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PoliticsRe: Ex-President Jonathan’s CSO, Obua Arrested!!! by bettercreature(m): 10:38pm On Jul 18, 2015
I think we should all be happy about this,no smoke without fire
they should vomit what they embezzled
Nigeria is dead and rotten,somebody need to ressurect her
FamilyRe: Help, A Married Woman Refuses To Leave My House, How Can I Send Her Away? by bettercreature(m): 10:00pm On Jul 18, 2015
boombay:
wake up one night and use powder to rub your body from head to toe.
Tie a white wrapper and tie your TV remote with a red cloth
start chanting in a strange manner
like "kulu kulu maku moku"grin
make sure she hears you.
if she asks wahz going on tell her you're a ritualist that you use female only for the ritualsgrin
and if she doesn't ask you
trust Me she will leave immediately!grin
















or better still get a coffin as your center table in the sitting room!grin
Epic advice
PoliticsRe: Photos: See Kids Of Nigerian Politicians That Recently Graduated Abroad. by bettercreature(m): 1:27pm On Jul 18, 2015
OrlandoOwoh:
Rubbish and childish comment. You think you're a motivational speaker speaking to ignorants?
Join him,find something meaningfull to do with your life,stop ranting because of every shiit you read online,those people worked to get to where they are today
PoliticsRe: Photos: See Kids Of Nigerian Politicians That Recently Graduated Abroad. by bettercreature(m): 12:31pm On Jul 18, 2015
Nsonso:
And some fools from the Southwest will be shouting 'One Nigeria'. Imps.
Stop wasting your life! they worked very hard to get to a point of being rich enough to send their kids to school abroad,go out there to do something better with your life,Nigeria is bad,Nigeria is Bad,people are making it every day,stop insulting,people,tribes online
PoliticsRe: Tension In Kano, As Seized N315bn Textile Materials Await Burning by bettercreature(m): 12:13pm On Jul 18, 2015
Can't these people FINE the owner or why on earth will someone burn 315 billion worth of textile
I would go for street justice against the person who burn it if i were to be owner
This is pure nonsense
Beside its not food or drugs or drinks
Science/TechnologyRe: Busted: The Trick Used By The Man That Claimed He Sat On Nothing At Ikeja by bettercreature(m): 10:57am On Jul 18, 2015
The OP doesnt make any sense to me
Car TalkRe: Top 20 Used Cars To Avoid by bettercreature(m): 9:58am On Jul 18, 2015
Why Nissan Murano is not there is beyond my understanding
PoliticsRe: BREAKING: DSS Withdraws From Dasuki’s House by bettercreature(m): 9:54am On Jul 18, 2015
barcanista:
This government is useless one. After laying siege on the man's house and wasting his time they left without achieving anything. Sambo Dasuki should seek redress in court.
Do you know what is in the docs and hardwares they took away?Always think before you criticize PMB moves
PoliticsRe: BREAKING: DSS Withdraws From Dasuki’s House by bettercreature(m): 9:52am On Jul 18, 2015
[quote author=lawanson44 post=35989957][/quote]You dont have respect you need home training
PoliticsRe: Apc Taking Credit From Gej Administration On Electricity Equals Lazy Governance by bettercreature(m): 11:28pm On Jul 17, 2015
They Won't pay for Gas if GEJ is still there
PoliticsRe: BREAKING: DSS Withdraws From Dasuki’s House by bettercreature(m): 9:45pm On Jul 17, 2015
jcross19:
because you supported do not mean you should reason like fowl buhari was quoted saying "killing boko haram is war against northerns "even that statement will show to you the sponsors of boko harams that's why nigeria government prone to failure because that statement can lead buhari to life imprisonment in uk or USA for terrorism but nigeria is a refuge for a terrorists and looters.
