Nigerian govt. orders forensic audit of NNPC, 80 other agencies

NNPC Towers
NNPC Towers

The National Economic Council (NEC) rose from its 65th meeting on Thursday in Abuja, with a resolution to engage two audit firms to conduct forensic audit on 81 government revenue generating agencies.

The approval followed submission of an interim report by the ad hoc committee of NEC, chaired by Gov. Adams Oshiomhole of Edo, to review the management of the Excess Crude Account and remittances into the Federation Account.

The governors of Jigawa, Baderu Abubakar; Anambra, Willie Obiano; Lagos, Akinwumi Ambode; and the Minister for Budget and National Planning, Udoma Udo Udoma, said this in their joint briefing to journalists.

According to Mr. Ambode, 18 core revenue generating agencies, such as NNPC, will be audited by KPMG, an international audit firm, while an indigenous firm, SIAO, will audit other non-core revenue generating agencies.

The governor said that NEC would take further action on the agencies after the firms had completed the forensic auditing.

The Jigawa governor said that the Accountant-General of the Federation reported to council that as at Dec. 31, 2015 the Excess Crude Account stood at $2.26 billion.

The governor said that the Central Bank Governor, Godwin Emefiele, informed the council of the standing of the bailout funds given to states.

He said that 23 states had benefitted from N10 billion each, Excess Crude Account-backed soft loan, while 28 states benefitted from the presidential bailout for the payment of salaries and gratuities.

Gov. Obiano gave a report concerning some MDAs collecting revenue in foreign currency and remitting in local currency into the Federation Account.

Mr. Obiano said the permanent secretary, Ministry of Finance, reported that besides NNPC, NIMASA and NPA, other agencies involved in such practice were FIRS, Shippers Council, Airport Authority and Nigeria Immigration Service.

Mr. Obiano said that the official reported that the introduction of the Treasury Single Account (TSA) had resolved the problem as all account was now under the CBN.

He also said that Vice President Yemi Osinbajo, who presided at the NEC, reiterated the Federal Government’s policy that NNPC and other agencies must present budget for approval before spending in line with the TSA.

Mr. Udoma hinted on the 2016 budget focus of the administration, saying that plans were on to foster macro-economic stability conducive to the grow of the GDP at 4.2 per cent.

He said the budget’s objective was to deliver inclusive growth to Nigerians, create sufficient jobs and build an economy less vulnerable to oil price shocks.

According to Mr. Udoma, while the government intends to ensure more revenue drive, it will not increase taxes, but strive to raise the collection of VAT from its 20 per cent level.(NAN)

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  • HOUSE_of_THIEVES_in_POWER

    1) Lagos State Governor, Bola Ahmed Tinubu is said to have six houses as well as several other business concerns in Dubai.
    2) Sokoto State Governor, Aminu Waziri Tambuwal is also said to have a property in Abu Dhabi
    3) Atiku Abubakar aka Turaki, owns massive properties in Dubai, was highly critised for his son flamboyant Dubai wedding last two years.
    4) Adams Aliyu Oshiomhole, owns properties in Dubai and some other African countries.
    5) Gov Rauf Aregbesola also owns massive properties in Dubai.
    6) Senator Rabiu Kwakwanso not only owns properties in Dubai but also in Doha.
    7) Chibuike Rotimi Amaechi owns 3 five star hotels in Dubai as well as several businesses.
    8) Chief Bisi Akande also owns properties in Dubai.
    9) Babatunde Fashola,
    10) Governor Tanko Almakura,
    11) Governor Kashim Shettima,
    12) Hon F. Gbajabiamila,
    13) Hajia Ramatu Tijjani two houses in Abu Dhabi, and
    14) former Bayelsa State Governor Timipre Sylva
    15) Minister of Interior,
    16) General Abdulrahman Dambazzau (rtd.),
    17) Alhaji Kawu Baraje,
    18) Dasuki Jalo owns a house in Abu Dhabi,
    19) Hon Temi Harriman,
    20) Gov. Rochas Okorocha,
    21) Senate President,
    22) Bukola Saraki,
    23) Chief Tom Ikimi,
    24) Senator George Akume,
    25) Chief Tony Momoh,
    26) Governor Aminu Masari, and
    27) Governor Nasir El Rufai is said to have shares in major companies in Dubai, also owns 6 houses in Abu Dhabi.

    …….El Rufai’s expose continues as his wife, Hadiza Ahmed El-Rufai wife also owns 2 Boutiques in Dubai.

