₦airaland Forum

Great news when you embarking on your great tax capture. Great memo to all taxpayers. That they will mismanage it and cover up their backsides.

JASONjnr:
My brother, the constitution gives the president certain powers to mandate this kind of right...

Mind you, he decides how to run his administration.

If he's offsetting these debts, he has a plan and probably he knows what he's doing.

This has nothing to nodding to every policies but because we voted him and trusted his blueprints.

Point is, are you seeing results already or not?

+
Wrong bro.
The constitution actually forbids this.
Cite the sections which permit this.

helinues:
How many years have those debt been accumulated? How many head managers that have managed the NNPC?

If the tracing of the money would be complicated, better to write it off and start afresh with proper monitoring.

IMF once cleared off Nigeria debt

Múmú quote, you can't write off such debt in a country that millions are hovering in poverty.
There's no way to justify writing off that debt if it's not their l00t, this corrupt system is sickening and very unfortunate that those that benefited nothing like you are supporting the scam.

I wonder who is asking this stupid question and to whom it's directed to. The rubbish you are saying is contradicting. If you are confused go to court stop using public space as a judgement. Besides the fucking NNPC of a thing is just trying to get money out of pocket of the general masses by adding some stupid amounts on top of the original price of petrol and claiming it's necessary to balance their debt which we all know it's going to their personal purse. This is one of the reasons why it's necessary and obligatory to write up the so called stupid debt to give them no excuse whatsoever to add any infractions to the original price of petroleum in the country.

What many don't understand is that, the FGN is also owing NNPCL huge sums of money as dept, being part of the subsidy claims undertaken on behalf of the government by NNPCL.

So, literally speaking, both are owing each other. It's not a total write off. I think the best qualifying term is net-off. The balance when you deduct one debt from the other is paid up. That's the true situation of things here.

However, the corruption surrounding the subsidy as scam is another thing altogether. I'm not ready to discuss that, just to say it. It has been a bad burden.

DeepSight:
+
Wrong bro.
The constitution actually forbids this.
Cite the sections which permit this.

Brother, Under Section 5(1)(a) of the 1999 Constitution, the executive powers of the Federation are vested in the President, including authority over the administration of federal assets and liabilities. NNPCL is a wholly government-owned entity, and its debts form part of internal governmental financial arrangements rather than private obligations. Section 162 applies only to revenue that has legally accrued to the Federation Account; disputed or reconciled sums cannot be treated as collectible revenue. By approving a set-off, the President did not divert public funds but exercised fiscal management necessary for budget implementation under Section 81. Furthermore, Section 166 recognises debt set-off as a legitimate governmental practice, reinforcing the constitutional acceptability of such adjustments. In the absence of any express constitutional prohibition, the President’s action remains a lawful exercise of executive discretion aimed at ensuring fiscal stability and efficient governance.

JASONjnr:
Brother, Under Section 5(1)(a) of the 1999 Constitution, the executive powers of the Federation are vested in the President, including authority over the administration of federal assets and liabilities. NNPCL is a wholly government-owned entity, and its debts form part of internal governmental financial arrangements rather than private obligations. Section 162 applies only to revenue that has legally accrued to the Federation Account; disputed or reconciled sums cannot be treated as collectible revenue. By approving a set-off, the President did not divert public funds but exercised fiscal management necessary for budget implementation under Section 81. Furthermore, Section 166 recognises debt set-off as a legitimate governmental practice, reinforcing the constitutional acceptability of such adjustments. In the absence of any express constitutional prohibition, the President’s action remains a lawful exercise of executive discretion aimed at ensuring fiscal stability and efficient governance.

+
You have to specifically quote a section that states that monies earned and constitutionally meant for the Consolidated Fund can be withheld by an earning agency or body or organisation and then written off by the President.

Because that is a recipe for major corruption.

The implication will be that even if NNPC doesn't remit a kobo to the Consolidated Fund the president can write it off.

