Senate Declares Trillions Of Naira Stolen From Buhari’s Office

The President Bukola Saraki-led Senate, has said that the President Muhammadu Buhari-led Nigeria National Petroleum Corporation, NNPC, is unable to account for N5.1 trillion oil subsidy fund.

Recall, that Buhari is the Minister of Petroleum Resources, which has the NNPC as its agency.

The Senate, noted that during the subsidy regime, the country paid a total of N9.93 trillion as subsidy. Of this amount, the NNPC got N5.1 trillion, and Independent Marketers were paid N3.83 trillion.

The Upper Chamber has therefore, decided to launch an investigation, to find out how the corporation used this huge amount of money.

NNPC Refuse To Remit $15.8bn To Federation Account – NEITI

Nigeria Extractive Industries Transparency Initiative (NEITI) says the Nigeria National Petroleum Corporation is withholding from the federal government, a sum of $15.8 billion belonging to the Nigeria Liquefied Natural Gas.

In an audit report for 2014, NEITI said NLNG paid $1.42 billion to NNPC as dividends, loan and interest repayments for 2014 but the amount could not be traced to the federation account.

According to the report, Nigeria earned $55.5 billion from the oil and gas sector and N55.82 billion from the solid minerals sector in 2014.

READ Statement below..

NEITI: Nigeria Earned $55.5 billion from Oil and Gas Sector in 2014

Fuel Subsidy:TMG says Nigerians should prepare for war

The Transition Monitoring Group (TMG), a coalition of over 400 civic organisations working to promote democracy and good governance in Nigeria, stoutly rejects the N145 pump price of petrol imposed by Federal Government.

To say the least, this imposition portrays the government as insensitive, and out of touch with the daily unbearable plight of the ordinary Nigerian.