Vice President Osinbajo defrauded by accountant general
Soonest Nathaniel 4 hours ago 125493 Share on Facebook Share on Twitter Send
email – Yemi Osinbajo the Nigerian vice president has been reportedly duped –
About N324billion has been discovered missing in the oil report presented at
the NEC – Some shady deals have been
discovered in the report – The Accountant General of the federation has been
fingered in the anomaly A very huge scam has been detected in a comprehensive
oil report presented to the National Economic Council (NEC). Share on Facebook
Share on Twitter Vice President Prof Yemi Osinbajo addressing the guest at the
National Economic Council Meeting retreat at the State House Conference in
Abuja. Premium Times reports that the report was silent on a whopping N323.58
billion earned as crude oil revenue under the President Goodluck Jonathan
government.
The report, submitted to NEC by Mohammed Dikwa, the then director
of funds, Office of the Accountant General of the Federation (OAGF), revealed a
startling discrepancy of about ₦323.58 billion, which his analysis failed to
explain. President Muhamadu Buhari later appointed Mr Dikwa Acting
Accountant-General of the Federation before Ahmed Idris emerged as the
Accountant General. The oil report, exclusively dated June 29, 2015 was
presented at the 58th Meeting of the National Economic Council (NEC). The NEC
comprises of the 36 state governors, the governor of the Central Bank of
Nigeria and other co-opted members.
The NEC is chaired by Vice President Yemi
Osinbajo. The report detailed NNPC’s crude oil revenue, remittances to the
Federation Account and amount withheld by the NNPC. Mr Dikwa presented crude
oil revenue streams of ₦1,844,764,591,969 for 2012; ₦2,727,834,769,083 for
2013; ₦2,541,454,301,641 for 2014 and ₦1,031,691,963,044 for the first two
quarters of 2015. The total oil revenue for the period stood at
₦8,145,745,652,737. For the amount paid into the Federation account, the report
showed the sum of ₦927,312,350,868 for 2012; ₦1,466,951,625,000 for 2013;
₦1,341,545,651,272 for 2014 and ₦591,681,318,358 for the first two quarters of
2015. The total remittance for the period of 2011 to June 2015 was
₦4,327,490,945,499.
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READ ALSO: NLC, TUC order Buhari to revert petrol price or face indefinite
strike action Even though there were ongoing arguments about the legality of
NNPC withholding certain amounts of crude oil revenue, the report showed that
NNPC withheld ₦774,382,841,100 in 2012; ₦1,179,883,171,083 in 2013;
₦1,114,306,750,369 in 2014 and ₦426,102,269,704 in the first two quarters of
2015. The total remittance for the period of 2011 to June 2015 was
₦3,494,675,032,256. Accorsing to Premium Times analysis of the figures, for
2012 and 2013, the sums of ₦143,069,400,000 and ₦80,999,973,000 were not
captured in the report either as amounts paid into FAAC or withheld by NNPC.
This mystery continued in 2014 and 2015 as ₦85,601,900,000 and ₦13,908,374,982
were also unreported either as amount paid into FAAC or withheld by NNPC.
Naturally, the amount paid into Federation account and that withheld by NNPC
should equal the crude oil revenue for each year. But that was not the case
with the OAGF report. Year Crude cost
(Revenue) (a) Amount Paid into FAAC (b) Withheld by NNPC (c) Unreported Amount
in FAAC d=a-b-c 2012
₦1,844,764,591,969
₦927,312,350,869
₦774,382,841,100
₦143,069,400,000 2013
₦2,727,834,769,083
₦1,466,951,625,000
₦1,179,883,171,083
₦80,999,973,000 2014 ₦2,541,454,301,641 ₦1,341,545,651,272 ₦1,114,306,750,369 ₦85,601,900,000 2015 ₦1,031,691,963,044 ₦591,681,318,358 ₦426,102,269,704 ₦13,908,374,982 Total ₦8,145,745,625,737 ₦4,327,490,945,499 ₦3,494,675,032,256 ₦323,579,647,982
\Cumulatively, the report by
the OAGF failed to explain what NNPC did with ₦323,579,647,982. However, three
critical federal institutions – the Ministry of Finance, the Central Bank of
Nigeria (CBN), and the Office of the Accountant General of the Federation
(OAGF) – all saddled with the responsibility of managing the nation’s oil
revenue, failed woefully in spotting the unaccounted billions. NEC too failed
to spot the discrepancy. It remains unclear why the Office of the Accountant
General would present a comprehensive report to NEC on the amount withheld by
the NNPC from crude oil sales, yet offering no explanation whatsoever for the
about ₦323.58 billion not captured. Efforts to get the NNPC, the OAGF, the CBN
and the office of the Auditor-General of the Federation to explain the
discrepancies in oil revenue accounting have been repeatedly rebuffed by the
agencies. Premium Times is presently in court with some of the agencies
regarding Freedom of Information requests on the matter unanswered or declined
by the organisations. The huge and systemic losses over the years have had
their toll on social services and infrastructure development funding. Although
the unaccounted ₦323.58 billion was only four percent (4%) of the oil revenue
for three and half years (₦8,145,745,625,737), the amount is enough to cater
for a huge chunk of Nigeria’s 2016 capital budget allocation. In the last three
years of the Jonathan regime, the NNPC was frequently accused of of corruption
and non-remittances of accurate oil revenues. Under President Jonathan,
Nigerians were treated with monumental discrepancies in figures of oil revenue
earnings released by the NNPC on one hand and the CBN on the other. READ ALSO:
Controversial! Lai Mohammed to be sacked? The opaqueness that characterized
that era created a financial Augean stables that the oil report presented to
the NEC was supposed to clean up. Curiously the CBN, the Ministry of Finance as
well as the Accountant General’s office all chose to demonstrate poor arithmetic,
all at the same time. Whilst the NNPC, OAGF and the Ministry of Finance would
always defend their figures saying the funds in questions were covered under
cost of production, it is widely believed that the unaccounted oil revenues end
up in private pockets. Ms Alex Gillies, an oil and gas research expert,
commenting on reasons for discrepancies and loss of funds, said “some of these
funds weren’t “lost” per se, but rather they were spent by NNPC in a secretive
and inefficient manner”. Calling for a revamp or reforms in the sector, Ms
Gilles holds that funds discrepancies and secretive dealings aside, “there’s no
question that Nigeria can’t afford the current system– especially not now that
oil prices are so low. “If the previous government had blocked some of these
leakages, Nigeria would have had the savings it needs to weather the current
economic hardship,” Gillies stressed
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https://www.naij.com/832368-scandal-vice-president-osinbajo-governors-have-been-duped.html
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