₦airaland Forum

make una come follow me see how corruption dey do relay race for our country. See as fraud dey do change of baton, from one gufment to another.

A new report on Thursday said despite President Muhammadu Buhari’s attempt at ensuring transparency in the oil sector, the Nigerian National Petroleum Corporation, NNPC, still withholds billions in oil revenues from the government account.
The report by the Natural Resource Governance Institute, titled “NNPC still holds blank check” said that within the first six months of the Buhari administration, the NNPC withheld over $4.2 billion (about N824.7 billion) out of a total of $6.3 billion (N1.24 trillion) revenues realised from crude oil sales in the second half of 2015.
The withheld revenues represented about 66 per cent of the total revenue – $1.4 billion earnings from Nigeria’s regular crude oil exports for the period; $3.4 billion from domestic crude oil sales, and $1.5 billion from oil sold from the corporation’s upstream subsidiary, the Nigerian Petroleum Development Company, NPDC oil fields.
The report said only $2.1 billion (about N413.7 billion) was transferred to the Federation Account.
The group said the unremitted revenues for the six months was about 14 per cent more than the amount withheld by the corporation under the Goodluck Jonathan administration in the first half of 2015, and about 12 per cent higher than the share withheld in 2013 and 2014.
The report said the figure of unremitted oil revenues in 2015 contrasted sharply with 2005 figures, which showed the NNPC remitted about 68 per cent of its total oil sale earnings to the Federation Account and kept only 32 per cent that year.
The report said while part of the withheld funds was used for servicing Nigeria’s share of the joint venture operating obligations, the NNPC did not fully explain what the other retained revenues from domestic crude and NPDC oil sales were used for.


In general, the report said despite the on-going reforms in the oil sector, the NNPC under the present administration was still retaining a major share of oil sale earnings and spending at will.
Some of the reforms by the Buhari government, the report noted, have cut the number of passive, well connected middlemen that pocketed billions of oil revenues, while the administration has cancelled costly, unbalanced NNPC swap contracts as well as seek more efficient replacements.
The report lamented that recent announcements on NNPC reforms and the latest drafts of the Petroleum Industry Bill, PIB, by the Ministry of Petroleum Resources, failed to adequately address how NNPC and the government would share future oil revenues
“Until government establishes a clear, legally enforceable rule governing which revenues NNPC can keep and how they can be spent, oil sector corruption and waste could return to their prior devastating levels once the president (Buhari) leaves, or prices rise,” the report noted.
While encouraging government to push ahead with its reform plans for the oil sector, NRGI stressed the need for NNPC to adopt new financial controls and transparency measures for its subsidiaries, especially bordering on the several billion revenues retained each year from NPDC operations and its oil trading and marketing subsidiaries.
The Institute also called for the immediate replacement of the 445,000 barrels per day crude oil allocation for domestic refining with a fit-for-purpose mechanism for supplies to the country’s four refineries.
“The government should move to curb the corporation’s discretionary, unaccountable use of much-needed public funds. Until the government instates clear rules for NNPC financing, both the controversies and the underlying revenue leakages will persist,” the report said.
Describing the NPDC as one of the Nigerian petroleum sector’s “great black boxes”, the report said some of the oil from the company’s fields went to its strategic alliance partners, two of which were paid in oil for purportedly shouldering the company’s financial obligations.
From the production of an average of 30,000 barrels per day of Okono grade crude during the period, the report said NNPC retained all earnings ( about $12.3 billion over the past decade) from the offshore Oil Mining Lease (OML) 119 owned wholly by NPDC.

Source:

http://www.premiumtimesng.com/news/headlines/201087-nnpc-withheld-n824-7-billion-oil-revenue-6-months-buharis-govt-report.html

That one na friendly (fire) slap. Na money slap money.
Enemies keep off, as we don settle already.

AlienStar:
I really don't need to, 'cause he can't be messed with!

dem no dey sure finish oooo!

AlienStar:
Lol

dey there make bad girls dey corrode your future hubby strenght and pocket. abeg sama prayer for their head

STFUareyouGod:
but make e for no worn out. Make e no go pass elasticity limit

Na true my brother, i.e make e no from light pink turn greyish black from wears and tears of over frictional perpetual to and fro motion abrasion

RadicallyBlunt:
Sweetheart my heart is bound by your love. I don't need a perfect wife. All I want is a pleasant trouble maker who can get annoyed and liven up after been teased. Who would talk a lot, who would be so fond of lovie-lovie in public, who would use 'darling' and complementary words for ppl around me. A comedian who would make visitors feel like not leaving after paying us a visit. Wherever you are God will direct ur path to where mine will meet it.

Matured

STFUareyouGod:
Pls remain small for me o

Guy chillax, na ellastic, e no dey finish

STFUand4kMeHARD:
I dey pity the guy wey go marry my current babe. The kind anal wey she dey receive from me no be here. Infact i don use over sammaring give the poor girl bow leg. I pray she go later meet omenka, demdem or ngeneukwenu

baht guy

Cholls:
my brother ok here I go............my future wife I must be the one to disvirgin you o.

