Nigerian 2013 Annual Budget in USD- Largest budget Nigeria has ever had
$31,168,750,000
http://allafrica.com/stories/201307260620.html


Amount Sanusi alleges was stole from the coffers of 1 ministry (NNPC) within the entire federal government
$49.8b Missing Oil Money
http://premiumtimesng.com/news/151445-%E2%80%AAmissing-%E2%80%AAn8-trillion-nnpc-accuses-sanusi-playing-politics.html




I have renounced all respect for this man unless he appologized for his failed attempt to deceive Nigerians. This means that everything from the paychecks of every in the government including the whole senate and president, to recurrent expenditures were all stolen by the NNPC. and lo and behold the person he's making the accusation towards

This is what you get when you have a sharia graduate from a taliban institution in sudan as your CBN governor

A good example:

XYZ company has a total budget of $38Billion. The chief financial officer alleges that the CEO was responsible for loosing $50Billion from the same fiscal year. And we have some people applauding the financial officer for being so smart He simply cant even add and subtract!

naijaking1: A good example:

XYZ company has a total budget of $38Billion. The chief financial officer alleges that the CEO was responsible for loosing $50Billion from the same fiscal year. And we have some people applauding the financial officer for being so smart He simply cant even add and subtract!

A man that is yet to grasp adding and substracting is head our central bank. Little wonders banks are collapsing

Sanusi is on a path of self-destruction. The only thing still keeping him in Central Bank is his relationship with Emir of Kano who GEJ trully respects.

People just come up here to talk nonsense. Let NNPC do their reconciliation

I don't think the problem of an average black man is his inability to read but rather his inability to comprehend what he is reading.....a simple case is this scenario where a budget of $38 billion in a fiscal year suddenly gave birth to a $49 billion 'missing funds'! The question now is, how come?

Boss13: People just come up here to talk nonsense. Let NNPC do their reconciliation

NNPC dont have to think for you. Put your brain to use

I don't think the problem of an average black man is his inability to read but rather his inability to comprehend what he is reading.....a simple case is this scenario where a budget of $38 billion in a fiscal year suddenly gave birth to a $49 billion 'missing funds'! The question now is, how come? The problem now is, many young minds will read this and still go on asking about the whereabout of a missing money that was never missed!

Nice one op.
Thanks for putting the figures in perspective. Apparently Sanusi has no idea about the size of the national budget in dollar term. If he did, he wouldn't have made such kindergarten lie in alluding that the a Ministry stole more than the national budget, yet the nation didn't notice for over a year. Interesting...

NL,d game plan is to divert d fund n accuse gej of coruption dat a team work of -nPDP then 4 assasination gameplan -OBJ,IBB,ABDULSAMI, n APC. For u guys information we r getting d whole information don't forget dis is information AGE

Sealeddeal: Sanusi is on a path of self-destruction. The only thing still keeping him in Central Bank is his relationship with Emir of Kano who GEJ trully respects.

OBJ would have fired this sort of civil servant politician a long time ago, no matter who he is related to by blood. From "donating" billions of our money to his selected institutions, to hiring outside the cbn rules and regulation, Sanusi should have been fired a long time ago, though he is not returning for a second term. He's doing more damage to GEJ than could be imagined.

naijaking1:

OBJ would have fired this sort of civil servant politician a long time ago, no matter who he is related to by blood. From "donating" billions of our money to his selected institutions, to hiring outside the cbn rules and regulation, Sanusi should have been fired a long time ago, though he is not returning for a second term. He's doing more damage to GEJ than could imagined.

Seconded.

The time for sanusi to go is NOW

Sanusi never said funds were stolen outright, he used the word "diverted" instead.
For those of you who don't know, the unauthorised diversion of funds is considered one of the major forms of corruption in the developing world.

I put it to @OP and his co-travelers on this thread that, even on a good day, they are nowhere near Sanusi's equal on matters relating to the workings of the CBN or the Budget Office. Against this background, it behooves you to show some humility.

eGuerrilla: Sanusi never said funds were stolen outright, he used the word "diverted" instead.
For those of you who don't know, the unauthorised diversion of funds is considered one of the major forms of corruption in the developing world.

I put it to @OP and his co-travelers on this thread that, even on a good day, they are nowhere near Sanusi's equal on matters relating to the workings of the CBN or the Budget Office. Against this background, it behooves you to show some humility.

You are not smart at all. When funds are "diverted", it means they are not where it is supposed to be and therefore missing.


The questions everybody are asking Sanusi is how a whooping $50 billion can be diverted/stolen without the economy crashing heavily.

now make your meaningful contribution to the thread.

Rad1cal:

You are not smart at all. When funds are "diverted", it means they are not where it is supposed to be and therefore missing.