You have no respect for elders you need home training
PoliticsRe: Nigeria “arrests Radio Biafra Operators, Seizes Transmission Equipment” by bettercreature(op): 9:42pm On Jul 17, 2015
I told them when they started to catwalk because of unintelligent movement called Biafra
PoliticsNigeria “arrests Radio Biafra Operators, Seizes Transmission Equipment” by bettercreature(op): 9:35pm On Jul 17, 2015
The National Broadcasting Commission [NBC] on Friday said it has arrested operators of Radio Biafra, blocked the station from Nigeria’s airwaves and seized its transmission equipment in many part of Nigeria’s South-East zone.
NBC’s Director General, Emeka Mba, made this known Friday in a statement made available to PREMIUM TIMES.
Mr. Mba said his commission has effectively neutralised the illegal broadcast from the pirate radio station he said had shattered the peace of South-East Nigeria with unsavoury messages.
“Working with security operatives, the commission has also tracked down, neutralized and confiscated transmitter equipment from several locations in the region,” he said.
“Some suspects involved in the illicit broadcasts have also been arrested and taken to Abuja for questioning and prosecution.
“The commission has also worked with other agencies to remove the transmissions of the illegal station from the satellite, and this has put paid to the divisive and disruptive transmissions.”
He said the commission appreciated the concerns expressed by Nigerians over the seditious activities of the illegal radio station and urged the people of the region to disregard the messages purveyed by it.
Radio Biafra was floated by some Nigerians in the South-East of the country, who appear nostalgic of the defunct Biafra Republic, which ceased to exist at the end of the Nigerian civil war in 1970.
While its backers say the radio caters for the needs of people from the region, the network is also known for propagating falsehood, dangerous propaganda and ideology of the former secessionist Republic.
This newspaper had on July 10 wrote an editorial drawing attention to the disturbing signals from the radio station and called for urgent steps to curtail its excesses.
Four days later, the government said it had successfully jammed its signals.
The permanent secretary in the Ministry of Information, Shade Yemi-Esan, made this known Tuesday while briefing journalists at the presidential villa after briefing President Muhammadu Buhari on the activities of her ministry.
She claimed the NBC had successfully blocked the signals of the radio station.
However, on July 15, PREMIUM TIMES correspondents in the South-East of Nigeria, and other listeners confirmed that station remained on the airwaves as of Tuesday night and Wednesday morning, long after Ms. Yemi-Esan, told journalists it had been blocked.
The station also denounced the claim by government, tweeting that its terrestrial transmission remained alive as well as its online radio.
“Radio Biafra is live in Biafra land: NBC woe to you and your lies: NBC lied to their master and gullib…,” the radio tweeted.


http://www.premiumtimesng.com/news/186857-nigeria-arrests-radio-biafra-operators-seizes-transmission-equipment.html?utm_source=&utm_medium=twitter
PoliticsRe: Electricity Generation Rises Again To 4,656 Megawatts by bettercreature(m): 8:57pm On Jul 17, 2015
Trailblazer1:
Goodluck Jonathan,
Wherever you are, may your days be long like methuselah cool
They wouldnt pay for GAS if GEJ is still there and remember it was just 800MWTT the week GEJ left
PoliticsRe: BREAKING: DSS Withdraws From Dasuki’s House by bettercreature(m): 8:17pm On Jul 17, 2015
Toktee:
anytime you want to contribute here,don't smoke.
do you know why the money has returned now,do you think pmb is stupidd like you?
this was the money dasuki wanted to run away with,use ur brain not ur asss.
