₦airaland Forum

johnny1980:
And how many bails of dollar has reached yourself or family?

Or how has your life or the lives of millions of other Niger Delta being transformed with all these monies?

I guess Bayelsa is now paradise. No wonder you are holed up in one overseas china shop working your butts off just to be able to attend half ass colleges.

ideology:
guy ask them to bring out accounts sheets of NNPC since inception you will see similar events.

For your information when $2. 8billion disappeared from PTDF with Buhari as Chairman, was he capable of accounting for it

Believe me, even with Buhari as president, money will still be missing, over estimated contracts will still be awarded.

Ucheosefoh:
Kai this people don finish us, presidency go corner their own, NNPC go corner their own, them go share the remaining money to states and local governments, state government go corner their own, local government go still corner their own na only small money go remain for developmental purpose. Even contractors are not left out no wonder we refuse to develop, corruption has caused Nigeria more than what all the natural disasters join together has caused other nations. I can't wait for heads to roll.

jetsetgo:
NIgerians will defend anything... Out of ignorance they open their mouth to spew feaces!!!! NO PARASTATAL OPERATES WITHOUT A BUDGET

You remit, plan, get funding/approval, then implement and the cycle continues over and over. Too many people talking through their _anus and throwing theories and words that are as meaningless as they are bombastic.

_cretins

Excuse my french: the thing too pain me.

lilprinze:
APC has started with their cheap lies and propaganda again. They should show us proof or shut the f**k up.

atlwireles:
NNPC is following the law as currently written, your party has major in both houses, you people can amend and do the needful. Sanusi can blow whatever he wants till he turns yellow, but no laws were broken by NNPC. If you know the acts and statutes NNPC violated, please state them.

Whylagos:
APC AND LIES SINCE 1600 BC

msmon:
If bringing the perpetrators to book is the only thing Buhari will be able to do within four years, then I'm with him. that's serious!

lilprinze:
APC has started with their cheap lies and propaganda again. They should show us proof or shut the f**k up.

lilprinze:
APC has started with their cheap lies and propaganda again. They should show us proof or shut the f**k up.

musiwax:
Here's the question,is it possible for NNPC to spend such amount of money without the express aproval of the minister? Secondly, is it possible forth minister to act without the approval of the President?

Your guess is as good as mine

atlwireles:
Moronic ediots, how much was NNPC suppose to return? Generated N8.1T, gave Nigeria N4.3. The remain was the cost of doing business. But most of you ediots will expecting NNPC to return N8.1T to the treasury.

Go and review the public balance sheet of the IOCs, most of you might learn something.

lilprinze:
APC has started with their cheap lies and propaganda again. They should show us proof or shut the f**k up.

lilprinze:
APC has started with their cheap lies and propaganda again. They should show us proof or shut the f**k up.

gbl01:
NNPC have no overhead, they don't pay salaries, they don't run on a budget. They just generate and never spend part of it. They're on autopilot and no humans there. Maybe the humans are programmable robots, they don't spend. Wtf! Is wrong with the Nigerian youth.


Not exonerating them, they have lots of evil dealings Nonetheless which must be drilled down to confirm exact stolen amount and detect all loopholes. But no, the Nigerian youth is content, just jail them already and lets move on!

musiwax:
Here's the question,is it possible for NNPC to spend such amount of money without the express aproval of the minister? Secondly, is it possible forth minister to act without the approval of the President?

Your guess is as good as mine

midolian:
The Nigerian National Petroleum Corporation, NNPC, generated about N8.1trillion between 2012 and May 2015, but paid only N4.3trillion to the federation account, Edo State governor, Adams Oshiomhole, said Monday, citing new details from the federal economic council meeting.

The balance of the oil money — about N3.8trillion — was withheld and spent by the NNPC unilaterally without approval or National Assembly appropriation, the governor told journalists.

Also, the governor confirmed at the meeting that from November 2014, about $2.1billion was withdrawn from the excess crude account without the approval of the National Economic Council, NEC.

Mr. Oshiomhole, who, alongside the governors of Kaduna state governor, Nasir El-Rufai, and Zamfara governor, Abdulazeez Yari, briefed journalists, said following the discovery, the NEC has set up a four-member committee to comb the books of the NNPC to confirm its remittances and how the excess crude account was utilised.

President Muhammadu Buhari dissolved the board of the NNPC on Friday, to pave way for full investigation of the corporation.

Mr. Oshiomhole said Monday’s meeting was the first time the NNPC and the office of the Accountant General of the Federation, briefed the National Economic Council, as directed by President Muhammadu Buhari.

The governor said Mr. Buhari “compelled” the NNPC to provide information in “black and white” on issues relating to the total sales of Nigeria’s crude oil from 2012 to May 2015.

“This has never happened before and for us this is profound. We are talking about transparency, we are talking about change. And what we saw from those numbers I believe that Nigerians are entitled to know, is that whereas the NNPC claimed to have earned N8.1 trillion, what NNPC paid into the federation account from 2012 to May 2015 was N4.3trillion.

“What it means is that NNPC withheld and spent N3.8 trillion.

“The major revelation here is that for the entire federation — that is the federal government, the states and all the 774 local governments — the amount the NNPC paid into the federation account for distribution to this three tiers of government came to N4.3 trillion and NNPC alone took and spent N3.8 trillion. Which means the cost of running NNPC is much more than the cost of running the Federal Government. That tells you how much is missing, what is mismanaged, what is stolen, they are huge figures.”