Girl wey dem hang im leg for up now now now dey do directional drilling for im oil well

Pheals:

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Pray make the present babe for dey small small dey do so that im custard go remain for una to make pikin

On behalf of Seun, my oga at the top of Nairaland, i say make that person wey currently dey service im future personal person kpekus get never ending purge

Errrrm ..... Now don't be too harsh on 'em cause we might be talking about Lalasticlala or ishilove here, for example, currently dating your future spouse and we wouldnt wanna wish them so much bad.
Now lets go.

Hand work of those who want "state of emergency" in Rivers State!
They made Nigeria "ungovernable" for Gej. Now they trying it in Rivers state.


But the difference is that we are wiser now. If dem like make dem begin bombing sef, rivers remaineth PDP!

Only stopping them? Why not spray bullets at them as usual. Useless zombie illiterate quota system army.

omenka:
My signature is a "continuous word". Now, take that and deposit in your vault.

Now i see, keep at it, you'd be very valuable when its time for isreali genocide.

omenka:
Hmmm. Some people don price market wey dem no go fit buy oo.

I don't see how the culprits wouldn't be fished out- it is nearly impossible.

My deepest condolences to his family as I hope they get closure from the speedy apprehension and prosecution of those behind the unfortunate incident.

Nice post!

But, errrrrrm ........ no word for your sworn enemies, the isrealites today?

Nigeria on the brinks!



Cc; Cramjones

enter bruce li

Rip

Elder statesman Dr. Tunji Braithwaite is dead.

The 82-year-old lawyer died this morning at St. Nicholas Hospital in Lagos.

His son, Olumide, who confirmed his demise, told our correspondent in a telephone conversation the elder statesman died after a brief illness.

More to follow…

Source:

http://www.punchng.com/breaking-tunji-braithwaite-dies-at-82/

Rivers Money used for presidential election being returned via over bloated contracts. l mean, who does fencing with N25b? Of all our economic challenges?




Note: if you will quote me and say trash, pls try and drop your address to make a visit from me easy.

Your Excellency Sir,
I write you this piece not as the president of the Federal Republic of Nigeria, but as the minister of petroleum resources appointed by yourself on the 11th of November, 2015.

You seem to have forgotten that you are the minister of petroleum resources and may have completely relinquished your responsibilities to the minister of state of petroleum resources- Dr. Ibe Kachikwu, who to me, to a reasonable extent has been up and doing.

You seem to have neglected the fact that you are directly answerable to Nigerians as the Minister of petroleum resources, and owe it to Nigerians to make the product readily available and affordable.



As a reminder of what you already know- the fuel scarcity has fully gripped major cities in the country and contributing negatively to an economy that is still struggling to pick its stand.

Pathetic as it may, your ministry has failed Nigerians over its inability to end the lingering fuel scarcity, as this unabated scarcity of the product has contributed to the high cost of goods and service.

The Honourable Minister of petroleum Sir, you are on your way in setting the record of the longest reign of fuel scarcity in the history of the republic under your watch. As since you have been sworn in, it has been from one scarcity to another.

Although, one cannot be-little or underestimate the efforts of the junior minister of petroleum resources who also happens to be the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC)- Dr. Ibe Kachikwu, in revamping the sector. But Sir, your unnecessary and unwarranted silence and carefree attitude before every short statement is issued on the lingering scarcity is worrisome.

It suggests that you may have forgotten or may have become unconscious of the fact that you head the ministry that is currently failing Nigerians to make available and affordable the product that is key to the economy and of importance to the day to day activities of the people.

The unending scarcity that has in-turn led to an increase in pump price of the product calls for your urgent attention in the sector and a swift reaction in finding a lasting solution to this menace. It is sickening and shameful that Nigerians would have to wait on long queues for hours that could have been channelled in doing other productive things just to a get a few litre of fuel.

Your ministry cannot continually fail to provide the basic need of the people and unnecessarily make Nigerians go through pains for a product we have in its raw form and expect the people to be pleased with it. All that you have said and perhaps done about the scarcity is still very much infinitesimal as compared to the pains Nigerians go through on a daily basis to get this product for their respective use.

You may have actually chosen not to react to the issue as the president, but you owe it to Nigerians as the minister of petroleum resources. Nigerians owe you responsible for failing them in this regard.

Sir, if holding both position as minster of petroleum resources and president of the Federal Republic of Nigeria seem too cumbersome for you, let go of one and concentrate on the one you think you can deliver better. Your excuses so far for the scarcity would not put food on the masses` table and will not save the soul of those that have lost their lives as a result of this scarcity.

Get the job done sir if you can. If you can`t, FIRE yourself and get a replacement for yourself as soon as possible and don’t just be there as a figurehead.

Those calling for the minister of state- Dr. Ibe Kachikwu resignation are muddling things up. They should be calling for your resignation not his.

