$20,000,000,000 Missing! NNPC, Where Is Our Money? by @Bar_Baric

Several Nigerians have come up with varying theories, essays, and interpretations with regard to the ubiquitous vacuum left by the unreconciled $20 billion over which the NNPC and CBN are at the centre of blamestorming, and I felt it was time I chipped in my own 2 kobo.

First off, it would be necessary to state that the President of a democratic Nigeria cannot hire or fire a CBN Governor. What he actually does is to suggest to the Senate, and they confirm it by 2/3 majority. If the Senate should reject, nothing can be done. There is a very important reason why the people who write Constitutions in most parts of the world made it so. The aim of democracy is to ensure that at no time will one person have the whole nation in their grip. Offices like the CBN Governor, EFCC and INEC Chairmen cannot be controlled by the President. Imagine after having our Valentine Presidential Election on 14/02/2015 and then Goodluck Jonathan suspends Attahiru Jega just before he announces the results.

Central Bank Headquarters, Abuja, Nigeria.

NNPC Towers, Abuja Nigeria

Now to Sanusi Lamido Sanusi, the man said $49.8 billion of oil revenue was UNREMITTED by the NNPC to the CBN, and Andrew Yakubu, the NNPC Managing Director, managed to explain away $39 billion which they claimed to have remitted to other Government agencies, without providing adequate evidence. That $39 billion of the $49.8 billion still was not remitted to CBN, just as Sanusi declared from the beginning, but supposedly other Government agencies.

Then the $10.8 billion is what NNPC, during their first meeting to reconcile accounts with CBN, could not explain yet. Then they later went to cook up this story about Kerosene Subsidy and sundry (pipeline repairs, crude losses, strategic reserve), forgetting that there was already a Presidential Order removing subsidy. The other monies which they claimed to have remitted, especially the $6 billion to NPDC (Which NPDC has denied), the $2 billion claimed to have been paid to "other 3rd parties" with no documents to prove it, then also, the $1.2 billion being the N180 billion claimed to have been added to 2011 kerosene subsidy is all what Sanusi is adding to the $10.8 billion to make a total of $20 billion unaccounted for in the entire $49.8 which was unremitted. Meaning that of the $39 billion tried to explain away, he can actually prove that he paid $29.8 billion to other government agencies.

$49.8 billion - $29.8 billion = $20 billion
Or if you prefer: $10.8 billion + $6 billion + $2 billion + $1.2 billion = $20 billion.

'So therefore':

TOTAL UNREMITTED TO CBN = $49,800,000,000 (N9,000,000,000,000)
TOTAL UNACCOUNTED FOR/MISSING/STOLEN = $20,000,000,000 (N3,600,000,000,000)

Fairly decent infographic by budgIT (they can do better)

All of a sudden, on the 18th of February, Diezani Allison-Madueke gathered together a band of Kerosene suppliers, IPMAN, launching Kero-Direct. They brought camera-men and journalists from all over the country, to show they were selling kerosene to the masses at N50/litre, unfortunately, the gargantuan crowds at those fuel stations, and the unending queues they formed was stronger proof that the masses had not seen a litre of kerosene for N50 in years. (http://www.vanguardngr.com/2014/02/ipman-flags-kero-direct-n50-per-litre).

As much as the NNPC and the Ministry of Petroleum are fighting tooth and nail to prove the $10.8 was rightfully spent mainly on kerosene subsidy, they have made contingency plans to replace the 10.8 billion from elsewhere. On the 27th of January, Shell was fined N1.84 trillion by NIMASA and NOSREA for the Bonga oil spill (http://www.vanguardngr.com/2014/01/shell-pay-n1-84trn-fine-bonga-spill-incident/). Bring out your calculators, the types that can handle figures with the number of zeros only Nigeria Government officials can have the courage to purloin. Now, divide 1,840,000,000,000 by 10,800,000,000 and that magic number, ladies and gentlemen, was the Naira/Dollar exchange rate on 27/01/2014. ABRACADABRA!

I end this beautiful expose on the day-to-day runnings of the Nigerian economy by bringing to view our country's more recently befitting anthem past:

NIGERIA, WE HAIL THEE!
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