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Also, the governor confirmed at the meeting that from November 2014, about $2.1billion was withdrawn from the excess crude account without the approval of the National Economic Council, NEC.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

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 for the minister to act without the approval of the President?

Your guess is as good as mine

Modified:
As at 1st of june 2014,
#8,100,000,000,000 = $49,619,000,000 thats $49.6 billion

Even at today's exchange rate:
#8,100,000,000,000 = $37,986,900,000

Half of this as at when it was stolen is $24.5 billion , even with todays exchange rate its around $19 Billion unaccounted for, and here we are complaining that the country is broke, when some frog-eyed woman and her boss double teamed in r@ping the country of $19 billion. Haba!!

Are you kidding me? If this is true then the NNPC board should be made to cough the money out and punished accordingly. Remitting N4.3tri and keeping N3.8tri to themselves? This is wickedness

Diezani why?

the ogas @ nnpc are richer than our polithivecians

3.8tril? I cnt bliv dis jhor

Bad luck Ebele jonathan and Diazani MaduEke knows abt this

anigbajumo:
3.8tril? I cnt bliv dis jhor

Man, believe it o! Diezani and co must be made to cough out this trillions..

Buhari, let me state clearly..if at the end of ya tenure, I don't see Diezani(opolo eye), GEJ and co behind bars for this, I will cease to be ya fan..

Article writers, I dey wait una senseless articles

Den don finish ds country ... Dezaini and her Oga must be jail

saTANoids,come and defend ur lord and master JONA and his archangels DIezani and okonjo-iweala.

This is difficult to believe. However, as difficult as it may be, its still not impossible. NNPC - Stealing the nation dry since 00/00/0000.

lalasticlala, pls do the needful.

Jonathan
After reading all of this, some iidots will come here and say GEJ deserves an Award.

Baba now that you're there, send Jona and Dezani to the Dungeon! they deserve to live in caves

Lemme see any barcanista or puckpuckman come here and type pdp again

The cowward below me

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

Jonathan oooo

[size=14pt]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!
[/size]

Every tin shall be revealed at the mention of Buhari

That's NNPC's trademark. It didn't just began. It has been that way since the cooperation was formed.

But Some haters will drag Gej into this.

Diezani don enter one chance be that,and this is the real one chance that Tanoids are talking about

Una go soon hearam.

Sai Buhari!

OMG!!! Jona and co nearly wreak dis nation, thk God for some wise Nigerians, I dnt mean the tanoids ooo. D wise I mean d progressive minded who stood by their votes to ensured Buhari/Osibanjo victory and I assure u ur hope won't be in vein. Nigeria shall be great again with Buhari/Osibanjo at the helm of affairs. God bless Nigeria. Ameen. Mods plssss do d needful.

Oyel money na for politicians, e no dey reach us masses.

Quadruple the little u hv here: http://www./Odds/registration/affiliate241366

Predict the next available game and multiply your meagre finances using that link.
HINT: You can earn every hour, every day or every weekend.

It's not today na. It haff tey we have been mugulised.

Aah

Nnpc.... You far too kind. You just divide the thing into two.... You even gave Nigeria more sef. Kudos to you.



And the award for most honest and transparent agency goes to...... Fill in the gap

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.

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!

NOW I KNOW EVERYBODY ALWAYS DREAM OF JOB AT NNPC

Like Airforce1 said

"GEJ TILL 2019".

No wonder palpable fear swept through NNPC when GEJ lost.

Where's that cartoon Saharareporters made?

This is an open secret.

Sirnokiopee:
Nnpc.... You far too kind. You just divide the thing into two.... You even gave Nigeria more sef. Kudos to you.
And the award for most honest and transparent agency goes to...... Fill in the gap

NNPC

Unbelievable but seems true! Seems NNPC has more states, LGA's and workers than the federal government and its federating units put together.

This is just the beginning....

3.8 trillion naira is approximately $24 billion dollars

Stay tuned for more breaking news about the people who looted Nigeria dry!

I hope Buhari will not be too laxed about these gay.g.o.ts!