There must be a serious reason am sure Dasuki and PDP knows about Bokoharam because i could see PDP panicking since yesterday
PoliticsRe: BREAKING: DSS Withdraws From Dasuki’s House by bettercreature(m): 8:13pm On Jul 17, 2015
midolian:
We talking Buhari, U talking bullsh*t undecided
Trust me PMB knows what he is doing,Dasuki is probably the sponsor of bokoharam because i dont know why PDP are worried
PoliticsRe: Buhari Refuses Entreaties From IBB, GEJ Over Dasuki by bettercreature(m): 8:11pm On Jul 17, 2015
We shouldnt judge if we dont know the reason behind PMB's action
Lets wait to hear the reason why all these are happening
It might be DASUKI is behind Bokoharam,lets wait then see
Jokes EtcRe: Hilarious!!! When Osun State Eventually Pays 7 Months Salary by bettercreature(m): 5:02pm On Jul 17, 2015
aguiyi:
yorubas cant spend like this in a seating except its owanbe.
You are wrong! so wrong, please dont say what you dont know Yorubas are destroyer when it comes to spending for fun
PoliticsRe: INVESTIGATION: At Least ₦11.56 Trillion Excess Crude Fund Unaccounted For In 8yr by bettercreature(op): 6:25pm On Jul 16, 2015
doctokwus:
These figures are a true approximate estimate of the amount looted during the years in study.
They may look frightening,humongous and unbelievable but it goes to show that politicians and those who held offices in the immediate past era had no single amount of conscience when it came to looting the treasury.
They literary rape d the country blind with their primitive accumulation of wealth and gave no hoots how they were bleeding the nation blind.
Premiumtimes has done a good job that is expected of modern day journalism,sourcing for facts and figures and interpreting it for all to understand,and showing that the past govt and its officials should in saner climes be looking at at best lengthy jail terms if not life imprisonment or the hangman's noose,if we had the Chinese or Indonesian models.
Yet,there is speculation that one clown has gone to plead with PMB to drop any probe of the past govt with all these nauseating billions of dollars embezzled!
Imagine,just from embezzlement of the ECA alone,almost $100billion gone into private pockets,from ECA alone,for God's sake!!
Anybody that even suggests dropping of probe and prosecution of barbarian thieves of the last govt should be hung by d stakes!What manner of advice is that when Nigerians go without salaries and therefore no food on d table, without jobs; pension funds are looted and old men/women die from hunger,can't send their kids to school,can't pay for basic drugs and there is total infrastructural decay simply because one incompetent buffoon was more interested in stealing the nation blind with his cronies than offering basic accountable governance!!!
If PMB himself dilly dallies in doing d needful,the pain and anger of these revelations as they continue coming out,because more sickening revelations from other sectors surely would come to fore; would make Nigerians force him to take action.
@bettercreature can u make the article more presentable or as close enough to that in premiumtimes to make it more appealing to read so that more people can go through it and appreciate the weight of the findings.
It must not be altered its copy and paste
Music/RadioRe: Me And My Canadian Friend Did A Dance To "Show You The Money" By Wizkid by bettercreature(m):
That is why i like the white girls,they are very fast learner
PoliticsRe: INVESTIGATION: At Least ₦11.56 Trillion Excess Crude Fund Unaccounted For In 8yr by bettercreature(op): 2:17pm On Jul 16, 2015
olapluto:
ECA is/was PDP's major financing source all these years. The revelations to come will be shocking.
They've destroyed this country
PoliticsRe: INVESTIGATION: At Least ₦11.56 Trillion Excess Crude Fund Unaccounted For In 8yr by bettercreature(op): 2:16pm On Jul 16, 2015
Lazy Nigerian Youth see them above as they keep spiting nonsense,none of them bothers to read the message
PoliticsINVESTIGATION: At Least ₦11.56 Trillion Excess Crude Fund Unaccounted For In 8yr by bettercreature(op): 1:51pm On Jul 16, 2015
At least N11.55 trillion or $84.52 billion expected revenue into the coffers of the nation’s Excess Crude Account for the eight-year period from 2007 to 2014 are unaccounted for, according to findings by PREMIUM TIMES based on now available data from multiple government agencies not made public until now.
