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Wednesday, 29 April 2015

ECONOMIC NEWS: Read a Brief Summary of Forensic Audit Report Of NNPC

The report of forensic audit of NNPC was released to the public yesterday in accordance with President Goodluck Jonathan's directive. Here are some major points as revealed by the report.
1. $ 980 million was over charged as subsidies on Petrol and Kerosene between January 2012 and July 2013.
2. $3.38bn was spent on kerosene subsidy for the review period.
3. A total sum of $ 13, 637, 077, 362 from sale of domestic crude was not remitted.

4. The following cannot be substantiated due to lack of supporting documents:

i. $ 0.25 billion claimed as NPA charges

ii. $ 59, 324, 737.01 spent on charter Hire services

iii. $ 6, 658, 588.74 of the $ 17, 767, 683.54 claimed as management fee of MT Tuma and MT Oloibiri.

iv. $ 5, 457, 006.98 of the $ 46, 265, 215.13 claimed as crude transport payment.

v. $ 6, 707, 826.05 on marine through put.

vi. $ 11, 896, 654.71 claimed as repair cost on pipeline vandalism.

vii. Management charge out rate claim of $ 59, 712, 530.83

5. The following funds cannot be substantiated due to insufficient supporting documents.

i. $ 10, 257, 161.07 claimed as enviromental remediation.

ii. A capital expenditure of $ 27, 179. 005.48

6. A total sum of $ 305, 885, 083.77 cannot be verified due to exceptions.

7. Both CBN and NPDC did not grant the audit firm access to nor give the requested information to the firm.

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Bussy Duro and 2 others like this.

Tunde Ayele

we are watching though...

Solomon Okpanachi Omale

I dont like ths thing in dollars...what's wrong with using Naira?

Yvonne Onaibe


Kamilu Oyebanji

Usin naira will make it trillions bro. lets jst keep watchin wat will happen

Solomon Okpanachi Omale

Whether trillion or quintillion let's see d evil as it is no need compressing the volume.

Omolayo Abiodun Lukas

sanusi was right abi na me no sabi read Endy abeg help me o..

Ada Steve

I didn't even understand anything from the above post. The grammar was sounding too billion.

Osuntokun David

Then..some people must go to jail after may 29

Kamilu Oyebanji

@Ada, yes it was sounding too billionic

Prince Babs Dimeji Gbasky

Jail is awaitn meeeehn

Jesse Osayande Vucinic Ehiagwina

See money ooo. Nawa ooo. Sanusi only spoke about the one he could grasp. I'm sure him too hail when e dey see figures. This is running more than trillions. We're not even talking of the money that has been stolen from Abacha's loot. Only hope is keeping Nigerians from doing what they should and as i always say, hope is not a strategy.

GreatPaddy Igboon

With all these facts, d whitle blower was sacked, now bring back sanusi and the fight against corruption start with alison and the rest...

Prince Raheem Samod Babatunde

This is serious! Can you now see that dis outgoing administration is like EBOLA to our economy. Why haven't dey released information about dis money since all dis days. I remain on my words dat 'd fear of Buari is making dem piss 4 body'. They forgot dat there is God o! I pray God upholds d people's general to repair d damages done to this noble country by dis animals in human skin! I pray to God to let us enjoy true democracy under d incoming govt. God shld guide dem right. God bless Nigeria... Ameen!

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