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That 'Missing' Money

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By Baron Roy
So we’ve been regaled with tales of funds missing or swallowed by PDP/GEJ via NNPC. Well, I put them down as tales. The accusers know exactly the truth but they also know that Nigerians have a lot of gullible but dangerous people.

Yea, it was 49.5, 12, 20, and now 18.5 billion as postulated by Mr. Lamido Sanusi. Some who knew better suspected immediately that the stories didn’t jive. But gullible Nigerians had a field day, ably aided by unscrupulous media houses.

PWC was called upon to carry out forensic investigations. The auditors posited that 1.48 billion dollars was being owed by NPDC/NNPC…not yet paid by NPDC but definitely NOT missing. Haters would have none of it; they insisted that the hilarious Emir was right and PWC wrong.

For the avoidance of doubts, the law setting up NNPC stipulates that ALL funds from NNPC should be paid into the Federation Account with CBN. The Law further states that before the funds are paid, NNPC should net-off the ‘cost of operations’, deduct same and pay-in the balance to the federation. Hmmm…cost of operations.

Kindly note that the Federal Government does not pay subsidies; NNPC does! You are shocked? Don’t be! This is simply the truth!! So in the period under review, NNPC paid in $70 billion into the Federation Account, and netted-off ca $18 billion representing the cost of operations.

The netted sum includes the following:
1. Cost of subsidies on PMS (fuel)
2. Cost of kerosene subsidies (DPK)
3. Salaries and emoluments of staff
4. Maintenance costs (routine)
5. Special services (police equipment, FG foreign dignitaries, etc)

All these costs are duely captured in the PWC report! The accusers are well aware of these, but are Nigerians?

Until the Laws setting-up NNPC are changed, no crime has been committed. In my books, the company netted-off $18 being the cost of their operations as stipulated by law, and paid $70 billion balance into the federation account.

Please, where are the missing funds?
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