The ECA accounting has remained perhaps one of the most opaque public fund mechanisms in the country, puzzling even state governors who repeatedly challenged former Finance Minister Ngozi Okonjo-Iweala for lack of transparency and accountability regarding the organization of the fund.
After a recent National Economic Council meeting in Abuja, a committee of state governors angrily lashed at Mrs. Okonjo-Iweala, accusing her office, as supervisors of the fund, of arbitrariness and probably illegality in the management of a fund meant for the three tiers of government but which the ministry of finance apparently ran as a sole federal government fund.
PREMIUM TIMES arrived at its computation based on differentials between expected accruals and actual withdrawals from the ECA honey pot.
Based on their reporting, the Nigerian National Petroleum Corporation [NNPC] and the Central Bank of Nigeria [CBN] claim that for the eight years in review, no fewer than N23.79 trillion was deposited into the ECA fund.
In its own accounting, the Federal Accounts Allocation Committee [FAAC] reported that for the same period, N10.58 trillion was withdrawn from the fund.
Although no where in the FAAC reporting was the N1.3 trillion ad-hoc domestic infrastructural investment and capital-intensive spending on the National Integrated Power Projects [NIPP] indicated, PREMIUM TIMES accommodated it in its analysis to arrive at the N11.55 trillion unaccounted ECA revenue.
Our estimate can even be said to be conservative given that we did not compute what could have accrued to the ECA from crude allocated to the NNPC for domestic refining, but which almost always ended up being sold abroad because of the bad shape of Nigeria’s four refineries.
It is instructive to note that for the first 41 months from January 2007 to May 2010, there was no single public record of transfers into the ECA by FAAC.
After the questionable 41-month silence on ECA reporting, the FAAC curiously resumed reporting in June 2010 till the end of the review period during which N7.16 trillion accrued to the national coffers.
It remains unknown if this unaccounted funds were stolen or mismanaged and if federal law enforcement authorities are currently reviewing the process.
The spokesperson for the Economic and Financial Crimes Commission, Wilson Uwujaren, said he had no information about any ongoing investigation regarding the ECA.
But concerned by what appeared a lack of accountability in the management of the account, the National Economic Council [NEC] on June 29 raised a four-man committee to examine accruals into and withdrawals from the Federation Account and the Excess Crude Account from 2012 to May 2015.
Members of the committee are Governors Adams Oshiomhole of Edo State, Emmanuel Udom of Akwa Ibom, Ibrahim Dankwabo of Gombe and Nasir El-Rufai of Kaduna.
The panel’s report is still being awaited.
Repeated suggestions by the new Muhammadu Buhari’s administration that public funds were poorly and corruptly managed in the recent past appear to necessitate a deliberate, serious and careful look into the management of public funds by past administrations.
History of ECA
The ECA was created by the administration of President Olusegun Obasanjo in 2004 to act as a stabilization fund, closing budget deficits caused by oil price volatility.
The fund was designed to enable savings for the rainy day.
Since its birth however, the ECA has been bedeviled by controversy. One major challenge is the legal status of the body and the constitutional place of the Ministry of Finance in operating both the FAAC and the ECA. Another problem is the zero transparency exhibited by various agencies and officials of government charged with managing the funds over the years.
In recent years, the Ministry of Finance has refused to make public the detailed withdrawals from and accruals to the ECA, making it difficult to track budget spending and periodic status of the nation’s treasury.
The overarching constitutional provision demands a legislative buy-in and approval before any huge withdrawals are made from the FAAC. Likewise, the excess crude account and its administration recognize the three tiers of government as owners and decision makers regarding withdrawals from the account. The third means of checking the activities on ECA is the oversight performed by the National Economic Council (NEC).
All these have been consistently abused by the leadership of the Federal Ministry of Finance thus strapping Nigeria into penury, incessant contingency loans from International communities, and ultimately crippling the dividends that would have accrued to this stabilization mechanism.
