The House of Representatives has for the second time on Wednesday asked the Minister of Finance, Ngozi Okonjo-Iweala, to submit the full version of the forensic audit report on the alleged missing Nigerian National Petroleum Corporation $20bn to it.
The House gave the first directive on Thursday last week, following a motion moved by its Minority Leader, Femi Gbajabiamila.
On Wednesday (yesterday), the House again asked the minister for the report after Gbajabiamila complained that almost one week following the first resolution, Okonjo-Iweala had not responded.
He said, “Mr. Speaker (Emeka Ihedioha, presiding), we request the Clerk of the House to formally write the Minister to produce that report to every member of this House.
“She has not produced the report, irrespective of the standing resolution of this House. We want to have the full report, not the snippets that they have been flying about.”
The House endorsed his submission and directed the minister a second time to comply.
An auditing firm, PriceWater House Coopers, had carried out the forensic investigation on behalf of the Federal Government.
The Chairman, House Committee on Public Accounts, Mr. Solomon Olamilekan, told reporters shortly after the House rose that the Office of the Auditor-General of the Federation only presented a “highly-condensed version” of the report to the public.
He recalled that in the condensed version, the NNPC was directed to remit a “minimum of $1.4bn into the Federation Account.”
The lawmaker said that, as the committee overseeing public accounts, PAC was duty-bound to ensure that the minister produced the report.
He ordered Okonjo-Iweala to submit the report not later than one week from Wednesday (yesterday).
Olamilekan added, “The PAC, cognisant of the provisions of the Constitution (1999), and empowered by the resolution, hereby requests that the full report on the forensic audit by PWC, which must include the initial raft report, the executive summary, management /internal control letters, should be forwarded to the National Assembly not later than one week from today(Wednesday).”
Meanwhile, the Federal Government has, in spite of the drop in its oil revenue and dwindling allocations to the three tiers of government, insisted that Nigeria is not broke.
“The country is not broke, we have been meeting our obligations despite the challenges we have had with oil revenue streams but we have been doing the best that we can to improve our revenue from the non-oil sector,” the Minister of State for Finance, Bashir Yuguda, said.
Yuguda spoke with journalists after this month’s Federation Accounts Allocation Committee meeting in Abuja on Tuesday night.
The minister who, put the excess crude account at about $2bn, also spoke briefly on the forensic audit report and the amount to be refunded by the NNPC to the federation account.
“I have engaged the minister of petroluem and we have discussed the time frame on the refund of that amount,” he said.
FG, states, LGs’ allocations drop by N188.8bn in January
The drop in crude oil prices market has taken its toll on the federation account as statutory allocations to the three tiers of government witnessed a decline of N188.8bn from the budgeted estimates of N688.94bn to N500.13bn in January.
The N500.13bn which is contained in the communique issued at the end of the FAAC meeting, also represents a decline of N80.25bn over the N580.38bn shared by the federal, state and local governments last December.
The N500.13bn, is made up of statutory allocation of N416.09bn; Value Added Tax, N63.94bn; exchange gain, N8.57bn and refund of N6.33bn made by the Nigerian National Petroluem Corporation to the federation account to settle its indebtedness.
The communique attributed the decline in gross allocation to drop in crude prices from $77.53m in November to $52.34m in December.
It also stated that a 33 per cent decrease in export volume between November and December 2014 translated into a loss of $159.88.
The report read, “The gross revenue of N416.09bn received for the month was lower than the N490.03bn received in the previous month by N73.93bn.
“There was substantial loss of revenue due to further drop in crude oil prices from $77.53m in November to $52.34m in December 2014.
“Also, a 33 per cent decrease in export volume between November and December 2014 translated to a loss of $159.88m.
“The shutdown and shut-in trunks and pipelines at various terminals continued to impact negatively on the revenue performance. Also, non-oil revenues performed below the 2014 budgetary provisions.”
From the statutory allocation, the Federal Government received N194.34bn, representing 52.68 per cent while the states and local governments got N98.57bn and N75.99bn respectively.
Similarly, N39.45bn was shared to the oil producing states based on the 13 per cent derivation principle.

http://www.punchng.com/news/missing-20bn-reps-issue-fresh-ultimatum-to-okonjo-iweala/

NOI, poor thing, after bamboozling Jonathan with heavy economic terms she is now in the firing line. Some people have been shouting themselves hoarse over Freedom of information law, oya please, explain NOI's reluctance to share the report with our elected representatives. March 28th will come and we will have our say about this gang of rogues in government.