Do you understand the enormity of what you are suggesting.

This is not a matter of dispute.

Section 166 which you cite says nothing like what you claim. It has to do with set off with regard to funds due to states as well as set off with regard to loans applicable to such sub nationals.

"​Section 166: Set-off
​(1) Any payment that is required by this Part of this Chapter to be made by the Federation to a State may be set-off by the Federation in or towards payment of any sum that is due from that State to the Federation in respect of any loan made by the Federation to that State.

​(2) The right of set-off conferred by subsection (1) of this section shall be without prejudice to any other right of the Federation to obtain payment of any sum due to the Federation in respect of any loan."

This has nothing to do with writing off sums due from NNPC which are earnings.

Furthermore a set off is simply different from a write off!!!

Do you understand what a set off is? How is it the same as a write off? ? ?

2027 electioneering fund.

helinues:
How many years have those debt been accumulated? How many head managers that have managed the NNPC?

If the tracing of the money would be complicated, better to write it off and start afresh with proper monitoring.

IMF once cleared off Nigeria debt

You think you're making a lot of sense now abi?

Tufiakwa

Must have stolen so much through different means to write it off. What is the use of the National Assembly, the president does not have the defacto authority to write off NNPC’s debts!

The system been practice in Nigeria encourages and protect corruption. The group of politicians that emanated from Njgeria since independence have always been one deluded selfish individuals..None but a minute of them has ever had a good and sincere plan for this country and those few people that stood out distinctly were frustrated and relegated to the background by the corrupt groups..Great countries don't exist like this

Racoon:
Private individuals embezzled govt monies, then monies were appropriated for TAM for moribund refineries that were only siphoned among many with no one probed or punished. Then you woke up one day and do debt forgiveness.

Thereby enhancing the corruption in the petroleum industry. You cant just write off a federation debt domiciled with a limited company and subsidiary of govt like the NNPC.

The kinds of illegality and unconstitutionality Tinubu's have instituted in government affairs in Nigeria today is really bad. This is simply a continuation of the bastardization of state started by the Buhari's government.

Person wen thief money u dey ask who write off... what kind of question is this??

just another scam

money don settle for private pockets

DeepSight:
You have to specifically quote a section that states that monies earned and constitutionally meant for the Consolidated Fund can be withheld by an earning agency or body or organisation and then written off by the President.Because that is a recipe for major corruption.

The implication will be that even if NNPC doesn't remit a kobo to the Consolidated Fund the president can write it off. Do you understand the enormity of what you are suggesting. This is not a matter of dispute...
This has nothing to do with writing off sums due from NNPC which are earnings.

Entrenching criminality in government. You cant be sane to defend this government of criminality. This is a more reason why these hardened crooks must be kicked out of government.

Putindbutt:
Tinubu did not single handedly write off the debts. It was the debts NNPCL was owing to the federation and it took the agreement of the Governors of the federation and the FG to write off the debts. If you owe me money and I decided to forgive you and write it off, why should anyone have an headache with that?

Too many ignorant comments here.

You didn't even read the article. Smh.

Any debt forgiveness MUST pass through and be approved by the legislative arm.

Illiterates everywhere.

What is Tinubu's motivation to be writing of loans.
Tinubu is busy borrow ruinous IMF , World Bank and any other loan he can borrow. So how can he justify writing off NNPC loans?

This is the criminal you are allowing to enter your bank account and collect some of your money in the name of collecting taxes.
If you still putting money in your bank, what you see collect.

Dbegining:
You didn't even read the article. Smh.

Any debt forgiveness MUST pass through and be approved by the legislative arm.

Illiterates everywhere.

Under the PIA, the FG is the sole shareholder of NNPCL and thus, the President can restructure its debts. Also, the constitution empowers the President to write off any debts owed to consolidated revenue with the authorization of the legislative OR other tiers of Government.
If I reply your insults, the bots will ban me.