In her bid to fend off criticism, Ms. Okonjo-Iweala made effort to give annual summaries of accruals and withdrawals from the Excess crude account for a period of 2011 to May 2015.
However, no clear highlights of monthly accruals and monthly disbursement of the funds to various quarters were provided to Nigerians.
Greater concerns about ECA
The discrepancies in reporting by the different agencies have been the most frustrating challenge on the ECA. Going by the NNPC report of actual oil production and monthly oil price within the period under review (2007- 2014), Nigeria is expected to have an inflow of ₦23.79 trillion ($166.87 billion).
In the same manner, the monthly FAAC reports by the Office of the Accountant General reported a total of ₦10.582 trillion ($73.93 billion) as withdrawals from the Excess crude account (ECA).
However, other reports indicate that the Federal and state governments agreed and made withdrawals of $8.425billion (₦1.308 trillion) as fund to implement National Integrated Power Project (NIPP) within the same period.
Cumulatively, total withdrawals of N11.89 trillion ($82.17 billion) was accounted for as withdrawals from ECA as FAAC distributions, funds for Sure P and NIPP.
Following this figures, the net expected balance in the ECA as at December 2014 should be ₦11.9 trillion ($84.52 billion).
However, the Ministry of Finance declared in May 2015 that the actual balance in the ECA as at December 2014 was $2,060,554,241 (₦344.85billion). If this figure is anything to go by, a difference of $82.46 billion (₦11.56 trillion) can be regarded as unaccounted amount expected to be in the Excess Crude Account.
FULL DETAILS OF UNREPORTED N11.56 TRILLION EXCESS CRUDE ACCRUALS
Annual Oil Production: Budgeted versus Actual Export
The annual benchmark values in barrels for crude oil production as indicated by appropriation laws during the period were 900million [2007], 882million [2008], 824.4million [2009] and 846 million [2010].
The benchmark estimate for the remaining years were: 828million barrels [2011], 892.8million [2012], 910.8million [2013] and 856.8million [2014].
However, the actual annual crude oil export as reported in the Nigerian National Petroleum Corporation (NNPC) monthly reports were 792million [2007], 724.5million [2008], 769million [2009] and 864.7million [2010].
The annual export for the remaining years were: 822million [2011], 830.8million [2012], 762milion [2013] and 796.7million [2014].
This is shown in the table below
Year Benchmark Oil Production (bbl) Actual Oil Production (bbl)
2007 900,000,000 791,826,519
2008 882,000,000 724,479,796
2009 824,400,000 769,195,205
2010 846,000,000 864,702,101
2011 828,000,000 822,082,224
2012 892,800,000 830,772,048
2013 910,800,000 762,045,201
2014 856,800,000 796,654,109
Total 6,940,800,000 6,361,757,203
Table 1: Annual Oil Production from 2007 to 2014
Annual Oil Price: Budgeted versus Actual
However, although the actual amounts of crude oil production were lesser than the benchmark value (except for 2010), the actual prices of crude oil were higher than the fiscalised (benchmarked) crude oil price making.
The benchmark prices set by the Federal government from 2007 to 2014 were $40, $53.83, $45, $67, $75, $72, $79 and $77.50 respectively.
Likewise, going by the data on monthly crude oil price by the Central Bank of Nigeria, the annual average price of oil were $74.48, $101.14, $63.9, and $80.92 for 2007 to 2010 while for 2011 to 2014, the average annual crude oil price stood at $113.76, $113.47, $110.99 and $100.35 respectively.
Year Benchmark Oil Price Actual Oil Price
(Annual Average)
2007 $40.00 $74.48
2008 $53.83 $101.14
2009 $45.00 $63.90
2010 $67.00 $80.92
2011 $75.00 $113.76
2012 $72.00 $113.47
2013 $79.00 $110.99
2014 $77.50 $100.35
Table 2: Annual Oil Price from 2007 to 2=014
Annual Oil Revenue and Expected Accruals to ECA (in USD)
Going by the annual market prices, the benchmark (budgeted) prices and the annual oil production (Tables 2 & 3 above) the actual oil revenues were $59.24 billion [2007], $72.62 billion [2008], $49.79 billion [2009], and $70.08 billion [2010].
