According to the report, payment of subsidies for petrol (PMS) and kerosene (DPK) between January 2012 and July 2013 when investigated had a difference of $980 million (about N195 billion) due to duplicated payments.
“Our review of the subsidy documentation revealed that the subsidy due to NNPC between January 2012 and July 2013 on PMS and DPK import was $8.99billion compared to the $9.97 billion stated by the Reconciliation Committee.The difference was due to the following: Exclusion of October 2011-December 2011 subsidy claims of $1.2billion. This does not relate to the review period of January 2012 to July 2013; $0.13billion increase in PMS subsidy claimed for the 19 months period, $0.09billion increase in DPK subsidy claimed for the 19 months period; duplicated discharges noted in subsidy computations Our examination of the PMS and DPK import verified by PPPRA revealed that some discharges were apparently verified and subsidy advised to NNPC more than once,” the report stated.
According to Leadership, the report showed NNPC spent $18.53billion (or N3.65 trillion) as operational costs without a duly approved budgetary allocation. The report also indicated that the total gross revenues generated from the federal government crude oil lifting between January 1, 2012 and July 31, 2013 was $69.34 billion and not $67 billion as earlier stated by the federal government’s Reconciliation Committee.
The report also stated it was unable to verify the exact unremitted revenues accruing to the Federation Accounts as it did not have access to NPDC’s full account. The Nigerian Petroleum Development Company is a subsidiary of the NNPC. “We did not have access to NPDC’s full accounts and records and we have not ascertained the amount of costs and expenses which should be applied to the US$5.11billion Crude Oil revenue (net of royalties and PPT paid) per the NPDC submission to the Senate Committee which should be considered as dividend payment by NPDC to NNPC for ultimate remittance to the Federation Account.
Between 12 January and 29 January 2015, NNPC provided transaction documents representing additional costs of $2.81 billion related to the review period, citing the NNPC Act LFN No 33 of 1977 that allows such deductions. Clarity is required on whether such deductions should be made by NNPC as a first-line charge before remitting the net proceeds of domestic crude to the Federation Accounts. If these are deemed not to be valid deductions, then the amount due from NNPC would be estimated at $2.07 billion (without considering expected known remittances from NPDC) or $4.29 billion (if expected known remittances from NPDC are considered).”
The forensic audit became necessary following a letter in September 2013 by the former governor of the Central Bank of Nigeria (CBN), Sanusi Lamido Sanusi, to President Goodluck Jonathan stating that from January 2012 to July 2013, NNPC lifted $65 billion worth of crude on behalf of the federal government but remitted only $15.2 billion into the Federation Accounts, with $49.8 billion as outstanding to the federal government. On December 13, 2013, the NNPC responded that no money was missing.
A Reconciliation Committee comprising representatives of the CBN, NNPC, Department of Petroleum Resources (DPR), Federal Inland Revenue Service (FIRS), Office of the Accountant General (OAGF), the Budget Office of the Federation, Federal Ministry of Finance and the Federal Ministry of Petroleum Resources was set up On December 18, 2013, the Reconciliation Committee, in its report, estimated the unremitted funds at $10.8 billion while the CBN said it was $12 billion.
The CBN on February 4, 2014 informed the Senate Committee on Finance that the NNPC needed to account for $20 billion as the CBN could only confirm receipt of $47 billion of $67 billion revenue. On February 13, 2014, the NNPC provided explanations of the $20 billion shortfall while the finance minister and coordinating minister for the economy recommended an independent forensic audit. On June 5, 2014, PwC was appointed by the office of the Auditor General of the Federation (OAuGF) to conduct a forensic audit into the allegations
Read the full report HERE
99 comments:
Wow!
This is the real deal...Now i'm convinced that Nigeria is RICH...
WAAAAAAAAAAAAT????TOMJERRYSWIT
The kind money this ppl dey mention fit paralyze person
The kind money this ppl dey mention fit paralyze person
Why???
Seen
This is confusing to me ooooo, na only figures make sense here
Ubanagum
Hmmmm, I comment my reserve
I weep 4 Nigeria (wipe some tears).