    • Julius

      It is said that you fathered your sisters children. Is it true ?

    • SAM .A

      Stop repeating this your speculative information. Are you mentally retarded?

      • COL HASSAN KILL ALL IJAWS

        *Our Military are using arms bought by former President Jonathan’s govt. Current govt have not bought any weapon because the budget is yet to be approved.

        Reacting to former President Jonathan’s assertion in his interview with international news and current affairs television channel based in Paris, France 24, President Muhammadu Buhar’s spokeman said the current government could not prosecute the war against insurgency with arms bought by the Jonathan-led administration, saying they were junks.

        Senior Special Assistant to the President on Media and Publicity, Garba Shehu, said Jonathan bought bullion vans as armoured tanks and floatation jackets as bullet proof vests.

        “We have it on good authority that the former president did not get the correct briefing on these facts. Weapons that were bought by his government were mostly junk.

        “From the revelations of the procurement investigation committee now going on, it is clear that his government was misadvised in their procurement processes.

        “Evidence shows that some of his service chiefs used criminally-minded vendors to defraud the country of billions of Naira.

        “For instance, bullion vans, the ones used in ferrying cash to and from banks, were procured and presented in military colours as armored personnel carriers.

        “Bullion vans have what the military call ‘soft skin,’ which is easily penetrated by bullet. On good authority, we have equally been informed that ‘floatation jackets’ were brought in as bullet-proof jackets……………………..

        “If the correct procurement procedure had been followed, in a government-to-government order as we now have under the Buhari-led administration, this disservice to the nation would not have happened.

        “This administration found out, upon investigation, that most of those things the soldiers at the front were complaining against were true. The personal weapons they were made to carry were those bought in the 60s, 70s and the 80s.

        “Those defective weapons are now being replaced even as investigations are still going on,” he said.

        According the Defense Ministry, Nigerian troops are still using the arms bought by former President Jonathan’s government. The Current government have not bought any weapon because the budget is yet to be approved.

  • Peter

    Let us see what other credible forensic audit exercise KPMG will do this time again, the one that will differ from what they did during the PDP era. Perhaps this time under APC their audit will be more credible.

    • John

      O yes. Now that Honourable man Wike has shamed the crooks who love to spill blood at every level to get power, he too will now proceed to complete the investigation on Rotimi. By the time Rotime leaves jail I am sure those large Owl-like eyes of his would have popped like that of Taiwanese winter frogs.

  • HOUSE_of_THIEVES_in_POWER

    .
    1) Lagos State Governor, Bola Ahmed Tinubu is said to have six houses as well as several other business concerns in Dubai.
    2) Sokoto State Governor, Aminu Waziri Tambuwal is also said to have a property in Abu Dhabi
    3) Atiku Abubakar aka Turaki, owns massive properties in Dubai, was highly critised for his son flamboyant Dubai wedding last two years.
    4) Adams Aliyu Oshiomhole, owns properties in Dubai and some other African countries.
    5) Gov Rauf Aregbesola also owns massive properties in Dubai.
    6) Senator Rabiu Kwakwanso not only owns properties in Dubai but also in Doha.
    7) Chibuike Rotimi Amaechi owns 3 five star hotels in Dubai as well as several businesses.
    8) Chief Bisi Akande also owns properties in Dubai.
    Others are
    9) Babatunde Fashola,
    10) Governor Tanko Almakura,
    11) Governor Kashim Shettima,
    12) Hon F. Gbajabiamila,
    13) Hajia Ramatu Tijjani two houses in Abu Dhabi, and
    14) former Bayelsa State Governor Timipre Sylva
    15) Minister of Interior,
    16) General Abdulrahman Dambazzau (rtd.),
    17) Alhaji Kawu Baraje,
    18) Dasuki Jalo owns a house in Abu Dhabi,
    19) Hon Temi Harriman,
    20) Gov. Rochas Okorocha,
    21) Senate President,
    22) Bukola Saraki,
    23) Chief Tom Ikimi,
    24) Senator George Akume,
    25) Chief Tony Momoh,
    26) Governor Aminu Masari, and
    27) Governor Nasir El Rufai is said to have shares in major companies in Dubai, also owns 6 houses in Abu Dhabi.

    …….El Rufai’s expose continues as his wife, Hadiza Ahmed El-Rufai wife also owns 2 Boutiques in Dubai.

    • COL HASSAN KILL ALL IJAWS

      *Our Military are using arms bought by former President Jonathan’s govt. Current govt have not bought any weapon because the budget is yet to be approved.

