the Nigerian Liquefied Natural Gas (NLNG) dividend funds to secretly fund subsidy payment on petroleum products.

He noted that details of the diversion became public following accusations by the National Assembly that the NNPC had a $3.5 billion subsidy fund it was spending without appropriation by the legislature.

In October, a motion by Senator Biodun Olujimi, (Ekiti-PDP) had triggered debates in the National Assembly on the purported $3.5 billion fund alleged to be managed by the NNPC.

But the NNPC said it had no such fund in its custody. Rather, the corporation said it had a $1.05 billion fund it is using to stabilise petrol supply and distribution in the country.

Atiku said it was on the strength of NNPC’s admission of guilt in the management of the current administration’s subsidy regime that he asked federal government to refund the $1.05 billion, which the NNPC admitted was in its custody.

Atiku said: “From the documents published by Premium Times on November, 5, 2018, we can say without any fear of equivocation that there was never any subsidy at all, better still, that the fraud code-named National Fuel Support Fund was simply a smoke-screen for enriching cronies, and for funding of President Buhari’s re-election campaign.”

The statement said the fact that only the trio of the Chief of Staff to the President, Mr. Abba Kyari; Group Managing Director of the NNPC, Maikanti Baru, and the Chief Financial Officer in charge of Finance and Accounts, Isiaka Abdulrazak, were managing the funds without appropriation, said a lot about the motive of the dubious subsidy regime.

Atiku said subsidy arrangement under President Buhari raises some questions that are begging for answers.

“Why was the NNPC spending sums of money to the tune of $ 3.5 billion or $1.05 billion even when it was fully aware of the powers of the National Assembly to appropriate on petroleum subsidy matters? Why did NNPC spokesman, Ndu Ughamadu lie about the source of the $1.05 billion? Why did he say it was a loan obtained from one of the international agencies when there was ample evidence to show that the money was taken from NLNG dividend account?” he queried.

“Could all the fuel that is claimed to be imported real or is it sheer scam to raise campaign funds for President Buhari? Where is President Buhari raising his campaign funds from when, his praise singers have taken over the air waves with messages running on time belts that cost hundreds of millions of naira?

“Where are the lavish Buhari Support Group and Buhari Campaign Organisation chanting ‘Next Level, drawing their funding from? Are these not all funded from the racket called National Fuel Support Fund, which has initial seed money of $1.05 billion released since the beginning of 2018?” Atiku asked.

https://www.thisdaylive.com/index.php/2018/12/24/atiku-1bn-fuel-subsidy-in-2019-budget-is-buharis-campaign-slush-fund/

Atiku is playing with fire ( Nigerians) which will consume him.

Same budget that will be passed after the election.. Abi no be Chief Saraki and co

You can't win an election this way

T

All these big allocations are to fund APC elections

I've always said this and will still repeat it; when Buhari and his looting cabal leaves power, Nigerians would be shocked to see the monumental corruption and reckless looting they did while in office. The incoming administration should begin their probe from Abba Kyari. Even zombies and buharideens would be amazed that their acclaimed mr integrity is the worst Nigerian president ever.

helinues:
Atiku is playing with fire ( Nigerians) which will consume him.

You can't win an election this way

Tell me how your god won 2015 election once again Zone B
I see head of Zone Bs below me

Mumu Atiku.

Say something else.

helinues:
Atiku is playing with fire ( Nigerians) which will consume him.

You can't win an election this way

Yes he can. With "share" and "like" on Facebook and tweeter. What do you expect from someone who travelled to Dubai to design an economic template to used in Nigeria, only to realized the template would not fly.

Sagamaje:

Tell me how your god won 2015 election once again Zone B
I see head of Zone Bs below me

Dont you think it is too early for this.

Anyways, Merry Christmas to you.

Atiku is an idiot to be playing this politics when he knows the truth.

To those who don't know, this govt, unlike the one before it, doesn't pay any subsidy to importers any longer. The govt invariably provides for the difference between what petrol sells and what it should sell. It's like selling below a profitable selling price. And who gets the payment? It's NNPC and not any marketer.

ATIKU IS IN TROUBLE and serious PAINS .

Sane, honest and hard-working Nigerians dont need one kobo from Baba for us to give him our votes....Baba is not even ready to give a penny anyways!
SAI BABA.

Ok

buhari/jubril is a terrorist. never again!

thought subsidy of fuel is no more,when baba entered he said subsidy is a way of siphoning govt money,that was why he elected himself PETROLEUM MINISTER!!!! APC CHANGE,!

discrediting Buhari's efforts is now atiku's election manifesto....smh

And this rubbish made sense to Atiku and his team, right?

Presidential election will take place in February while the budget won’t be passed till May or June. So, how will Buhari used the money to fund his campaign?

helinues:
Atiku is playing with fire ( Nigerians) which will consume him.

You can't win an election this way

Ode ni boy yi sha. Ask your pay master to deny all what he said above. Buhari once said subsidy is a fraud in 2014.

We know ask you Atiku.

This man is truly confused. But you said buhari isn't ready for the election.

APC is a scam, allocating money for crooked lies like subsidy when we know the real intention of the money..

ABBA kyari must be sacked, that guy is a thief and corruption personified in this regime

I just pity this man called atiku by the time election is finished he will not be worth more than 5 million naira,

election is February...and campaign has started.we all know the budget will be approved probably middle of 2019, as senators do,which is after election..how is the 1billion dollars now a campaign fund?


can we see that many Nigerian youths on nairaland are dumbos, they just comment without thinking

Subsidy, let them tell us how much subsidy was paid per litre of fuel in l999, 2009, 20l5 and 20l8. ..
give us data on the subsidy regime over past years.
It is appalling for a govt of APC who never believed in subsidy increased fuel price and is allocating more money than the previous govt for subsidy...the last subsidy they said they remove, no impact

We all know.

helinues:


Dont you think it is too early for this.

Anyways, Merry Christmas to you.

Merry Xmas to you too bro. We are all here to catch some fun

tunde705:

Ode ni boy yi sha. Ask your pay master to deny all what he said above. Buhari once said subsidy is a fraud in 2014.

Merry Christmas

Sagamaje:


Merry Xmas to you too bro. We are all here to catch some fun

My mood is so high this Xmas. Tolerance enough this festive season

We know. Including different over bloated contracts especially through the ministries of power, transport and works.

Buhari is Fraud...

helinues:


My mood is so high this Xmas. Tolerance enough this festive season

am in a state of sagamaje myself