The questions everybody are asking Sanusi is how a whooping $50 billion can be diverted/stolen without the economy crashing heavily.

now make your meaningful contribution to the thread.

If you want to have a meaningful discussion I suggest you leave out the irrelevant descriptors.
I am more than capable of going asymmetrical on you if you step out of line again, so be forewarned!

As I have explained more than once in the last few days, because we have seen numerous cases where funds are either diverted for different reasons - to generate returns in the form of unsanctioned 'interest'; to prevent fiscal accountability;for tax avoidance purposes, etc - the only way to get to the bottom of Sanusi's allegations, is to have an enquiry. Thankfully, the Presidency has now ordered this - Unremitted $49.8b: Presidency orders meeting of Finance Ministry, NNPC, CBN today

CBN Gives Banks 24 Hrs to Remit NNPC Fund

December 11, 2007

Lagos, Dec 11, 2007 (Vanguard/All Africa Global Media via COMTEX) -- The Central Bank (CBN) has given Deposit Money Banks a 24-hour ultimatum within which to transfer all revenue collected on behalf of the Nigerian National Petroleum Corporation (NNPC) to the apex bank or be sanctioned.

A circular issued to the banks by the CBN Director of Banking Operations, Mr. James Olekah, said the directive became necessary as it had been discovered that some banks unduly retain such revenue, against …

Source

eGuerrilla:

If you want to have a meaningful discussion I suggest you leave out the irrelevant descriptors.
I am more than capable of going asymmetrical on you if you step out of line again, so be forewarned!

As I have explained more than once in the last few days, because we have seen numerous cases where funds are either diverted for different reasons - to generate returns in the form of 'interest'; to prevent fiscal accountability;for tax avoidance purposes, etc - the only way to get to the bottom of Sanusi's allegations, is to have an enquiry. Thankfully, the Presidency has now ordered this - Unremitted $49.8b: Presidency orders meeting of Finance Ministry, NNPC, CBN today




Source

abeg pocket your warning and face the thread by educating us how a whooping $50 dollars can be diverted without telling resonance effect on our economy.

Pulling out meaningless articles not tackling the issue is not it.

Excerpts from your cited article.

The former Group Executive Director, Engineering and Technology, NNPC however expressed doubt over the possibility that about $50 billion could be missing from the federation account.

“It is not possible that about $50 billion could be missing from the federation account. How much is our budget as a country?

“If this amount is missing it means that the federal government, the state government and the local government will not function. On what fund will the government have been running?

I don’t think that this amount is missing.

Rad1cal:


abeg pocket your warning and face the thread by educating us how a whooping $50 dollars can be diverted without telling resonance effect on our economy.

Pulling out meaningless articles not tackling the issue is not it.

Excerpts from your cited article.

But for the rainfall, the farmer would not have packed the pigeons in the same pen with the fowls, as the two types of birds are not of the same flock.

Go figure it out!

Maybe I am missing something, but why is this impossible? Suppose that Nigeria grosses $100 billion/year in oil, say 60% of this is redirected in some way, of which $40 billion is available for the FG's budget.

Why are these things inconsistent? Why do you assume that the amount of money stolen must be strictly less than the FG budget?

Clearly the amount of money stolen has to be less than the total amount of revenue (or at least it seems difficult to steal say $150 billion if you only gross $100 billion), but since the FG budget <<<< gross oil revenue, nothing inconsistent here.

..

eGuerrilla:


But for the rainfall, the farmer would not have packed the pigeons in the same pen with the fowls, as the two types of birds are not of the same flock.

Go figure it out!

I suspect you were good at English Lliterature during your school years.

ekt_bear: Maybe I am missing something, but why is this impossible? Suppose that Nigeria grosses $100 billion/year in oil, say 60% of this is redirected in some way, of which $40 billion is available for the FG's budget.

Why are these things inconsistent? Why do you assume that the amount of money stolen must be strictly less than the FG budget?

Clearly the amount of money stolen has to be less than the total amount of revenue (or at least it seems difficult to steal say $150 billion if you only gross $100 billion), but since the FG budget <<<< gross oil revenue, nothing inconsistent here.

Now here is a brother capable of elevating the level of discourse.
Factor in our depleted ECA funds. Factor in our growing debt footprint. Factor in 40% or 70% budget implementation, depending on who you believe, and you begin to detect other anomalies that may well explain what we are missing.

At any rate, I'd sooner entertain the concerns advanced by a CBN governor, who cut his teeth in the world of risk assessment, than anonymous commentators with unknown credentials and an ox to grind.

payless:


I suspect you were good at English Lliterature during your school years.

Well, I did attend one of those non-fee paying schools, which gets derided so much on these boards by you-know-who, during the time I spent in Nigeria

eGuerrilla:

Well, I did attend one of those non-fee paying schools, which gets derided so much on these boards by you-know-who, during the time I spent in Nigeria

Then you have been scammed!