      Reacting to former President Jonathan’s assertion in his interview with international news and current affairs television channel based in Paris, France 24, President Muhammadu Buhar’s spokeman said the current government could not prosecute the war against insurgency with arms bought by the Jonathan-led administration, saying they were junks.

      Senior Special Assistant to the President on Media and Publicity, Garba Shehu, said Jonathan bought bullion vans as armoured tanks and floatation jackets as bullet proof vests.

      “We have it on good authority that the former president did not get the correct briefing on these facts. Weapons that were bought by his government were mostly junk.

      “From the revelations of the procurement investigation committee now going on, it is clear that his government was misadvised in their procurement processes.

      “Evidence shows that some of his service chiefs used criminally-minded vendors to defraud the country of billions of Naira.

      “For instance, bullion vans, the ones used in ferrying cash to and from banks, were procured and presented in military colours as armored personnel carriers.

      “Bullion vans have what the military call ‘soft skin,’ which is easily penetrated by bullet. On good authority, we have equally been informed that ‘floatation jackets’ were brought in as bullet-proof jackets.

      “If the correct procurement procedure had been followed, in a government-to-government order as we now have under the Buhari-led administration, this disservice to the nation would not have happened.

      “This administration found out, upon investigation, that most of those things the soldiers at the front were complaining against were true. The personal weapons they were made to carry were those bought in the 60s, 70s and the 80s.

      “Those defective weapons are now being replaced even as investigations are still going on,” he said.

      According the Defense Ministry, Nigerian troops are still using the arms bought by former President Jonathan’s government. The Current government have not bought any weapon because the budget is yet to be approved.

  • abraka

    Good idea. But this exercise should be extended to national assembly, state and local governments.

  • MushinSpeaks

    This is what Yorubas call Lobatan! What we’ve heard, read and seen will be a tip of the iceberg by the term the audit presents its findings. CHANGE is here.

    • 9JA IS DYING DEAD UNDER BUHARI

      deizani left 5.6b in the coffers of NNPC————-YET BUHARI borrowed 2.4b————–what happened to the 5.6——and how much oil has Nigerian sold since buhari took over from jonathan—-let us know the countries buying Nigerian crude oil–

      • Paul Young

        Are you the accountant general of Nigeria? How do you know how much diezani left? You are obviously blinded by hate. Either that or you live in a cave. What is the reason crude oil price is so low? I will tell you. It is because there is excess crude oil on the market. If you did economics in secondary school you will know when the supply exceeds the demand the price goes down. The excess crude on the market means that buyers have a lot of options so that is going to translate to less sales for Nigeria. I think India is our main customer but now Iran is back in the market they might ditch us

      • MushinSpeaks

        Somebody has written you voodoo figures to throw at me. You got the wrong person bro. Go study what was left and come back to argue.

        • Shugaba Nkasa

          Stop interacting with him.

      • agbobu

        WHAT OF THE UNACCOUNTED FOR SORRY STOLLEN 20 BILLION DOLLARS AS WAS REVEALLED BY THE THEN GOVERNOR OF THE CBN SANUSI?

    • agbobu

      YOU NAILED IT RIGHT ON THE HEAD AS IT IS GOING TO BE ‘OH MY GOD’ MIND BUDGLING AND NIGERIANS WILL CALL FOR THEIR HEADS.

  • agbobu

    THIS IS THE TRUTH, THE ONLY TRUTH AND NOTHING BUT THE ONLY TRUTH. THE LACUNA IS THAT THEY ARE OFFSHORE COMPANIES OPERATION OFSHORE ACCOUTS. WE DO NOT KNOW THEIR BABKING OFFICERS, WE DO NOT KNOW THE AUTHORISING OFFICERS, WE NOT HAVE VERIFIABLE AUDITED ACCOUTS OF THESE COMPANIES. YOUR REPORT THE NOT MENTION VITOIL, ETC. THESE COMPANIES WITH OUR EXCESS CRUDE OIL ACCOUNTS HAVE OPERARATED AS ATM MACHINES FOR OUR PAST LEADERS AND SOME TOP NNPC TOP EXECUTIVE. ANY ATTEMPT TO PROBE THESE COMPANIES WILL IN THE PAST MEET WITH VERY STIFF RESISTANCE AS THEY CLAIM THAT THEY ARE ABOVE THE LAW OF OUR LAND AND THAT THEY ARE UNTOUCHABLES. IF THE BUHARI ADMINISTRATION CAN RELIGIOUSLY GO INTO THESE AND ALL THE COMPANIES AND SOME IN THE GULF OF MEXICO, THEN 94% OUR PROBLEMS ARE PERMANENTLY SOLVED. WE MUST NOT FORGET THE EXCESS CRUDE ACCOUNT, THE PERSONAL PROPERTY OF DUKE OIL LONDON

    • COL HASSAN KILL ALL IJAWS

      *Our Military are using arms bought by former President Jonathan’s govt. Current govt have not bought any weapon because the budget is yet to be approved.