Also the actual oil revenue for 2011 to 2014 stood at $93.42 billion, $94.17 billion, $84.57 billion and $80.03 billion respectively.
In the same manner, the corresponding budgeted oil revenue for 2007 to 2010 were $36 billion, $47.48 billion, $37.1 billion, and $56.68 billion. For 2011 to 2014, the same revenue stood at $62.1 billion, 64.28 billion, $71.95 billion and $66.4 billion respectively.
With the figures stated above and in table 4 below, the total actual oil revenue for the eight-year period was $603.91 billion while the total budgeted oil price was $442 billion.
The annual excess crude proceeds (actual revenue minus budgeted revenue) are estimated to be $23.24 billion [2007], $27billion [2008], 13.96 billion [2009], and $13.39 billion [2010] respectively.
Also the annualized excess crude proceeds for 2011 to 2014 were estimated to be $31.32 billion [2011], $29.89 billion [2012], $12.61 billion [2013], and $15.46 billion [2014] respectively.
By these calculations, the Federal government, from 2007 to 2014 would have realised a sum difference of $166.87 billion as excess crude net expected balance in the ECA.
This is obtained as excess of actual revenue from crude oil ($603.91 billion) over the gross budgeted crude oil revenue ($442 billion).
This is shown in the table below.
Year Actual Oil Revenue (a) Budgeted Oil Revenue (b) Excess Crude Account (c=a-b)
2007 $59,239,738,446 $36,000,000,000 $23,239,738,446
2008 $72,620,086,011 $47,478,060,000 $27,001,792,263
2009 $49,790,735,102 $37,098,000,000 $13,955,741,897
2010 $70,075,592,001 $56,682,000,000 $13,393,592,001
2011 $93,420,769,109 $62,100,000,000 $31,320,769,109
2012 $94,172,583,273 $64,281,600,000 $29,890,983,273
2013 $84,565,187,083 $71,953,200,000 $12,611,987,083
2014 $80,026,424,293 $66,402,000,000 $15,459,851,348
Total $603,911,115,318 $441,994,860,000 $166,874,455,420
Table 3: Annual Oil Revenue and Expected Accruals to ECA (in USD)
Annual Expected Inflow to Excess Crude Account (in U.S. Dollars and Nigeria Naira)
The Nigerian National Petroleum Corporation (NNPC) sells its crude in U.S. dollars, and also remits to the Central Bank of Nigeria (CBN) in dollars. This explains why revenue accrual and excess crude funds figures are usually provided in U.S. dollars.
However, CBN deposits the funds into the Federation allocation account in Naira, leaving room for another level of computation to get the actual NNPC remittances to CBN in Naira.
The annual average exchange rate of $1 to a Naira, going by the CBN monthly data on international foreign exchange market (IFEM), for the period of 2007 to 2014 stood at ₦123.93 [2007], ₦117 [2008], ₦146.82 [2009], ₦148.31 [2010], ₦151.83 [2011], ₦155.43 [2012], ₦155.25 [2013] and ₦156.45 [2014] respectively.
By computing the corresponding Naira value of the actual and budgeted revenue as given in dollars, it was revealed that a total of ₦23.79 trillion is the expected inflow into the ECA as at December 2014.
This is arrived at by the sum of expected inflow into the ECA from 2007 to 2014 as ₦2.848 trillion, ₦3.129 trillion, ₦2.066 trillion, ₦1.988 trillion ₦4.755 trillion, ₦4.646 trillion, ₦1.958 trillion and ₦2.4 trillion respectively.