So is Sanusi Lying? No. HRH Sanusi Lamido Sanusi Uve be vindicated
See money..........3.65trillion.....without approval.....Nigeria sha
Moye says so via BB Passport...Courtesy LIB....
Blah blah blah!!!!
Head must roll. Corruption in high places. The judiciary system really needs to be reformed to prosecute corrupt officials. I knew Sanusi lamido was right in the first place. No wonder the innocent man was sacked after he revealed the missing 20billion dollars. I bet there's still more revelations to come
Linda you're so lazy!! Why cant you just summarise it so we can read!!!
THIS MOVIE WOULD BE A VERY LOOOONNG. *Grabs Popcorn* yanshes would be open soon. MRS DIE-ZA-ANINI i hail ooh!
Linda dere is something I notice on u giveaway,is like dere is an in hus person dat is omittin sm email address,though I did nt win,bt I notice some changes jst na,smone dat is suppose to b at 80th was move to 81 pls jst take note abt it
Whoooza!!!!!! 3.6 trillion without approval? That money will be shared over 5 times to all Nigerians and he no go finish!!!
Na so
I trust, GMB will recover the various amount spent without approval n those double payments from whoever is involved.
Sai Baba, sai Buhari.
God Bless Nigeria.
THIS MOVIE WOULD BE A VERY LONG. *Grabs Popcorn* *Grabs Chilled Coca cola* yanshes would be open soon. MRS DIE-ZA-ANINI i hail ooh!
Glen ghen
One of the major reason why dollar is 210,May God expose u all
Breeze don dey blow fowl yansh go soon open
Wat a massive fraud in this administration,the same would have repeated itself for another four years. Thank mercy said No and God gave us GMB.
Double Subsidy payment for Kerosine, still It cost over thrice the original price.
It is well ooooooo
Phew! So Sanusi was right after all.
~BONARIO~says so via NOKIA LUMIA
Dz is serz
Bia.... Allison Maduaken be ready for GMB sledge hammer of your head......prison straight.
Hello dearie, A female Marketer needed! Pls add me up on bbm:2AE64CA6 Must reside in PH pls!
Not gonna gain nothing after reading this trash cos they already spent the cash..aint reading u..all ah see are figures my dad don't have
Its well IJN. Wit all dis figures here, and there definitely we r not a poor country.
Its well IJN. Wit all dis figures here, and there definitely Nigeria is not a poor country.
Why now Mr president
All this shouldn't come to light at this time
We are finished in this country! They call billion and trillion as if is few thousand naira. 3.65trillion naira paid without approval, what a wicked world. Nigeria populace is estimated to be 170million, if that money is shared like 10million each Nigerian the balance will still be billions of naira. Just imagine that we who are working in one of the Refinery outfit towards the south south have not been paid salaries for the past eight (8) months, what a wicked world! God's wrath must not depart from some people in this country for this economic enslavement they have caused us...
Linda the giveaway result was manipulated by some inhus people,I counted it ans dere was no adjustment,only frm one oge to cum frm no were to be at No 80th to comment.
Choi diezani own don be
Hmmm... Its unbelievable this gross misappropriation of funds. No truth, no honesty about anything.
a.k.a EDWIN CHINEDU AZUBUKO said...
.
Only this money go solve naija electricity problems for yrs i swear.....
.
.
***CURRENTLY IN JUPITER***
The give away result is manipulated linda, I settled down nd wrote the whole winners name, only for an email to be pushed into d 80th comment. Pls check ur workers very well, I guess there is an in house
Ghen ghen
OMG...WTF...this is really serious, meennn Naija is a very strong nation if not for that.....God knows and will xpose them all................Lindaobserve
Geez look at that!!!
So,those shouting hate words at Sanusi,where are you?
This report was ready and handed over to Mr president in a televised ceremony before the elections.yet it wasn't made public.
I reiterate,Mr president might be a really great guy but he chose to surround himself with armed robbers.
If he knew all that was going on yet failed to act,then he's equally culpable.however if he was so innocent and naive that he didn't have a clue of what was going on,he's still culpable for being so out of touch with governance that he's not meant to be a leader.