      Reacting to former President Jonathan’s assertion in his interview with international news and current affairs television channel based in Paris, France 24, President Muhammadu Buhar’s spokeman said the current government could not prosecute the war against insurgency with arms bought by the Jonathan-led administration, saying they were junks.

      Senior Special Assistant to the President on Media and Publicity, Garba Shehu, said Jonathan bought bullion vans as armoured tanks and floatation jackets as bullet proof vests.

      “We have it on good authority that the former president did not get the correct briefing on these facts. Weapons that were bought by his government were mostly junk.

      “From the revelations of the procurement investigation committee now going on, it is clear that his government was misadvised in their procurement processes.

      “Evidence shows that some of his service chiefs used criminally-minded vendors to defraud the country of billions of Naira.

      “For instance, bullion vans, the ones used in ferrying cash to and from banks, were procured and presented in military colours as armored personnel carriers.

      “Bullion vans have what the military call ‘soft skin,’ which is easily penetrated by bullet. On good authority, we have equally been informed that ‘floatation jackets’ were brought in as bullet-proof jackets.——————————

      “If the correct procurement procedure had been followed, in a government-to-government order as we now have under the Buhari-led administration, this disservice to the nation would not have happened.

      “This administration found out, upon investigation, that most of those things the soldiers at the front were complaining against were true. The personal weapons they were made to carry were those bought in the 60s, 70s and the 80s.

      “Those defective weapons are now being replaced even as investigations are still going on,” he said.

      According the Defense Ministry, Nigerian troops are still using the arms bought by former President Jonathan’s government. The Current government have not bought any weapon because the budget is yet to be approved.

      • agbobu

        THE BUCK STOPS WITH GOODLUCK JONATHAN AS THE COMMANDER IN CHIEF AND THE CHIEF EXECUTIVE OFFICER OF NIGERIA WHEN HE WAS THE PRESIDENT OF NIGERIA QED AND END OF STORY!!!

        • Awolo

          Did you notice all the errors in your comment above. Those statements were made probably during your loafing and drunken state in your village square in Ubulu-Unor. Quit drinking and stop messing yourself up in the public because your breadwinner made all his money today under Goodluck Jonathan and PDP. Don’t bite the fingers that fed you more so if you realise that the goodies from the past government is feeding you as you loaf drink and loaf around Ubulu-Unor and Ogwashi-Uku..

          • agbobu

            ‘UNA NEVER BEGIN TO HALA!!!’ IF THEY CAN NOT DO THE TIME, THEN THEY MUST NOT DO THE CRIME. I DO NOT THINK YOU KNOW ME. SHAME ON YOU.

  • Kokoman

    Every Nigerian of 177 million – both man, woman and child are currently paying a tax of N24 per person per day to service the N12.3tn debt owed by the nation including the N5.4tn owed to the nation by 300 individuals (revealed by Amcon). The Vice presidents assertion does not make sense using these figures. If 30% of the national budget of N6.6tn is borrowed at current rate, another N7 per person per day will be added to the N24 already being paid for servicing, making it N31 per person per day. What this means is, a household of 5 would loose N155 per day for the principal sum of N404000. In order words 13% of the income this households could have had for say capital projects is being spent servicing a debt brought about by mismanagement of our common funds and corruption. For an average Nigerian currently earning less than N564 per day, a tax of N155 per day for this household of 5 means they have N409 only to meet their basic needs. How many Nigerian households brings in N12270 per month? God help us!

  • COL HASSAN KILL ALL IJAWS

    *Our Military are using arms bought by former President Jonathan’s govt. Current govt have not bought any weapon because the budget is yet to be approved.

    Reacting to former President Jonathan’s assertion in his interview with international news and current affairs television channel based in Paris, France 24, President Muhammadu Buhar’s spokeman said the current government could not prosecute the war against insurgency with arms bought by the Jonathan-led administration, saying they were junks.

    Senior Special Assistant to the President on Media and Publicity, Garba Shehu, said Jonathan bought bullion vans as armoured tanks and floatation jackets as bullet proof vests.

