Connect with us

Headlines

50B “Dissappeared” #4trn Unremitted by NNPC- Inside the damning 2016 audit of FG’s Books

Published

on

N50bn ‘Disappeared’, N4trn Unremitted By NNPC… Inside The Damning 2016 Audit Of FG’s Books

Daily Hint     29/8/2018

Investigation by the audit firm revealed that N50 million loan was written off the books of National Poverty Eradication Programme (NAPEP), Federal Ministry of Agriculture and to some Federal Government staff, without proper disclosure in the financial statement. Similarly, some collecting agencies in NNPC and DPR did not remit any revenue into the Federation revenue account for some months, neither was any explanation given why those months recorded no revenue

Section 85 of the Constitution of the Federal Republic of Nigeria (1999) mandates the audit of all public accounts, which include the federation accounts and accounts of all government parastatals. Subsection 2 of the same section empowers the Auditor-General — or any person authorized by him — to have access to all account records of the government.

In accordance with these provisions, Price Waterhouse Cooper (PwC), in agreement with the Federal Government, conducts forensic audit and gives its expert opinions on the Accounts of the Federation of Nigeria, yearly.

SaharaReporters scrutinized the 2016 audit report, the most recently available to the public, and highlighted few of the auditor’s discoveries.

N4 trillion unremitted revenue

A whooping sum of N4 trillion was, as of the time of preparing the report, unremitted to the Federation Account by the Nigerian National Petroleum Corporation (NNPC).

“The total revenue unremitted as at 1st January 2016 from amounts payable into the Federation Account by NNPC was ₦3,878,955,039,855.73 [Three trillion, eight hundred and seventy-eight billion, nine hundred and fifty-five million, thirty-nine thousand and eight hundred and fifty-five naira].

“The sum of N1,198,138,355,860.30 was due in revenue to the Federation Account out of the total generated in 2016, however, NNPC paid the sum of N1,000,545,058,966.2 resulting in an amount withheld of N197,593,296,894.02. This brought the total amount withheld by NNPC from the Federation Account as at 31 December 2016 to N4,076,548,336,749.75.”

This act of under-remitting to the central account has been a year-on-year occurrence, according to the auditor.

Opaque record-keeping by NNPC

NNPC also failed to clearly state exactly the quantity of crude oil lifted or delivered to Warri Refinery and Petrochemical Company (WRPC), and Kaduna Refinery and Petrochemical company (KRPC).

From the examination of the Demestic Crude Oil Lifting sales profile, a total crude oil lifting of 8,399,027 bbls with a total sales value of $376,655,589.03 (N102, 659,577,632.16) was stated to have been lifted jointly by these two companies.

However, the auditor held that the failure to properly separate these deliveries and charge directly to each company makes it difficult to reconcile and account for each lifting.

Misappropriation of Ecological Fund

The report revealed that funds made available for solving ecological problems in the country were used for other unstated activities not related to purposes for which the fund was set aside.

For instance, over N28 billion, out of the N48,601,928,311.08 meant for development of natural resources, was diverted to other projects. Similarly, the Federal Government “borrowed” from these funds without stating how it intended to pay back.

“We note that the various withdrawals from Funds by the Federal Government are stated to be borrowings. We further observed that the arrangements for the repayment of these funds or borrowings are unclear. For example, the 2017 Budget did not include any appropriations for the repayment of these borrowings.”

N413 million unreturned imprest

At least, 59 Ministries, Departments and Agencies (MDAs) of the government refused to return a total sum of N413, 449,306.08 back to source.

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Headlines

Again insurgents cut off, Maiduguri from power supply, as residents appeals to FG to end decade long war against Boko Haram

Published

on

Again, insurgents cut off, Maiduguri from power supply, as residents appealed to FG to end decade long war against Boko Haram

By Madu Mohammed, Maiduguri

Barely 54 hours after the restoration of power supply back to Maiduguri the Borno state capital and its environs, Boko Haram insurgents have again planted Improvised Explosive Device (IED) and damaged the transmission line of the Transmission Company of Nigeria (TCN) , and thrown the city into total darkness.

The electricity which was restored back on Wednesday, March 24 after about two months of blackout was again cut off as the insurgents again planted an IEDs that blown off the line resulting into second wave of the blackout in the early hours of yesterday.

