₦airaland Forum

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-No adequate metering infrastructure,thus Nigeria could hazard a guess about how much oil it sells, the country could not yet produce any record of how much oil it produces.

The Nigerian Liquefied Natural Gas (NLNG)’s $16.8billion accruable dividend between 2000 and 2015 was not remitted to the Federation Account.The Nigeria Extractive Industries Transparency Initiative (NEITI) Executive Secretary, Dr. Waziri Adio,reiterated this, yesterday,in Abuja, during the Civil Society and Media Consultations on Remediation.

He described the outstanding payment as a big elephant and noted that the Nigerian National Petroleum Corporation (NNPC) confirmed that the outstanding payment was $16.8billion.

According to him, the “the last time, we did the audit, NNPC said it got a letter from the Presidency, it should hold the money in trust and it should spend as directed. However NEITI requested the corporation to issue it a copy of the said letter to know whether there was any authorisation and who authorised it.’’

Quote: “If that money belongs to the Federal Government, that money cannot be spent without appropriation. “If you think it belongs to the federation that money should be with the Federation Accounts Allocation Committee (FAAC). And that money has not got there. On the alternative, the money at the very minimum belongs to the Nigerian public, it behooves on the corporation to give an account of how the money was spent.

The NEITI chief insisted that the Department of Petroleum Resources (DPR) does not still have metering infrastructure, stressing that “we cannot independently say this how much oil we produce. “He also lamented that although Nigeria could hazard a guess about how much oil it sells, the country could not yet produce any record of how much oil it produces.

He recalled that even the Federal Executive Council meeting had also made the declaration that the scale of measurement infrastructure in Nigeria is inadequate. Adio who said there was a consensus that the metering infrastructure was inadequate, also quoted the DPR as insisting that it had the best measurement infrastructure technology in the world.

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Another gate loading. APC change!

Someone is saving for 2019 election.

16.8billion dollars!
6 trillion naira!!

The guy below me needs a brain reset

The guy above me has sold his brain in exchange for a cow brain.
Another uesless distraction to distract Nigerians from buhari's "Lazy uneducated youth" comment.

QUESTION:
1. What is more lazy than rejecting Restructuring of Nigeria because of Free Oil money? Why can't the North develop itself through their comparative advantage? Why the obsession with free oil money? Buhari actually described his northern region - the most parasitic uneducated and laziest region in Nigeria who see crude oil as the only means of making easy money!
2. What is more lazy like wasting Niger Delta's resources prospecting for oil in desert north? What happen to their aclaimed agricultural prowess? They claimed they are the largest food producers in Nigeria but their people in idp camps are dying of hunger in Bornu.

Laziness?

When we are talking of N6trillion!
Na waoo......

It must have been kept somewhere then, find it out

Paperwhite:
Another gate loading. APC change!

Hmmmmm, your laziness does not belong to the category referred to by PMB.Yours is toxic