    “We have it on good authority that the former president did not get the correct briefing on these facts. Weapons that were bought by his government were mostly junk.

    “From the revelations of the procurement investigation committee now going on, it is clear that his government was misadvised in their procurement processes.

    “Evidence shows that some of his service chiefs used criminally-minded vendors to defraud the country of billions of Naira.

    “For instance, bullion vans, the ones used in ferrying cash to and from banks, were procured and presented in military colours as armored personnel carriers.

    “Bullion vans have what the military call ‘soft skin,’ which is easily penetrated by bullet. On good authority, we have equally been informed that ‘floatation jackets’ were brought in as bullet-proof jackets.

    “If the correct procurement procedure had been followed, in a government-to-government order as we now have under the Buhari-led administration, this disservice to the nation would not have happened.

    “This administration found out, upon investigation, that most of those things the soldiers at the front were complaining against were true. The personal weapons they were made to carry were those bought in the 60s, 70s and the 80s.

    “Those defective weapons are now being replaced even as investigations are still going on,” he said.

    According the Defense Ministry, Nigerian troops are still using the arms bought by former President Jonathan’s government. The Current government have not bought any weapon because the budget is yet to be approved.

  • tundemash

    The storm is gathering now ……….

  • Edmund Willy-Harry

    Include NDDC on the list for Audit……..

    This is a good step in the right direction. Accountability is the meaning of governance.
    Please, is the NIGER DELTA DEVELOPMENT COMMISSION [N.D.D.C] in that list for audit?
    If it is not, please help me publish this letter that President Buhari should include NDDC for audit.

    I know as a fact that 65% of NDDC funds were stolen by the officials and the contractors in conspiracy.
    They used forged invoices and completion letters to steal billions of Naira in that cesspool called NDDC.
    There is no NDDC official that is not a billionaire today as a result of the criminal thefts destroying the NDDC.

  • COL HASSAN KILL ALL IJAWS

    Buhari should be made to account for the 5.6b Deizani left in the coffers of NNPC–and why in spiter of that money he borrowed 2.4b dollars from the World Bank—–auditing for the fun of it does not make sense–Set the goals and let us know how much each zone has contributed into the National purse—Including Katsina ati Osun state–respectively——-The amount of oil revenue that has flowed into Nigeria since————–1960——or let the people from the oil bearing communities go quietly

  • 9JA IS DYING DEAD UNDER BUHARI

    Amachi Must Account For N3Trillion He Stole. – Gov Wike.

    This loot if recovered from Rotimi Ameachi can fund the 2016 budget. This is about $15.2billion Dollars. 10times ‪#‎dasukigate‬

  • COL HASSAN KILL ALL IJAWS

    This is about the 3rd time KGPM is auditing the accounts of NNPC–Is it now a business deal among the qwoners of these auditing firms owned by the Yorubas-and Fulanis in APC

  • COL HASSAN KILL ALL IJAWS

    Amachi Must Account For N3Trillion He Stole. – Gov Wike.

    This loot if recovered from Rotimi Ameachi can fund the 2016 budget. This is about $15.2billion Dollars. 10times ‪#‎dasukigate‬

  • COL HASSAN KILL ALL IJAWS

    Amaechi Looted $757M from Rivers State To Fund Buhari’s Campaign.

    The immediate past Rivers State Governor, Mr Rotimi Amaechi stole $757 million (N230Billion), reliable sources at the Government House told our reporter in Port Harcourt, Rivers State, south south Nigeria.

    Findings from our investigative reports revealed that Rotimi dug deep into Rivers State coffers and doled out a whopping $757 part of which was used to fund Buhari’s campaign and every hue and cry that has been raised so far to have Rotimi Amaechi investigated in spite of the glaring evidence against him tendered by the Rivers State Government has fallen on deaf ears.

    • Newshour

      “I had direct access
      to Omoyele Sowore, the publisher of Sahara Reporters.
      Throughout my four years on the job, he used every single press release
      that we issued and always listened to my many protestations. He always
      insisted however, that he had his facts, and that he knew more insiders
      than I could ever imagine. I was always shocked how State House documents
      and inside stories regularly found their way to his desk, and how on the day
      the President’s brother died, he had published the story
      even before anyone in Aso Rock knew.”