Table 4 below shows detail of the figures
Year Exchange Rate

(USD)
Expected Inflow to Excess Crude Account (USD) Expected Inflow to Excess Crude Account (NGN)
2007 $123.93 $23,239,738,446 ₦2,848,134,733,464
2008 $117.00 $27,001,792,263 ₦3,129,147,007,076
2009 $146.82 $13,955,741,897 ₦2,065,965,765,903
2010 $148.31 $13,393,592,001 ₦1,988,126,673,193
2011 $151.83 $31,320,769,109 ₦4,755,109,947,261
2012 $155.43 $29,890,983,273 ₦4,646,453,215,411
2013 $155.25 $12,611,987,083 ₦1,958,074,330,008
2014 $156.45 $15,459,851,348 ₦2,399,926,504,881
Total $166,874,455,420 ₦23,790,938,177,198
Table 4: Annual Expected Inflow into ECA
Net Expected Balance in ECA
The reports by the Office of the Accountant General (OAGF) as well as reports by the Federal and state governments agreed that withdrawals for the National Integrated Power Project (NIPP) in March 2013 revealed that the annual withdrawals from ECA (actual withdrawals) for 2007 to 2010 were ₦708.93 billion, ₦1.637 trillion, ₦1.546 trillion, and ₦1.325 trillion respectively.
Also, annual withdrawals for 2011 to 2014 were reported to be ₦1.841 trillion, ₦1.606 trillion, ₦2.905 trillion, and ₦320 billion respectively.
Cumulatively, total withdrawals of ₦11.89 trillion ($82.36 billion) was accounted for as withdrawals from ECA as FAAC distributions, funds for Sure P and NIPP.
Following this figures, the net expected balance in the ECA as at December 2014 should be ₦11.900 trillion ($84.52 billion).
Year Expected inflow to ECA
(a)
Withdrawals from ECA FAAC Distribution & NIPP (b) Net Expected Balance in ECA (c=a-b)
2007 ₦2,848,134,733,464 ₦708,934,242,999 ₦2,139,200,490,465
2008 ₦3,129,147,007,076 ₦1,637,019,253,447 ₦1,492,127,753,629
2009 ₦2,065,965,765,903 ₦1,546,424,383,686 ₦519,541,382,217
2010 ₦1,988,126,673,193 ₦1,325,445,268,663 ₦662,681,404,530
2011 ₦4,755,109,947,261 ₦1,841,078,872,301 ₦2,914,031,074,960
2012 ₦4,646,453,215,411 ₦1,606,412,995,298 ₦3,040,040,220,113
2013 ₦1,958,074,330,008 ₦2,905,100,000,590 -₦947,025,670,582
2014 ₦2,399,926,504,881 ₦319,943,121,223 ₦2,079,983,383,658
Total ₦23,790,938,177,197 ₦11,890,358,138,207 ₦11,900,580,038,990
Table 5: Net Expected Balance in ECA
Summary of Unaccounted Amount in the Excess Crude Funds
Ms. Okonjo-Iweala through the Ministry of Finance published summary information on transfer to excess crude account from 2011 to May 2015.
The Minister claimed in the publication that the actual balance in the Excess Crude Account, as at December to 2014, was $2,060,554,241, which by the CBN IFEM figures, stood at ₦344.85 billion (₦344,848,470,446) as shown in Table 6 below.
Recalling from Table 5 above, the expected net balance in the ECA as at December 2014 was ₦11.901 trillion.
By calculating the difference between the net expected balance in the ECA (₦11.901 trillion) and the actual balance in ECA as at December 2014 (₦344.85 billion) i.e (₦11,900,580,038,990 – ₦344,848,470,446), it is clear that for the period of 2007 to 2014, a total of N11.56 trillion (₦11,555,731,568,544) was unaccounted for.