He said it had become clear that the NNPC had not respected the Constitution on how government money should be spent.

“If NNPC needs to spend money, it is obliged to prepare its budget like every other business
enterprise. That budget will be scrutinized by the executive and forwarded to the National Assembly and the National Assembly will accordingly appropriate it.

“If the federal government cannot spend without appropriation, why should any agency spend without appropriation?”
Mr. Oshiomhole said President Buhari promised that henceforth, all monies must go to the federation account.

“What you need you budget for, Nigeria cannot continue with you earn the money and spend it. Where is transparency? Where is the role of the National Assembly? So if you were doing that you won’t have a situation where the NNPC alone will spend N3.8 trillion and remit to the federal, states and local governments N4.3 trillion which means NNPC is taking about 47 per cent and that explains all the leakages you are talking about.”

He said parastatals must return to spending on a budget.
“We are not reinventing the wheel, that is the way it used to be and that is the way the constitution says it should”

EXCESS CRUDE ACCOUNT

The Edo governor also disclosed $2.1 billion was withdrawn from $4.1 billion reported to be in the excess crude account as at November 2014 without the approval of the National Economic Council (NEC). The account now has $2.0bilion.

“We looked at the numbers for the Excess crude account, the last time the Minister of Finance and Coordinating Minister of the Economy reported to the Council and it is in the minute, she reported by November 2014, that we had $4.1 billion.

“But today the Accountant General Office reported we have $2.0 billion. Which means the Honourable Minister spent $2.1billion without authority of the NEC. And that money was not distributed to states, it was not paid to the three tiers of government.

This is why the NEC has set up a panel to look at what accrued, what it was spent for, when and by whom. So that Nigerians will have the full picture of all the transactions as regards the much talked about Excess crude,” Mr. Oshiomhole said.

The four-member committee, which consists of the governors of Edo, Gombe, Kaduna and Akwa Ibom states.

Explaining further, Kaduna State Governor, Mr. El-Rufai, noted that the Federal Government had in the last year been unilaterally withdrawing from the excess crude account without consulting the other owners.

According to him “The Excess Crude account was started by President Olusegun Obasanjo around
2004-2005.

“It was an administrative arrangement to save for a rainy day. And it was meant to have very clear accountability such that every state and local government, in a particular state knows their balance in the Excess Crude Account, though you can’t spend it but you know how much of it is yours.

“That was the arrangement. And in those days, before we spend any money from the Excess Crude Account, the federal and states governments will meet and agree. That is how we agreed to build the seven power stations which is NIPP today, it was from Excess Crude Account. And we also met and agreed to build the Lagos – Kano Standard Gauge Rail Line from the Excess Crude Account.

“But what we have seen, in the last few months or years is that the Excess Crude Account was operated unilaterally by the federal government, drawings were made unilaterally without consulting those that actually own the money because the Excess Crude Account is 52 percent owned by the federal government and 48 by the states and LGA.

“So the decision of the NEC is to set up this committee of four to look at the operations of the Excess Crude Account and make recommendations to council on its future.

“The other thing the committee will do is to look at the operations of the federation accounts particularly the shortfall and again come back to council with very clear recommendations as to what to do.

“We have not been given a time frame but as you can imagine states government are under pressure, many of our state governments are unable to pay salaries on time without recourse to borrowing, so this is very important to us. This is an all governors committee, we wear the shoes we know where it pinches. So we are going to do this as quickly as possible,” he said.

The Council’s next meeting of the council is on July 23rd, and Mr. El- Rufai said he hopes the committee will complete its work and be in position to report to council on that day.
Zamfara governor, Abdulazeez Yari, said the council also agreed that the Federal Government in conjunction with the Central Bank, will see how to support financially ailing states.

http://www.premiumtimesng.com/news/headlines/185838-revealed-in-three-years-nnpc-generated-n8-1-trn-gave-nigeria-n4-3-trn-pocketed-the-balance.html

dignity33:
How could this commitee be made up of Governors who cannot paied workers salaries, i think this report is bais or if not why not forward the report to EFCC and stop all this Ngozi OKonjo everytime you pick up micphone. APC pls stop making yourself holy and Let every body who looted NIgeria fund be send to prison include those in your party for this nigeria will know that you are serious period.

gbl01:
NNPC have no overhead, they don't pay salaries, they don't run on a budget. They just generate and never spend part of it. They're on autopilot and no humans there. Maybe the humans are programmable robots, they don't spend. Wtf! Is wrong with the Nigerian youth.
Not exonerating them, they have lots of evil dealings Nonetheless which must be drilled down to confirm exact stolen amount and detect all loopholes.

Godwin10123:
This NEC was inaugurated just 2day and the 1st thing was 2 go on air 2 start crying over missing figure without due investigation. I think this is wrong. They should investigate before coming out to derail nigerians. I believe it too early to label anybody a thief witout giving such fellow a fair hearing. From their statements, investigation has been concluded already. I think Somebody is witch hunting somebody by all means! I'm not in defence of both ministers(petroleum and finance) but I believe that investigation should be thorough and unbiase.

femialiu:
Stop showing your ignorance...even if there overhead is the highest in the world, it must be budgetted and approved. The fact that they generate money does not give them the right to spend it without the Government approval. I will suggest you read the post and not just the headline.