gbege

Lalastic lala it is happening live come and see o!!

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This country is beyond redemption, unless we choose the right people to lead us.

DickDastardly:
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

Welcome to Nigeria where hate is used to transform accusations into facts

Did you read the part below? They are not even sure of the figures they are feeding the public.

"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"

Can't this new govt just locate the people behind all this, line them up and shoot them point blank in the head?

If their supporters show up online and in protests, round them up and shoot them on DSTV.

That way, they'll know that things are going to be difficult for them from now on.

So $4.1 billion dollars got missing under Buhari ?

obailala:
In circumstances like this, do you want to know the difference between this administration and the last one?

Under PMB: An investigation would be ordered and NNPC would be made to come out clean and explain the exact reason they aren't remitting funds. If their explanations don't hold water, they would be made to submit the funds.

Under GEJ: Upon hearing this story, GEJ in his unusually paranoid ways would quickly jump into defensive mode by becoming the spokesperson of NNPC. He would swiftly grant an interview where he would claim the report was generated by his political opponents to 'embarrass' his government; he would do this even before carrying out an investigation.

The same investigation that happened to the padded budget ?

Any revenue from cocoa yet?

Which way my people

obailala:
In circumstances like this, do you want to know the difference between this administration and the last one?

Under PMB: An investigation would be ordered and NNPC would be made to come out clean and explain the exact reason they aren't remitting funds. If their explanations don't hold water, they would be made to submit the funds.

Under GEJ: Upon hearing this story, GEJ in his unusually paranoid ways would quickly jump into defensive mode by becoming the spokesperson of NNPC. He would swiftly grant an interview where he would claim the report was generated by his political opponents to 'embarrass' his government; he would do this even before carrying out an investigation.

Wat bout d similarities. ..

crixtex:
Dis Buhari is a corrupt confused careless clueless and dullardic dolt...
How many corrupt cases under 1 year under his corrupt nose??

CBN scam
Forex shady deal
Budget scam
Estacode scam
Helipad scam
Minister scam

Now these......

Buhari ehn....... baba ole...

Mhen....its appalling!

why did the dullard become minister in the first place. to equipped his arsenal b4 he died, just like abacha. zombies pls don't qoute me ooo.

I tot u r pro-buhari. Hw come dis comment. Abi dem don hack ur account?

seyema:
Later they will come and deny it

Wow this one na real change oooo...u voted for change then you have seen change, to be frank and sincere with you all I don't see anything good or change about buhari administration corruption can never stop in this country look at this nonsense coming fron NNPC and buhari is the one handling petroleum sector I though they said is a messiah that corruption will stop under him look this what should we call this....Nigeria have made a mistake by voting this man oga oooo team GEJ

obailala:
In circumstances like this, do you want to know the difference between this administration and the last one?

Under PMB: An investigation would be ordered and NNPC would be made to come out clean and explain the exact reason they aren't remitting funds. If their explanations don't hold water, they would be made to submit the funds.

Under GEJ: Upon hearing this story, GEJ in his unusually paranoid ways would quickly jump into defensive mode by becoming the spokesperson of NNPC. He would swiftly grant an interview where he would claim the report was generated by his political opponents to 'embarrass' his government; he would do this even before carrying out an investigation.

No time for politics.

obailala:
In circumstances like this, do you want to know the difference between this administration and the last one?

Under PMB: An investigation would be ordered and NNPC would be made to come out clean and explain the exact reason they aren't remitting funds. If their explanations don't hold water, they would be made to submit the funds.

Under GEJ: Upon hearing this story, GEJ in his unusually paranoid ways would quickly jump into defensive mode by becoming the spokesperson of NNPC. He would swiftly grant an interview where he would claim the report was generated by his political opponents to 'embarrass' his government; he would do this even before carrying out an investigation.

The Same investigation under PMB on Budget Padding: and no one has been sacked or convicted?

Hmmmmm..

But it still doesn't change d fact dat corruption still reigns under d daullard one

Zico5:
Ok, natural resource governance institute. To God I have never heard that before. But it may be an appendage of PDP if not how much is the price of crude oil that the NNPC would withhold 66 percent of the total sale. The set of people dealing with opposition are not smart at all because if not how do they want the populace to take this fat lies. Nigeria deserves better opposition, not the kangaroo one being played by the PDP. The truth will be revealed soon.

tomorrow they will deny it

kenonze:
Withheld but not missing

Withheld under APC, missing allegation during GEJ.


APC is indeed a fraudulent party.

We warned Nigerians but they wouldn't lister

see how Igbos or dimwits are spewing nonsense, did gej ever made mention of NNPC withholding funds?

ba7man:
Can't this new govt just locate the people behind all this, line them up and shoot them point blank in the head?

If their supporters show up online and in protests, round them up and shoot them on DSTV.

That way, they'll know that things are going to be difficult for them from now on.

Please note that Buhary is heading the department of Petroleum as the Minister, he should take the first blame for his cluelessness.

onatisi:
We warned Nigerians but they wouldn't lister

Painfully, some of the Zombies are suffering and still smiling.

Firefire:


Please note that Buhary is heading the department of Petroleum as the Minister, he should take the first blame for his cluelessness.

You are a wailer but you have a point here.

The buck stops at his table so it's up to him to fix whatever is wrong.

kenonze:
Withheld but not missing

You follow drugs, you get drug addicts and drug dealers. But you start to follow the money… and you don’t know where the f*ck it’s going to take you

I feel tinubu has a hand in this report to rubbish kachikwu's image.

nijanigga:
see how Igbos or dimwits are spewing nonsense, did gej ever made mention of NNPC withholding funds?

Na Buhari menshawn ds one... Zombified zombie. ..

Daura cowboy you no go jail NNPC? Abi na jonathan do dis wan too? Awon omoale oshi

AnneMomoh:


The Same investigation under PMB on Budget Padding: and no one has been sacked or convicted?

Hmmmmm..

neocortex:


The same investigation that happened to the padded budget ?

The budget padding incident was investigated, Buhari called for an investigation and he vowed to punish those found wanting. Eventually, several people including the director of the budget office lost their jobs and the investigations are still ongoing even as the NASS took up the responsibility to properly scrutinise and clean the budget.

Unlike Jonathan, Buhari did not claim the padding story was a lie even before investigations, and he did not develop instant paranoia by claiming it was his political opponents that made up the padding stories. When real leaders get to hear of such allegations, they call for an investigation. That is the difference between both leaders and it is very clear.

But bros na wa o

kossyablaze:
Shebi una see am...... And the dullard is busy junketing around why close to 1 trillion disappeared under his rotten nose in just 6 months.....When breeze blow, foul nyash must open!
Modified.... My birthday loading... April 9th.Young and getting it!