In one of the findings, KPMG found that the NNPC does not even have the data of crude oil production in a centralized manner as it is stored in the computer of staff. NNPC approves oil lifting to companies not on the government approved list; there are delays in billing the oil lifters and variants between the invoice value and the LC value. In one such instance, invoice number COS/02?PPMC/026/08 has a cargo valuation of $95.4 million, but LC value of $85million. The four refineries in 2008 and 2009 recorded capacity utilization of 18 per cent; the process of importing fuel is murky, sometimes companies not approved in a quarter, suddenly re-appeared on the list. Others are that the NNPC incurs average demur rage of 31 days for oil cargoes, subsidy claims based on volume of products imported, not on what was actually lifted out of the depots for sale to Nigerians.
Some of the findings that will shock Nigerians and labour unions:
1. “No centralized location for storing electronic copies of historical production and allocation data. These information are stored on personnel (individual) workstations.
Implication: Potential loss of historical production information in event of staff turnover or system failure. Difficulty in retrieving prior documents/ reports.
2.NNPC is invoiced in US$ for domestic crude allocations but is expected to remit the equivalent Naira value to the Federation Account. However we observed that exchange rates used by NNPC were lower than the average exchange rates published by the CBN during the review period.
Exchange rate variances for 2007, 2008 and 2009 were estimated at N25.7 bn, N33.8 bn and N26.7 bn respectively. (using CBN rates for the month of transaction)
NNPC claimed they obtained the exchange rates from CBN via phone but there was no document to substantiate the claim.
Implication: Significant underpayment of domestic crude cost to the Federation Account.
3.We observed that NNPC‟s subsidy claims and PPPRA‟s verification are based on volume of petroleum products available for sale (volume of products imported and actual production from the refineries) as against duly verified volume of products lifted out of the depots (volume of petroleum products sold) as stipulated in the subsidy guidelines.
Implications:Potential risk of subsidy payment on products not consumed by end users due to losses from pipeline vandalism, theft e.t.c. A rough estimation of subsidy payment on product losses for the period under review (2007 – 2009) is estimated at N 11.8 billion.
Risk of payment of subsidy on locally refined products which is not the intent of subsidy may encourage inefficiencies in the refinery process.
We Must #OccupyNigeria
If you have a Jewel crafting or a jewel crafter friend. It
ReplyDeletealso happens sometimes that your character will say something silly.
Data mining is mostly a
relatively new term that represents the process by that predictive patterns
are made from information.
This could cause them to grow less, flower less, and maybe even die.
ReplyDeleteIf you are working on a riding mower or a mower with an
electric starter, you will also want to disconnect the battery as to prevent any accidental
startups while servicing your machine. In this same respect, mulch aids in the prevention of
soil splashing onto plants.
Take a look at my homepage mulching
Scenes from battles, settings from historical events or other
ReplyDeletescientific discoveries can be displayed with a
shoe box filled with the appropriate materials. The particular classy aspect
along with self-assurance which Hermes Birkins purses supply most women position these individuals the most sough immediately after manufacturers for most girls getting
databases. This is also probably one of the easiest forms of
advertising, with only an advert designed for a
specific box needing to be created. The newspaper
editors, editors who have long had to respect the wishes of the Pakistani authorities, have been
quick to realize the potential of the Internet.
When scrapping with newspaper clippings, in most situations it is important to take the proper steps to make
them archival safe before putting them with
your photos in your scrapbooks.
My blog - egyptian newspapers
They need to see doctor for some advices on how they can take control of their blood pressure.
ReplyDeleteThis is where a program like Yeast Infection No More can help.
Thanksgiving day is coming, I should buy a thanksgiving gift for Linda.
The fourth chair of the Fine Group is a rotating chair filled by Jimmy Gaudreau (veteran of The Country Gentlemen, J.
You must be introduced with a display screen with several alternatives one particular of which will be safe mode with networking.
my blog post; C-bias