      ……..Reuben Abati

      [January 29th, 2016]

      • COL HASSAN KILL ALL IJAWS

        Yr comment is not complete–who were the moles then

  • Paul Young

    This is a welcome development. If this audit is done properly we will recover trillions of naira in the long run. A budget of 8 trillion naira will even be possible next year with almost 40% capital expenditure. hope this turns out to be the change we so desperately need

  • Shugaba Nkasa

    When an article is published and you see people making outrageous comments that have nothing to do with what you are discussing (You know these people), Please just ignore them like you do those folks advertising Dangote cement.
    These people thrive in BS!
    Nonsense is their mother tongue!
    The only way to counter them is not to engage them in the first place. Just ignore them. They will either go away or become reasonable because they will find no more nourishment from you for their psychosis.

    • COL HASSAN KILL ALL IJAWS

      99.9 percent of the buharimice u are referring to are on the pay slip of the Apes in APC——————the head of the Buhari media team Shehu Garba says Jonathan bought junk weapons—So if the budget is not ready as Gej asserted–what happened to the budget of 2015? Why was the 4.5trillion voted for in last years budget, not used to procure the required arms for the troops—-?—————————-Buhari is filled with lies—–sadly some gullible 9jas are falling into the trap set by those Fulani ati Yoruba liars led by Liar Mohamed-

      • Burbank

        And your Kanu is still caged in my zoo.

  • COL HASSAN KILL ALL IJAWS

    COL HASSAN KILL ALL IJAWS • a few seconds ago

    BOKO HARAM: JONATHAN BOUGHT ‘JUNK’ WEAPON -PRESIDENCY.

    **Our Military are using arms bought by former President Jonathan’s govt. Current govt have not bought any weapon because the budget is yet to be approved.

    Reacting to former President Jonathan’s assertion in his interview with international news and current affairs television channel based in Paris, France 24, President Muhammadu Buhar’s spokeman said the current government could not prosecute the war against insurgency with arms bought by the Jonathan-led administration, saying they were junks.

    Senior Special Assistant to the President on Media and Publicity, Garba Shehu, said Jonathan bought bullion vans as armoured tanks and floatation jackets as bullet proof vests.

    “We have it on good authority that the former president did not get the correct briefing on these facts. Weapons that were bought by his government were mostly junk.

    “From the revelations of the procurement investigation committee now going on, it is clear that his government was misadvised in their procurement processes.

    “Evidence shows that some of his service chiefs used criminally-minded vendors to defraud the country of billions of Naira.

    “For instance, bullion vans, the ones used in ferrying cash to and from banks, were procured and presented in military colours as armored personnel carriers.

    “Bullion vans have what the military call ‘soft skin,’ which is easily penetrated by bullet. On good authority, we have equally been informed that ‘floatation jackets’ were brought in as bullet-proof jackets.

    “If the correct procurement procedure had been followed, in a government-to-government order as we now have under the Buhari-led administration, this disservice to the nation would not have happened.

    “This administration found out, upon investigation, that most of those things the soldiers at the front were complaining against were true. The personal weapons they were made to carry were those bought in the 60s, 70s and the 80s.

    “Those defective weapons are now being replaced even as investigations are still going on,” he said.

    According the Defense Ministry, Nigerian troops are still using the arms bought by former President Jonathan’s government. The Current government have not bought any weapon because the budget is yet to be approved.

    • Newsabroad

      “If Buhari
      can find the courage to let fuel cost what the market says it should, why not
      the currency, too? You can forgive the general for being unlucky; but not for
      failing to learn from past mistakes. Buhari tried something similar the last
      time he was president. Then, as now, he resisted what he called the “bitter
      pill” of devaluation. When, as a result, foreign currency ran short, he
      rationed it and slashed imports by more than half. When Nigerians turned to the
      black market he sealed the country’s borders. When unemployment surged he
      expelled 700,000 migrants.

      Barking orders at markets did not work then, and it will not work now.
      Mr Buhari is right that devaluation will lead to inflation—as it has in other
      commodity exporters. But Nigeria’s policy of limiting imports and creating
      scarcity will be even more inflationary. A weaker currency would spur domestic
      production more than import bans can and, in the long run, hurt consumers less.
      The country needs foreign capital to finance its deficits but, under today’s
      policies, it will struggle to get any.”

      ………………THE ECONOMIST OF LONDON

      [January 29th, 2016]

    • Burbank

      Finish you Fanta; the motor park is busy.

  • Burbank

    Now that the NNPC is being audited, another barrage of Dasuki-like diversions will soon be unearthed and the fraudsters arrested and prosecuted.
    Sai Buhari.

  • Maria

    Sai Baba!