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LequteMan
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Nigeria - The National Economic Council (NEC), after its maiden meeting in Aso Rock, Abuja, revealed that the Nigerian National Petroleum Corporation (NNPC) generated a total of N8.1trillion but remitted only N4.3trillion to the federation account between 2012 and May 2015.
Speaking after the meeting, Gov. Adams Oshiomole said it was the first time the NNPC and the office of the Accountant General of the Federation were briefing NEC following a directive by the president that they should to provide information in black and white on issues relating to the total sales of Nigeria’s crude from 2012 to May 2015.
"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 the entire federation, 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 NNPC is taking about 47 per cent and that explains all the leakages you are talking about.
“This 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, there are huge figures.”
Oshiomhole added that, from what was revealed, it was clear that the NNPC did not respect the constitution’s stipulated policy for sharing by constituting a budget to be followed.
He said, “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? 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?" he queried.
Speaking after the meeting, Gov. Adams Oshiomole said it was the first time the NNPC and the office of the Accountant General of the Federation were briefing NEC following a directive by the president that they should to provide information in black and white on issues relating to the total sales of Nigeria’s crude from 2012 to May 2015.
"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 the entire federation, 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 NNPC is taking about 47 per cent and that explains all the leakages you are talking about.
“This 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, there are huge figures.”
Oshiomhole added that, from what was revealed, it was clear that the NNPC did not respect the constitution’s stipulated policy for sharing by constituting a budget to be followed.
He said, “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? 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?" he queried.
