“About N971bn was budgeted for subsidy payments in 2014 alone (more than twice that was eventually paid). You all recall how trillions of naira were paid out as oil subsidy in 2011, when only N254bn was appropriated. No one has been successfully prosecuted for this scam. Huge deficits in gas supply have ensured that the country’s thermal plants cannot produce power at optimal levels. “The long and short of the situation of our oil industry is best exemplified by the parallel government called the NNPC. In 2012, it sold N2.77tn of ‘domestic’ crude oil but paid only N1.66tn to the Federation Account. In 2013, it earned N2.66tn but paid N1.56tn to FAAC; in 2014, (it earned) N2.64tn, but remitted N1.44tn; while between January and May 2015, it earned N733.36bn and remitted only N473.2bn. “That means that the NNPC only remitted about 58 per cent of the monies earned between 2012 and the first half of 2015. A company with the audacity to retain 42 per cent of a country’s money has become a veritable parallel republic!”Nigerians have expressed their opinions on this very controversial topic across cyberspace. We found these interesting tweets:
One of the easiest ways to make NNPC to become awesome is to review and pass the PIB. Why is this not a front burner? #NigeriaPIB
— Blossom (@blossomnnodim) July 14, 2015Nnpc should be disbanded. Simple!!!!!!!! https://t.co/JX98FbRLas — Abjexcellent (@Aleabiodun) July 14, 2015
Elrufai calls for scrapping of NNPC,in my opinion,NNPC shouldn’t be the first on the list.
— Olos (@KennyOlotu) July 14, 2015Sir @elrufai ‘killing’ NNPC is like cutting dhead off bcos of a migraine. Wht we need IMO are people of high integrity @d helm of affairs. — ‘Lanre Oyekunle OFR (@efizeey) July 14, 2015