1. Between May 2015 to December 2018, based on official reports from the NNPC, over $389million/N140billion was wasted to do Turn Around Maintenance program of the refineries. Yet the refineries are not doing more than 10% of its installed capacity.

2. Between May 2015 to Dec 2018, over N550billion/$1.8billion losses were incurred by the NNPC on these refineries operations.

3. Between January 2016 to December 2018, over $10billion/N3.05trillion was diverted by the NNPC to pay for average daily bogus/ghost pms import of 60m litres per day and subsidy rackets.

4. Factual records from the US Energy Administration Agency show clearly that as at December 2014, the actual average daily pms consumption in Nigeria was 24million litres a day.

5. How the average daily pms consumption in Nigeria balooned to 60m in 2016 and subsidy payment went up to N1.43trillion per annum despite the pump price of the pms moving up from N87 to N145 a liter is still a mystery that we all know the answer.

6. Nigeria is the only country in sub-saharan africa that is still engaged in this terrible economic mismanagement regime of CORRUPTION ridden consumption subsidies

7. If you add up these wasted and misappriopriated sums above, you will get over N3.74trillion/$12billion of monies that were supposed top enter the Federation accounts , but was cornered by the NNPC.

If these diverted and cornered funds by the NNPC were allowed to enter the federation account and shared amongts the three tiers of government, my IMO STATE and the other states in Nigeria WOULD HAVE AT LEAST received additional N30-47billion revenue as JAAC and FAAC.

Why the Nigeria Governors Forum has continued to allow few fat cats at Aso Rock and the petroleum ministry to continue to play ponzi games with Nigeria resources is what I cannot explain. Is it cowardice or ignorance?

Now the same NNPC, who could not fix the refineries after wasting $389million in the TAM from 2016 to 2018, wants to embark on another spending binge, all aimed at wasting and looting our scarce resources.

In sane climes, the state governors, would insist on the total unbundling and deregulation of the downstream oil and gas sector. They must insist on the total privatization of the NNPC and the Refineries in very transparent manners.

If no serious pressures are exerted on Aso Rock and NNPC , these few fat cats, who are used to such terrible behaviours that are anthitetical to our collective well being will never take the right steps of total deregulation. They want to continue looting and mismanaging our resources while the economy hemorrhages .

Rather than allow few fat cows in Abuja to misappriopriate our commonwealth, the 36 governors should use whatever extra revenues they get from the Federation accounts to provide paliative measures for their constituents as we brace up for full deregulation.

We cannot continue to indulge and encourage this terrible/atrocious economic management behaviours.

May common sense please prevail over this wanton roguery/mismanagement in the system

God Please help us.

Dr Nnaemeka Onyeka Obiaraeri, FICA, MIRA

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