There is a reason why you choose to appoint yourself as the minister of petroleum resources. But it’s a pity the reason is not being felt by Nigerians. Your self-appointment as a minister in that sector has made little or no impact on the lives of the people.
Perhaps the minister of state is choked up. Maybe the work is too much for him.

Maybe he is not getting the overall assistance he needs from you as his direct boss because of your busy schedule. Maybe he needs to share his portfolio with someone. A full minister appointed to do the job will no doubts dedicate more time for the job than you do now.

Think about this!

Nigerians have suffered so much and so long in the name of fuel scarcity and the pains are becoming very much unbearable. Every passing second that the scarcity lingers on is a slap on your portfolio and a shame on our nation which nature has blessed with the product in its raw form.

This is not an act of unnecessary wailing; it is a passionate wake up call to you and your ministry.
Arrest the situation now and put it to rest once and for all.

———————-

Op–ed pieces and contributions are the opinions of the writers only and do not represent the opinions of Y!/YNaija

Ogundana Michael Rotimi is a Nigerian Biochemist, Socio-economic & Political Commentator, and Public Speaker. He tweets @MickeySunny.

Source:

http://ynaija.com/buhari-petroleum-minister/

Happening live now!

Foundation being laid solid for round two massacre. Give a dog a bad name to hang it.

Lalasticlala , u dey hear wetin i dey hear so?

The Nigerian Army has confirmed the kidnap of one of its senior officers, Col. Smaila Inusa, by unknown gunmen in Kaduna State on Saturday night.

Speaking to THISDAY, a reliable intelligence officer quoting a Presidential source, expressed concern that the kidnap might be a revenge mission by the Shiite Islamic sect against the Army over the clash in Zaria last year.

The source however assured that security and intelligence agencies are being mobilised to rescue the missing officer.

The Deputy Director, Army Public Relations, Col. Usman Abdul, who had confirmed the development in a statement on Sunday, said that Inusa is serving with Nigeria Army School of Infantry, Jaji, Kaduna State.

Abdul stated that the colonel was abducted around Kamazo near NNPC junction, Kaduna, around 7:30 p.m. on Saturday.

“The abductors dropped off his wife and left with him in his car and headed towards Abuja. They drove in a Mercedes Benz GK black colour with registration number Abuja, KUJ 154 TZ,” the statement read.

Source:

http://sunnewsonline.com/presidency-suspects-army-colonels-kidnap-likely-shiites-revenge/

They better make things a little fairer for their country men before venturing into such suicidal mission. The people are not currently smiling o!

The Senior Special Assistant, SSA, to President Muhammadu Buhari on Media, Garba Shehu, said on Sunday that the presidency will soon begin to hold town hall meetings with Nigerians.
Mr. Shehu made this known while answering reporters’ questions in Abuja.
According to him, government decided to embark on such meetings because it has realised the importance of information communication to the people at the grassroots.
“I know that there is a plan that the Vice-President, Prof. Yemi Osinbajo would start town hall meetings in zones.
“It would then be broken down to the states and so on.
“Government realises that there is a need to take information to the people and there are steps that are being taken in order to ensure that is done,” he said.
Mr. Shehu criticised the National Orientation Agency, NOA, for being indifferent to the Federal Government’s change mantra.


“We have an agency like NOA with 773 offices nationwide.
“Each has not less than 5 to 7 staff and well-equipped, but you know also, sometimes democracy has its own dark side.
“The President came and he wanted to really be fair to every Chief Executive. If he wanted to fire people on assumption (of office), he would have done it and he would not have violated any rule.
“He decided to give everyone a chance to see whether they would imbibe the change mantra, to see whether they were prepared to go along (with him).
“I will say with all sincerity that NOA was a source of worry for us in government; the people and the leadership never believed in what we are doing.
“They never believed in change. They just folded their arms and watched us for the period of 8 to 9 months that they were there.
“I believe the new leadership would begin to formulate things for agencies like that,” he said.
The presidential aide praised Nigerians for steadfastly supporting the present administration especially during a period most people considered to be difficult.
Mr. Shehu congratulated Nigerians on the achievements the President had recorded fighting insurgency and explained that the military have tagged their success against Boko Haram a “technical victory” because no city is presently under curfew.
The SSA said that with the passage of the budget by the National Assembly, the next phase for the President would be to rebuild damaged facilities and infrastructure.
He said that with the Central Bank of Nigeria realising more than N3 trillion through the introduction of the Treasury Single Account and the passage of the budget, a lot of activities would pick up.
On the quest by Nigerians to know the amount of money the Federal Government had so far recovered from treasury looters, Mr. Shehu said the litigation hurdles associated with the looted funds would have to be scaled before Nigerians were availed of the figures.

Source:

http://www.premiumtimesng.com/news/top-news/200899-presidency-begin-town-hall-meetings-across-nigeria-aide.html

Dollard$

Its true o!

ok