Leadership isn't about how nice,media and nollywood friendly you are.There are decisions that you must take in the best interest of the people you have been charged to govern even if that decision makes you unpopular.People are averse to discipline and truth,
In this regard,the amiable Mr president failed woefully.He remains a nice,humble and good man but a great leader?NO.
I told you all to relax.the truth is gradually coming out.Mr president will walk as long as he doesn't try to shield the thieves.poor Nigerians and the incoming government.the treasury is EMPTY!!
Round 1!
We need to start our own genocide here and eliminate these people that have so defrauded us.
*** mynameisSkelewu
OMG!!
Linda,no snide remarks?your hero sat on this information.
We better brace ourselves.its going to be a tough ride.the minister of finance...mrs iweala has already said,Nigeria doesn't have cash.
wetin be all dis turenchi???
Abeg the billion and million dollars is confusing my head!
Wahala dey!
PWC!smart firm, very smart firm. Just proved the confidentiality and independence of auditors by expressing a fair opinion .As for the missing funds, time will tell! *sips coke* watching the FG in 3D.
Gbese re o, e don happen, gbese re o, e don dey shele. I dey laugh o, Alison Madueke Oya say ur own b4 GMB take over o
Gbese re o, e don happen, gbese re o, e don dey shele. I dey laugh o, Alison Madueke Oya say ur own b4 GMB take over o
Deziani your own don be, you go betray your Oga dey claim sharp woman. I pity you.
kudos to GEJ for instructing that this be published but then did he not read it, he owes Sanusi an apology
Oga ooo, this is what we ve been saying about Jonathan incompetency.
Corruption at its peak!!!
Hope they won't just audit and then sweep everything under the carpet. All the thieves should be sentenced to death by hanging including my father if he is involved! Rubbish, wicked, heartless people we call leaders.
Hope they won't just audit and then sweep everything under the carpet. All the thieves should be sentenced to death by hanging including my father if he is involved! Rubbish, wicked, heartless people we call leaders.
Oya make una start to dey return money
I thought the "report" was released just before the election? This was not stated then oooo. Funny ppl. Everything will eventually come to light
Sanusi, may have been a little off track with his figures, but this report proves that he was unnecessarily vilified for pointing out the abnormalities.
Hmmm let me com back and read
The aspect i find interesting as well as suspicious is "The report also stated it was unable to verify the exact unremitted revenues accruing to the Federation Accounts as it did not have access to NPDC’s full account" if NPDC is a subsidiary of the NNPC den y shouldnt PWC have access to dat account wen its mandated to audit NNPC... something is certainly fishing in there... More to come to light after May 29.
-Words From D WISE ONE
Ghen ghen
Pls whr is Ogundiran oyindamola, I need her in my life.
Lol
Ghen Ghen action film
Am sorry to say Bt if this sort of tin continue Nigeria will be finished
Abeg to cut d long story short, is money still missing or not? Cos when dey want to confuse someborri na so so grammar and figures dem go dey give. Linda take note!
Abeg to cut d long story short, is money still missing or not? Cos when dey want to confuse someborri na so so grammar and figures dem go dey give. Linda take note!
More to come broda. We await agony of some people in jail
Money has names that shakes the ground
you all are invited to Christ Embassy Lagos zone 5 TOTAL EXPERIENCE on the 2nd of May 2015 @ the Tafawa Balewa Square. Buses has been made available at every major junction in Lagos. Thanks and avail urself of this great opportunity. Stay blessed
Shutup fool!!!! See this bingo! Who's the lazy one here???? Lawd you're comment just pissed me off big time. Too bad your parents wasted and are probably still wasting well needed funds on education that's clearly lost on you.
At least there is no smoke without fire.We will know more truth after May 29.
I dey laugh.There are many Abachas and Cecilia Ibru in our society who have deprived others of goods of life through corrupt practises and selfishness.We dont care which tribe you come from,which party you belong to or which religion you belong to.
No escape route for you all.God has answered our prayers.