What you were given in exchange for your school fees is plain rubbish. Ask for a legal advise on the possibility of getting a refund.

Best of luck

naija2dabone:

Then you have been scammed!

What you were given in exchange for your school fees is plain rubbish. Ask for a legal advise on the possibility of getting a refund.

Best of luck

I have just taken a quick look at your posting history.

“Nothing in the world is more dangerous than sincere ignorance and conscientious stupidity.” - Martin Luther King, Jr.

Nigeria GDP
$262.6 billion USD

Amount Diverted
$49.678

=

20% of the Nigerian economic product of 2013 was held by one ministry, diverted and ONLY Sanusi noticed.

eGuerrilla:

I have just taken a quick look at your posting history.

“Nothing in the world is more dangerous than sincere ignorance and conscientious stupidity.” - Martin Luther King, Jr.

Just ignore the nuisance. In every aspect of life, you're 10 billion times ahead of this lost soul.

eGuerrilla:

I have just taken a quick look at your posting history.

“Nothing in the world is more dangerous than sincere ignorance and conscientious stupidity.” - Martin Luther King, Jr.

Fortunatly, I dont have to scan through your previous post to know your type; I can smell stupidity from afar

eGuerrilla:


But for the rainfall, the farmer would not have packed the pigeons in the same pen with the fowls, as the two types of birds are not of the same flock.

Go figure it out!

*smh*

The Sanusi supporters club no go wound us with comedy. with the rapid decline in our oil revenue, i wonder how people feel we could garner such humongous sales in excess of $100 billion.
let us revisit Sanusi accusation

Our analysis of the value of crude oil export proceeds based on the documentation received from pre-shipment inspectors shows that between January 2012 and July 2013, NNPC lifted 594,024,107 barrels of crude valued at $65,332,350,514.57" the letter said. “Out of this amount, NNPC repatriated only $15,528,410,098.77 representing 24 percent of the value.[/b]That means the NNPC is yet to account for, and repatriate to the Federation Account, an amount in excess of $49.804 billion of the value of oil lifted in the same period,” Sanusi stated in his letter to the president.

How can one steal what he doesn't have

e-Gorilla, over to you. Come and justify ya foul and pigeon memory verse.

ekt_bear: Maybe I am missing something, but why is this impossible? Suppose that Nigeria grosses $100 billion/year in oil, say 60% of this is redirected in some way, of which $40 billion is available for the FG's budget.

Why are these things inconsistent? Why do you assume that the amount of money stolen must be strictly less than the FG budget?

Clearly the amount of money stolen has to be less than the total amount of revenue (or at least it seems difficult to steal say $150 billion if you only gross $100 billion), but since the FG budget <<<< gross oil revenue, nothing inconsistent here.

the NNPC receives the federal government's share in oil through regulation and taxes, not all of our oil. The fed budget = what the NNPC, a government ministry, puts is, +VAT, but port levies, plus total cumulative value of taxes.


So, it is impossible for the NNPC to in essence be 'richer than' the federal government because it's earnings go to the federal government which receives a few more naira from vat tax and ports, then reallocates the money more evenly.

Plus, the movement of nearly 20% of the Nigerian economy would cause more ripples and alarm then Sanusi casually writing a letter.

The $100 billion number was just to illustrate the larger point that the total FG revenue is less than total oil revenue (hence the word "suppose" at the beginning of the sentence).

Focusing on Sanusi's statement, which part of it do you (Rad1cal) actually disagree with?

a) His claim of the amount of oil NNPC produced during that time period? ($65 billion)
b) His claim about how much actually made it to the federation account? ($15 billion)

Ikengawo:

the NNPC receives the federal government's share in oil through regulation and taxes, not all of our oil. The fed budget = what the NNPC, a government ministry, puts is, +VAT, but port levies, plus total cumulative value of taxes.


So, it is impossible for the NNPC to in essence be 'richer than' the federal government because it's earnings go to the federal government which receives a few more naira from vat tax and ports, then reallocates the money more evenly.

Well if the NNPC grosses a certain amount in oil revenue, but large chunks of this disappear in one way or another (either through legitimate business expenses or otherwise), then it is certainly highly possible for the amount the NNPC grosses to be substantially higher than the amount it sends to the FG.

Plus, the movement of nearly 20% of the Nigerian economy would cause more ripples and alarm then Sanusi casually writing a letter.

What if this is something that has been happening consistently for a longer period of time?

I agree, $50 billion disappearing in one year seems like it would leave a large footprint. But why is it so impossible to believe that there haven't been persistent misuse of funds over the past many years? Granted, Nigeria is a country far less corrupt than most on this planet, but in most countries with large, state-owned/operated oil companies, these things happen. So seems possible to happen, even in Nigeria