USD NGN
1 Total Expected Inflow to Excess Crude Account $166,874,455,420 ₦23,790,938,177,198 a
Less:
Withdrawals from ECA (NIPP by March 2013) $8,425,000,000 ₦1,308,012,289,474
Withdrawals from ECA, (FAAC Distributions) to FG and States $73,930,904,083 ₦10,582,345,848,734
2 Total Withdrawals from ECA: as FAAC Distributions + Sure P and NIPP $82,355,904,083 ₦11,890,358,138,208 b
Net Expected Balance in ECA as at Dec 2014 $84,518,551,337 ₦11,900,580,038,990 c = a – b
Deduct:
Actual Balance in ECA as at Dec 2014 $2,060,554,241 ₦344,848,470,446 d
3 Amount Unaccounted for in ECA $82,457,997,097 ₦11,555,731,568,544 e = c – d
Table 6: Summary of Findings
Authenticity of Data and Verification of Estimated Value
PREMIUM TIMES investigation relied solely on data obtained from relevant government agencies such CBN, NNPC, OAGF, Budget Office and Ministry of Finance. Moreover, in order to further verify and validate the analyzed data, FOI request were made to CBN, Ministry of Finance Revenue Mobilization and Federation Account (RevFAC) and the NNPC.
None of the FOI request to the four agencies gave the requested details as at the time of this report.
As much as these figures were concerned, it is believed from interrogating the available data from the Office of the Accountant General (OAGF), that no concrete coordination existed between the Ministry of Finance and the OAGF.
As identified by the Nigeria Extractive Industry Transparency Initiative [NEITI] report, the five major ministries, departments and agencies – CBN, NNPC, RevFAC, OAGF and Ministry of Finance — consistently gave conflicting figures, thereby confusing the public the more.
Conclusion
So far, PREMIUM TIMES investigation has shown that ₦11.56trillion that should have accrued to the Excess Crude Account is unaccounted for.
It remains to be seen whether the various agencies involved in the management of the account would open up their books and let Nigerians understand how they handled and disbursed the funds on behalf of the Nigerian people.
http://www.premiumtimesng.com/news/headlines/186780-investigation-at-least-%E2%82%A611-56-trillion-excess-crude-fund-unaccounted-for-in-8-years.html

TravelRe: Dubai Hotel Management Apologises After Staff Refuses To Serve A Nigerian Woman by bettercreature(m): 10:25am On Jul 16, 2015
Why are you foools blaming them?sebi you are calling your country a ZOO and you want Oyinbo to respect? useless black race
EducationRe: Twitter Reacts To New JAMB Cutoff Marks by bettercreature(m): 10:06am On Jul 16, 2015
I pity those who care about jamb as much as i know,if you want to enter UI and some other schools you must have very strong O'level grades
CelebritiesRe: PROF PELLER, The Enchanting Story Of Nigeria’s Most Famous Magician [PHOTOS] by bettercreature(m):
STEVENcrack:
Magic is sorcery.

sorcery is witchcraft..they sud not be allowed to live.
I heard he was killed because of fake money RITUAL,moNEY RITUAL was his main proffesion,he was a very powerful and all his magic wasn't a fluke or practise it was pure witch-craft
He was known to be a powerful fraudstar targetting rich men
PoliticsRe: Ffk's Daughter, Temi To Wed In London (pictured With Husband) by bettercreature(m): 2:54pm On Jul 15, 2015
LegatusGlaber:
Nice pic

Let's go there

It's my lucky day
What is nice about the pic about? or simply because they are rich? I'd rather marry Sofia The First,her neck looks like Origin bottle
PoliticsRe: RCCG Destroys Over 300 Homes In Order To Build Largest Auditorium In The World by bettercreature(m): 2:18pm On Jul 15, 2015
Fake news,its not 300 its 100million homes
PoliticsRe: Abike Dabiri-erewa Blast NBC On Radio Biafra Pix by bettercreature(m): 1:47pm On Jul 15, 2015
See how she ignore chidi micheal
i dont know when this igbos are going to understand calling people baboon and monkey is disgusting

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