Yes darling he was. And when the house committee chairman on petroleum resources (downstream) called for an investigative hearing on kerosene subsidy the NNPC accused him of running an APC agenda! He went ahead with his investigation and discovered all these anomalies, he put together his report, but as usual nothing was done about it and it was swept under the rug!
Always looking out for u oyin.Pls gimme ur email plsssssss
I hope this is the season five of the petrol subsidy scam,gehgehgeh let me sit back relax, and watch no time for no time. Klindrive@yahoo.com
Lmao!!! Lazy babboo calling someone lazy. Oya summarize make I read. Lol
no non o. this is enough.
BUHARI, WE CHALLENGE YOU TO FIX THIS.
ALL FORMER PETROLEUM MINISTERS, NNPC GMD'S, PPMC MD'S, petroleum ministry per secs, NNPC board secretaries, npdc m .d's, ppmc board members should all be brought to a judicial enquiry to testify on how they have been scamming our country from 1957 when olobiri was discovered. its just ridiculous and painful.
Anon 11.30am, gbam!
Im sure those that want GEJ, Okonjo nd mama frog eyes to continue will have a rethink now that breeze don dey blow to reveal fowl yash. Yeye people
Greed is a great problem and mostly common in underdeveloped countries. I feel sorry for man on this because when life terminates, we go beyond with nothing - all is vanity. Generations to come may not have access to this illgotten wealth and may face the consequences of it. Why then do we corrupt ourselves to acquire & acquire & keep on acquiring at the detriment of others?
Speak in Eglish, not some unreadable grammar and shorthand.
I see GEJ going to prison if the issue is probed further.He can not just claim that he was not aware of all this. For crying out loud, he aided and abetted it. GEJ ewon e ree nigbangban. Be prepared to go to prison too o.
It is well with Nigeria.
Jonathan their hero!!
He a hero na...a hero to armed robbers
Stop this nonsense.....Jonathan is absolutely not a good person talkless of great. He knew and knows what he's doing. Once might be called a mistake, twice a coincidence, but thru his uncountable corrupt, immoral, vindictive, divisive, and vile actions it's obvious beyond a reasonable doubt that jonathans NEVER meant well for nigeria. He was just there to milk the country dry for himself and his wickedly corrupt cronies.
Blood of God!!!!! Al this money and no stable electricity?
Subomi,he had the hard copy before the elections.
They had hoped they would win so it would have been swept under the carpet like other reports.
His hands are tied.that's why he asked them to release it.now its every man or woman for himself or herself.he has just served up his minister for petroleum to save himself.
Nothing to give him kudos for.
I have no regret as an Ijaw man supporting the change machinery.. Indeed Diezani, GEJ et al are the worst kind of people we imagined came out of Ijaw Land..So shameful and pathetic, it shows gross incompetency and personal drive towards even satan avoiding them enrichment. I see where Aiteo, Talevaras etc... got money to buy divested oil blocks on behalf of their principals.
Naija peepz.. always believing whatever just to make yourselves feel better. Anyway carry on y'll..
No b lie
Oh oh.
NNPC alone spends $20bn from a total inflow of $90bn as operational costs. This amt N3,6 trillion, is almost d same amt as d Fed budget of 2015 which is N4,4tr.
To put it into context, NNPC does not drill oil, it's just an administrative office..Na only paper and biro work dem dey do. So how does operational costs rise up to N3.6trn?
Ignorant people like you are those that see evil in this country and look the other way. Did you ever ask yourself if things continue like this, what will life for your kids be like?
This audit was ordered by GEJ to clear his name so no this is not some APC propaganda, not make believe either, this is true story!
This is happening to us and becos of some stupid tribalism we let thieves rob our nation dry, time to wake up becos your letting your sweat and your generations benefits go to waste. Tomorrow Mrs Madueke's kids will be rolling in Bentleys, yet we can't give or children decent food not to talk of education. Theg live the life of the rich and famous all over the world yet the average Nigerian sees electricity 3 times a week.
Smh at stupid people in this country! I wish I can see you in person, so I can slap some sense into you, ode!
Nkechi J, So u feel better now? Ignorant people? u think insulting people will change anything in Nigeria? Keep believing..
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