Corruption: Why So Silent On $3.09 Billion ‘Missing’ NNPC Money Under Buhari? by Kalu Aja

Nigerian President Muhammadu Buhari attends the second day of the summit of G7 nations at Schloss Elmau on June 8, 2015 near Garmisch-Partenkirchen, Germany | Sean Gallup/Getty Images

Dear Comrade Governor,

I am writing to you because you are the most vocal member of the committee set up by the National Executive Council to probe Nigerian National Petroleum Corporation (NNPC) remittances and the oil sector. I have a few observations from the NNPC I want to bring to your attention.

1. The total export crude oil and gas receipt for the period of January to September 2015 is $3.69 billion. “Of the total receipts, ONLY the sum of $0.61billion was remitted to Federation Account. Sir as you well know, and according to the “comrade law”, and further backed by the “SLS Principle” – cash not remitted to the Federation account is MISSING. Thus, the balance of $3.09 billion is missing. Again for emphasis, sir, three billion United States dollars.

2. Since the month of April 2015, NNPC has made ZERO remittance of proceeds of export crude sales to the Federation accoun. Again, sir… ZERO REMITTANCE

3. NNPC loss position as at September 2015 is N336 billion.

4. Payment for subsidy has increased, yes sir, it has increased from N231 billion to N249 billion. Note, sir that oil prices have fallen, and have remained low, yet subsidy has increased. Sir, again note that Vanguard reports on November 4, 2015 that the total FGN indebtness to oil marketers is N470b. Vanguard states that NO subsidy has been paid since August 1 2014. Yes, 2014. Yet NNPC says “subsidy payments have increased”. Sir, I post the said report below.

5. ONLY Port Harcourt Refinery refined any petroleum products. The refinery operated at 5% capasity. Sir, these facts are all contained in the NNPC Monthly report for September as published. I trust you will deal with this information in the same dispatch you alerted the nation on the “missing funds” from the excess crude, the “billions” paid for consultancy on Second Niger Bridge, and “the missing pension funds”.

I trust you will not disappoint..

Kalu Aja is an advocate of limited government and a fiscal conservative. In his day job he is a financial adviser. Connect with him on Facebook.

The opinions expressed in this article are solely those of the author.