#change
#GMB
#APC

#teamgejtill2019

Guys pls folake needs your help to combat cancer

www.nairaland.com/2110709/please-safe-folake-urgent/26

Jonahan will go down as the worst corrupt President in Africa.

After they had made so much noise about Sanusi and APC apologising. I knew there was no way the $20bn could have suddenly turned to $1.4bn, see how they craftily omitted the word 'minimum' in the reports in the newspapers to give Nigerians the impression that the NNPC was asked to return just $1.4bn out of the stolen $20bn.
Anyway 'breeze dey blow' and the new deadline by the HOR conveniently falls in early March, when the damning revelations of the report when released will be campaign gold for the Change movement.

We are watching.

as part of my personal austerity measures, I will stop clicking the like button to save my mb.

they should relax.

my president will collect all.

GMB 2015

the reports will be available even on pages of news Paper after Buhari must have sworn the oat of Presidential office!

I hope this one doesn't end up like other investigations or has it ended?


NOI is cruel and crafty but smart and intelligent. Though I admire her intelligence,I want her to pay for her cruelty some day. #GMB

NOI if you have nothing to hide, submit the report pls. The house of rep is representing the Nigerian people, even if u can't release the report to the whole country, it is imperative that the House of Rep and Senate, that re responsible for ensuring accountability of the Executive gets a chance to properly analyse the audit report of a parastaltal under their purview.

Iwela: One of the five Females president presently serving in Nigeria..

Iwela: One of the five Females president presently serving in Nigeria.. These people have taken all Nigerians including all the Professors, businessmen and women, intellectuals etc as Fools.. imagine a urge sum of money close to the budget of the Nation just missing like One Naira..
After they will say Stealing is not corruption

The problem is not so much that of Iweala. She fronts for the corrupt Otuoke man and nothing will be made public except the kindergarten president accepts that it should be.

Is it not a shame that some who claim to be patriotic still support this regime? Surely it's only those that are intellectually blind, corrupt and/or bigoted in one way or the other that shout GEJ till ......

We just need a change of government at the center to even have a chance of getting it right. Should these set of wicked liars and thieves continue till 2014, Nigeria will compete with the hopeless countries of the world.


GMB/PYO 2015

agabusta:
NOI if you have nothing to hide, submit the report pls. The house of rep is representing the Nigerian people, even if u can't release the report to the whole country, it is imperative that the House of Rep and Senate, that re responsible for ensuring accountability of the Executive gets a chance to properly analyse the audit report of a parastaltal under their purview.

Do you really think it's NOI's call? He who pays the piper dictates the tunes as you know.

GEJ is behind (or knows about) every of the mega atrocities going on in Nigeria. It is the more reason he is quick to open his mouth to offer very ridiculous and cheap defense of those atrocious occurences.

Examples include the Independence Day bombing by MEND and more recently the Ekiti rigging tape.

Jona is evil, no doubt about it.

agabusta:
NOI if you have nothing to hide, submit the report pls. The house of rep is representing the Nigerian people, even if u can't release the report to the whole country, it is imperative that the House of Rep and Senate, that re responsible for ensuring accountability of the Executive gets a chance to properly analyse the audit report of a parastaltal under their purview.

We should ask this woman what her plan is, is she planning to eat the report? She's overweight already.
Why hold on to a report should have been forwarded ever since

GEJ and team, shameless set of thieves