Connect with us


Federal Economic Council Alleges: In Three Years NNPC Generated N8.1 Trillion | Gave Nigeria N4.3 Trillion & Withheld Balance



NNPCAccording to details revealed during a Federal Economic Council meeting on Monday, the Nigerian National Petroleum Corporation, (NNPC) generated about N8.1trillion between 2012 and May 2015, but paid only N4.3trillion to the federation account.

Edo State governor, Adams Oshiomhole alongside the governors of Kaduna state governor, Nasir El-Rufai, and Zamfara governor, Abdulazeez Yari confirmed the news, according to Sahara Reporters.

The governors further revealed:

The balance of the oil money — about N3.8trillion — was withheld and spent by the NNPC unilaterally without approval or National Assembly appropriation.

From November 2014, about $2.1billion was withdrawn from the excess crude account without the approval of the National Economic Council, NEC.

following the discovery, the NEC has set up a four-member committee to comb the books of the NNPC to confirm its remittances and how the excess crude account was utilized.

President Muhammadu Buhari dissolved the board of the NNPC on Friday, to pave way for full investigation of the corporation.

Shedding more light on the matter, Oshiomhole told newsmen:

“This [the meeting] has never happened before and for us this is profound. We are talking about transparency, we are talking about change. And what we saw from those numbers I believe that Nigerians are entitled to know, is that whereas the NNPC claimed to have earned N8.1 trillion, what NNPC paid into the federation account from 2012 to May 2015 was N4.3trillion.

What it means is that NNPC withheld and spent N3.8 trillion.

The major revelation here is that for the entire federation — that is the federal government, the states and all the 774 local governments — the amount the NNPC paid into the federation account for distribution to this three tiers of government came to N4.3 trillion and NNPC alone took and spent N3.8 trillion. Which means the cost of running NNPC is much more than the cost of running the Federal Government. That tells you how much is missing, what is mismanaged, what is stolen, they are huge figures.”

“Mysterious” Disappearance of Funds in the Excess Crude Account

Oshiomhole further revealed that some funds mysteriously disappeared from the excess crude account.

“We looked at the numbers for the Excess crude account, the last time the Minister of Finance and Coordinating Minister of the Economy reported to the Council and it is in the minute, she reported by November 2014, that we had $4.1 billion.

But today the Accountant General Office reported we have $2.0 billion. Which means the Honorable Minister spent $2.1billion without authority of the NEC. And that money was not distributed to states, it was not paid to the three tiers of government. This is why the NEC has set up a panel to look at what accrued, what it was spent for, when and by whom. So that Nigerians will have the full picture of all the transactions as regards the much talked about Excess crude,” Oshiomhole said.


  1. Kadara

    June 30, 2015 at 9:53 am

    A whole 2.1 billion spent without authority of NEC? Is it her personally money! Chai, so many things have to be put right or else Nigeria will be totally broke in some years at this rate

    • Seeiously

      June 30, 2015 at 6:15 pm

      It’s very sad and unfortunate. So, what will these greedy useless monsters do when their oil is not selling as much. U.S will be drilling their own oil soon, china that’s buying oil from Nigeria, have other countries that are investing in. Oil money will soon go dry. I wonder what these greedy idiots will depend on. Nigeria, wake up and focus on other natural resources, oil is slowly going out of business.

  2. Neo

    June 30, 2015 at 10:25 am

    How the NNPC can on its own spend without FEC approval or knowledge is what i want answered.

  3. Ma'azi

    June 30, 2015 at 11:20 am

    The kind of hell that is awaiting some of these NNPC thieves ehn?! Its better imagined.

  4. kikiki

    June 30, 2015 at 12:15 pm

    Yesoo Buhari dont forget to answer for what you did to NNPC in your time on PTF-the sum of N25,758,532,448 was mismanaged by the Afri-Project Consortium (APC), a company contracted by the PTF as management and project consultant. Buhari as PTF chairman was said to have also “delegated to them the power of Engineer in all appropriate project requiring such power,” which made them assume absolute powers to initiate, approve and execute all projects by the PTF.

    Equity is when Buhari return the monies he made. kikikiki

  5. emjay

    June 30, 2015 at 12:27 pm

    the devil is soaking their ‘koboko” inside kerosene. i hope they can buy their way into heaven else…..

  6. cindy

    June 30, 2015 at 12:45 pm

    This is not about buhari but about nigeria as a whole. Can you lay off your sentiments for once and face the matter at hand?

  7. Ibinabo

    June 30, 2015 at 1:04 pm

    Hehehe… Asa, this will be a good time for the remix of “Fire on the Mountain”

  8. NG

    June 30, 2015 at 1:20 pm

    Why limit the audit to the period of 2012 to date. Like GEJ advised, any probe should be all encompassing. Not because it will, like he said, be a witch-hunt if limited to his tenure, but bacause it will be a great diservice to Nigeria if the impunity of the the recent past- just the OBJ era at least- is allowed to escape scrutiny.

    Let it not be lack of political will or lily-liverdness (OBJ being an ex-soldier and not being from a minority people group).

    Why 2012 and not 2011? 2010? etc. It is true an all-encompassing probe may bog down the present regime as well as threaten it in fact- yes, if th eprobe gets close to the military boys of IBB as well as Abdulsam who seems to have assumed a picture of probity because Nigerians, being in a hurry to get to civillian rule, failed to even wink at the massive depletion of our reserves within his very short reign; The wastage under him relative to time may be unrivalled- but Change must be meaningful to assuage across sections of Nigeria and not seem indeed selective and persecutive of some.

    • Beeeee

      June 30, 2015 at 2:18 pm

      I love intelligent people ???

    • Young and Confused

      June 30, 2015 at 3:11 pm

      A million likes for this comment… It is spot on.

    • nnenne

      June 30, 2015 at 10:44 pm

      @ NG.. We are watching.

  9. nnenne

    June 30, 2015 at 1:33 pm

    No comments till the end of the investigations.
    Hope the accused will be given the chance to state their side of the story.
    Hope state governments will be probed too.

  10. prince

    June 30, 2015 at 4:55 pm

    Sometimes I wonder what this people are piling up this money for, have they imagine if the owner of life asked for it tomorrow what will be their fate.
    That money can transform this country. Browse and see how much the tallest building in the world cost and see what this people are doing to us. No one should be left untouched.

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Star Features