₦airaland Forum

berrystunn:
Judge pass judgment with Evidence.

To fight corruption is to
Rebuild our institutions, and the Constitution that gave room for corruption...

Buhari is fighting thiefs.. not corruption.

Economy issues, buhari economy team very very poor, No good adviser, some of his policy is against the fall of your economy so fast.

Dignity cant put food in our table. Today Nigeria is poor
But I have some questions why we are poor?

APC claims to have saved
N2.6trn through TSA
N1.4trn from Subsidy
N3.2trn from recovered loot
N665bn from stamp duty
N1.1trn from custom
N2.6trn from Tax revenue
N2.7trn from crude oil
The list is endless.
According to various reports by FG the total fund generated so far is above N13.2trns.
Remember the 2016 budget is N6.4trn.
How come we automatically still looking for money when they claims to have the above amount already?

kenonze:
I disagree with this.

Tinubu actually wanted to become the Vp however APC saw no intelligence in it..... ..

Muslims - Muslims ticket
Fear of Idiagbon /GMB syndrome

PMB told Tinubu that he will give him the honor to chose anybody for him. (I was there)


Little wonder PMB couldn't even pronounce Osibanjo's name correctly during campaign.. ... Osubande*



What else do u expect when PMB biography was written by a foreigner

kalokalo:
I don't see Buhari winning the election in 2019. He definitely won't get the SE and SS votes. Those on ground in the SW will tell you that there is growing widespread disillusionment with Buhari in the region akin to how Jonathan lost their good will. He better retrace his steps as he doesn't have anyone with the clout of Tinubu that can sell him in the SW. He was a bad product that was transformed by the media into a sellable candidate. A media controlled by the SW.

His abysmal handling of the fulani herdsmen recurring saga has cost him goodwill in the NC which will cost
him votes there in 2019.

So the question is how does he hope to win in 2019 without the SW or Tinubu? If history is anything to go by, the SW will betray Buhari in 2019. I expect Tinubu to foresee this going by the political pulse on the ground.

PierreDeFermat:
He's not wearing his igo today

Keneking:
Just to pass a vote of confidence on John.

Where is Tinubu sef? No need as he has already resigned. A search is on for his replacement sharp sharp

AlPeter:
I wonder who was presidwnt during the period that this stealing started and never said a thing about. Maybe because his husband didn't inform him. Oga abeg add sauce to the pepper or is it pepper to salt, make the ministry move to its permanent site.

FAAC: The Federation Accounts Allocation Committee (FAAC) has expressed concern over non-remittance of $3.28 billion, representing 43,645,678 barrels of crude oil lifted by Nigerian Petroleum Development Company (NPDC), a subsidiary of the Nigerian National Petroleum Corporation (NNPC) into the federation account, New Telegraph learnt.

The figures were established by a designated FAAC sub-committee saddled with the task of carrying out exhaustive computation of crude oil lifted by the NPDC from 2013 to April 2016.

The crude oil was said to have been lifted from divested oil wells. FAAC, an impeccable source hinted New Telegraph, directed the NNPC at its last session in Abuja to “deposit the money into escrow account pending the conclusion of divestment process.” “According to FAAC subcommittee report on crude oil lifting by NPDC, mem bers would recall that the sub-committee reported last month that NPDC, a subsidiary of NNPC, lifted substantial amount of equity crude oil whose value had not been credited to the federation account.

“As a follow-up, the subcommittee took time to compute crude oil lifting by NPDC from the year 2013 to April 2016 and it was observed that the company lifted 43,645,678 bbls valued at $3.28 billion. NNPC was requested to deposit the money into escrow account pending the conclusion of the divestment process,” the FAAC document sighted by New Telegraph stated.

Though it was learnt that the NNPC management responded to previous memo from FAAC on same matter, which insider source said has been dragging, with an assurance that it would request NPDC to furnish FAAC with details of its operations, the body had yet to receive response of NNPC subsidiary.

A document on equity crude oil lifting stock exclusively sighted by New Telegraph showed that the contentious amount was realised from crude oil lifting OMLs 60, 61, 62 and 63 by NNPC on behalf of NPDC at brass terminal.

New Telegraph had, three months ago, exclusively reported of a seeming disagreement between state-owned oil firm and FAAC over the funds realised from divested oil wells taken over by NPDC. FAAC had demanded the state corporation to provide evidence of payments into the federation account by NPDC from crude oil lifted from divested oil wells on behalf of the federation from inception of divestment in 2013 to April this year.

The contentious oil wells are fields divested by Shell Petroleum Development Company (SPDC) and Chevron Nigeria Limited (CNL), which were transferred to NPDC, the upstream arm of NNPC. Prior to FAAC’s directive, the organ had raised the alarm that both quantities of crude oil and real monetary value that accrued from inherited oil wells were not transparently handled by NPDC on behalf of the body.

As at June this year, NNPC was said to have lifted 6,396,572 barrels of crude oil valued at N37.96 billion on behalf of NPDC between January and February 2016 from inherited oil wells. FAAC had expressed doubt that despite the drop in the federation’s crude oil volume, NPDC continued to lift substantial quantity of crude with little or no value to the federation account.

The NNPC, in its response to FAAC’s observations, noted: “NPDC is a 100 per cent NNPC-owned upstream company that operates under the sole risk commercial arrangement. Under this fiscal regime, NPDC as the flagship upstream company of NNPC is not expected to sweep all its revenues to the federation account.”

