The Reality Advocacy Against Corruption (RAAC) says the Nigeria national petroleum corporation (NNPC) should be blamed for the country’s high level of indebtedness over the years.
The anti-graft group in a statement led by Chief Fidelis Uzonwanne explained that it was forced to approach an Abuja High court to save the Nigerian economy from collapse.
The group swore that it would leave no stone in assisting the government in the Anti-Corruption fight and to ensure the NNPC Ltd takes off with a good capital base.
The group reiterated its resolve to ensure the States and LGAs get their due share from FAAC, having been, allegedly shortchanged by NNPC over the years.
According to the group, “It is unbelievable that in the Twenty-First Century, the Nigerian nation, with all her retinue of the highly sophisticated intelligentsia, professionals in all callings of human endeavour, could not curb the economic deceit NNPC hoisted on her for 44years.
“With all the eggheads that have passed through NNPC’s system for over four (4) decades, non was able to spot or find out that our National Oil Company had been two-faced.
“While one is the loss-making enterprise, used to deceive not only Presidents and Heads of States, but also the over 200 million Nigerians, the other is the real National Oil Company, making huge profits for a selected few.
“Despite the secret profit made every year, that is enough to fund our national budgets, the nation has been misdirected into perpetual borrowing to the extent that debt servicing is eating up almost all our earnings.
“The critical question is: Are you sure it’s not our oil revenue that is being recycled as loans? If we actually make huge profits but are being misled that it’s losses, so where is the money being channeled to?”
Continuing, the group claimed: “The Nation’s Anti-Corruption campaign since 2003, with the establishment of EFCC and ICPC, coupled with the introduction of Treasury Single Account (TSA) Policy of government since 2016 have not only been outsmarted and crippled by the untouchables but have been rendered ineffective due to the politicization of everything in Nigeria.
” It got to the point that reporting any malfeasance to the supposed appropriate authorities becomes mere non-appealing.
“While the Nation attempts at some points to repay its loans, information at RAAC’s disposal shows loan balances were not reducing. Why? NNPC has circumvented the nation’s accounting system.
“The constitutional provision of what the Federation Account is has been breached with impunity. Instead of the Federation’s revenues being deposited in the account before disbursement, NNPC embarks on a settlement with Crude Oil.
“The DSDP policy (Direct Sale Direct Purchase) since 2016 has been the greatest undoing of Nigeria’s economy, with Trade-by-Batter of the medieval days being the order of the day, with revenue trails being lost in the labyrinth of Joint Venture Cost Recovery, Subsidy/Under-Recovery and Special Projects, all paid or provided for through direct crude allocations.
“One of the cardinal objectives of the PIA 2021 is for NNPC Limited to take off with a good capital base that will make it competitive in the global market. NNPC Limited’s take off point is the 2020 Audited Financial Statement (AFS) of the NNPC Corporation, expected to identify the Assets and Liabilities transmissible to NNPC Limited in compliance with Section 54 of the PIA 2021.
” How could this be achieved if assets worth over N50 trillion had been manipulated out of the Corporation’s financial system with the nod and professional consent and support of the External Auditors?
“Same with a trap of inflating the transmissible liabilities by over N10 trillion. NNPC limited was about being delivered ‘Dead on Arrival’ hence the timely intervention of RAAC (Reality Advocacy Against Corruption).
“The States and LGAs are being economically strangulated with NNPC remitting virtually little or nothing to FAAC, while over-feeding the IOCs with our oil revenue, in spite of their determination to quit our oil and gas industry through spates of divestments.
“The States are being deceived with false accounting: that NNPC pays tax and royalties on its Crude Oil Revenue, supplies 102 million litres of PMS daily to the Nigerian market, pays subsidy based on the pump price of fuel of N162 per litre, sustains payment of Joint Venture Cost Recovery and Special Projects, yet cannot take advantage of rising crude oil price because of low production.
“RAAC, knowing the metrics and mechanics of the ills in the economy, could not wait for the final darkness to fall.
“Past experiences did not show the investigation agencies are prepared to delve into the arena of forensic nuclear fallout, to confront NNPC with the un-imaginable deceit of over 4 decades, hence RAAC took the bull by the horn. If Nigerian’s fail to turn up in arresting the bull, then the China Shop is threatened forever.”