It could be recalled that the Boko Haram insurgents planted IED and blown off the electricity on 26th of January, 2021 that thrown the city into total darkness but was restored on Wednesday 24th March, 2021 where it was again attacked by the insurgents on Saturday, 27th March,2021 barely less than 70 hours after the restoration.

Also Saturday, Feb. 27, five electricity workers were injured when a vehicle carrying them stepped on an IED planted by the insurgents and burnt down the cables meant for the restoration of the power.

Speaking on the vandalization, a Maiduguri resident, Alh Buba Ibrahim called on the Federal government and the military in particular to carry out clearing operations along the general Areas to get rid of the criminals, as their hide out are all know, stressing that the federal government should live up to its expectations and do the needful to end the over decade long insurgency, saying that *enough is enough”

Another Resident, Abdullahi.Ali.called on the Borno state government to connect the state capital with REB power supply pending the end of the insurgency, as even if the light is restored again they may vandalize it since it is very difficult to manned the electricity towers.

  • I also call on President Buhari and the APC to end this insurgency, kidnappings, banditry among other crimes before 2023 if not what consumed PDP will consume the APC as security is a primary responsibility of any government”, he added. .,

Continue Reading

Headlines

General Attahiru Tours Operation Lafiya Dole On Operational Visit To Enhance Fight Against Boko Haram

Published

on

General Attahiru tours Operation Lafiya Dole on Operational visit to enhance fight against Boko Haram

By Madu Mohammed, Maiduguri

In order to boost the moral of the troops and enhance operation against Boko Haram, the Chief of Army (COAS), Lt General Ibrahim Attahiru has embarked on an one week Operational visit to Operation Lafiya Dole in the Northeast.

Addressing journalists shortly after he had a closed door meeting with the General Officer Commanding (GOC) 7 Division, Major General Abdul Ibrahim and principal officers of the Division at the Maimalari Cantonment, Maiduguri, General Attahiru said ” i am here on one week operational visit to the theater to enhance and boost the moral of our troops in the ongoing counter insurgency in the Northeast “

“The essence of this visit is to enhance, operations, boost the moral and motivate men and officers for better result for the total clampdown

of Boko Haram insurgents”, the COAS added.

General Ibrahim while inspecting some weapon reccovered from Boko Haram fighters said ” you can see some of the weapons we recovered from the insurgents, by the grace of God very soon we will end insurgency in the Northeast”.

It could be recalled that the COAS who was also in sector, Damaturu, the visit was less than 24 hours after their operational visit to the theater Operation Lafiya Dole alongside the Chief of Defense Staff (CDS), General Lucky Irabor and other service chiefs on Saturday.

Continue Reading

Headlines

We Will Address Your Challenges – COAS Tell Troops

Published

on

We will address your challenges – COAS Tell Troops

By Baba Saleh, Damaturu

The Chief of Army Staff Lieutenant General Ibrahim Attahiru has reiterated his commitment to address the challenges faced by the troops in fighting the Boko Haram insurgency in the North East.

The Army Chief made the disclosure Sunday in Damaturu while addressing troops at the headquarters of Sector 2 Operation Lafiya Dole .

According to him the purpose of his visit was to familiarise with the troops, adding that “The essence is to meet the soldiers to get to know us and we get to know them as well.

He said “We hear their challenges at the course of conducting their operations, we try our level best to ensure we solve these problems and ensure morale is at the highest level as we go to confront Boko Haram and the entire insurgency, in the final end to bring the insurgency to an end.

“I bring you a very special greetings from the President Commander in Chief, he is fully briefed and aware of how and well you are doing.

“I personally as your Chief of army staff, I am here to take cognizance and note of the challenges you have and ensure they are addressed, to ensure you have the highest level of morale to be able to do your job and do it proudly as Nigerian soldiers.

“I am very pleased your commanders have told me what you have done collectively as part of “operation tura takai bango” how you have pushed the Boko Haram insurgents we are so proud of you”

“And I believe in the second phase of that operation you will do more. So ensure you go out there and push them so hard and bring this entire insurgency to an end, all your challenges I’ve catalogued I will address all the problems”

Continue Reading

Trending

Copyright © 2019 Daily Hint News. Designed by VIS Nigeria