FAAC is the custodian of federation account and meets every month to consider revenue flow to the account and approved for sharing using existing formula to federal, states, and local governments while 13 per cent is paid out to oilproducing states.

The divestment of Oil Mining Leases (OMLs) 60, 61, 62 and 63 was allegedly soaked in controversy that cost Nigeria about $2 billion. Checks revealed that a strategic alliance agreement between the NPDC and Atlantic Energy Drilling Concepts Nigeria Limited (AEDCNL) helped parties in the Strategic Alliance Agreement (SAA) to allegedly swindle the government.

Four years after the alliance, everything suggests that NPDC and Atlantic Energy owe Nigerians a lot of explanations regarding how OML 60, 61, 62 and 63 including 26, 30, 34, 42,– were handled between 2011 and 2014. Again, the promoters incorporated the Atlantic Brass Development Company Limited on February 5, 2013. As usual, it was hurriedly granted another set of SAA. The SAA covered another set of 4 blocks: OML – 60; OML – 61; OML – 62; OML – 63.

Unlike in the previous deals in 2011 and 2012, when it paid a fraction of obligatory funds, the company simply pocketed all the proceeds, paying no signature bonus or any cash calls at all despite lifting about 8 million barrels of crude oil, valued at $800 million at the time. Instead, various amounts of money were transferred to the accounts and investment companies in UK, Dubai and Switzerland.

They also opened mirror accounts of Atlantic Energy Brass in the UK and Switzerland. NPDC, in a letter dated May 6, 2015 however asked Atlantic Energy to pay its outstanding indebtedness OMLs 26, 30, 34, and 42, totalling $573,668,090.

An analysis of the reconciliation sheet revealed that the $573,668,090 was just a fraction of the cash calls, as some huge returns that were yet to be subjected to technical and financials by the two parties were not included.

But the bad state of finances on OMLs 26, 30, 34, and 42 paled when compared with that on OMLs 60, 61, 62 and 63 where Atlantic Energy owes NPDC a staggering $1,250,644,474.54.

kenny987:
Maybe we should not attack him too much anymore if he keeps passing the buck that stops ordinarily at his table because he has unknowingly begun to tie in his own time in office among those who have mismanaged and continue to mismanage the country. 16 years of PDP ended in 2015, he's been at it from May 2015 till date so that 17-year statement includes him and confirms his incompetence within 18 months which clearly has a worse effect than previous 16 years of civilian governance from 1999.

He's just an inept yet wicked thief unfortunately.

abeloureal:
Should education be appraised on the strictness involved before the reward or the quality of the education?
So tell me, a third class in Harvard is equal to what in the above universities.??
So u think a PhD program that lasted 8years is strictness (one of my lecturers ordeal) or stupidity and mediocrity.
I hate people saying this poo. Upon the whole wahala we put ourselves now....Nigerian universities for Africa is nothing but rubbish.. You better stop this rubbish comparisons because every student has their own story to tell. A university is only better than the other by qualitative education and pragmatic approach to human problems not outright wickedness that u call strictness.

OBAFEMIawolowo:
where is this one located?

Motun03:
lols yeah. m beautiful just d way i am

my imperfections makes me perfect

MTN Nigeria has made a total payment of N80bn to the Nigerian Communications Commission in respect of the fine imposed on the mobile operator.

The Chief Executive Officer, MTN Nigeria, Ferdi Moolman, stated this on Wednesday.

He said, “I am pleased to announce that the first payment of N30bn in the terms of settlement has already been disbursed to the NCC.

“In addition to the earlier payment of N50bn, which we paid in good faith and without prejudice on February 24, this means we have now paid a total of N80bn.”

MrPresident1:
Make una dey there make pant dey wear una.

All Tifnubu and Akeredolu and Oyegun and others are doing in Ondo state is mere smokes and mirrors, they are presenting a facade of internal wranglings to portray to the world that Akeredolu is not a Tifnubu boy.

Ondo people should not be deceived, Ekimogun shine your eyes and refuse slavery.

ivandragon:
the OP is a little too liberal with the figures.

but that shouldn't obscure the main thrust of the post which is that, what impact has the money spent so far had on the economy.

at a conservative $30b & at an exchange rate of N320 to a $1, this regime has realised & supposedly expended well over N3t.

& contrary to arguments that the foreign reserves cannot be expended or unilaterally utilised by the FG, that is a wrong assumption. a government can draw down on its reserves anytime it wishes. for instance, OBJ paid off a huge chunk of our external debt using the reserves we had at the time.

at this time, all we can do is pray for Nigeria. PMB started too slow & on the wrong footing. however, with time, things will hopefully take a positive upswing but this might be hampered by the growing crisis within the APC which will be a huge distraction.

mrvitalis:
For u to think fedral reserve is Nigerian money shows u level of thinking..... when u change money in malam hands.. Go back n demand the dollars u hear


Oh sorry I know u will not get the relationship

spunky16:
Sorry dear Dr Adekunle my problem is not the suspension but how they have succeeded in collecting back their $75000 u tot u worked for. If that money was taken
to your village in ur name, trust me even d witches in ur village will pray for u. Too bad!

Motun03:
i like em big n fat

The industry source who countered the position of the TCN said a transmission company worth its onions should have double of existing generation capacity.

fendorf:
All the contractors left unpaid ,fuel subsidy debt and so on.....

Standing5:
FG's salary bill per month is over N170B. Add to that the N350B, ~N400B, and N200B+ released.

FastShipping:
$58B?

fanacy:
GEJ admin left $30b..

But bubu talk say he no meet any money ?