Buhari Pockets $9.6Billion Over-Deducted Tax From Oil Companies, CBN Has No Record.

Buhari Pockets $9.6Billion Over-Deducted Tax From Oil Companies, CBN Has No Record.officialogomedia.blogspot.com

Buhari and NNPC have carted away the $9.6Billion Excess Tax Benefits from the Joint Venture Partners (JVPs). 

Hope For Nigeria revealed that this over-deducted tax benefit was recovered by the NNPC on September 6, 2016. The taxes were on major capital projects and Oil swap contracts from the JVSs.  

Up till This day, President and Oil Minister, Muhammadu Buhari, has pocketed this $9.6Billion and not a kobo was remitted to the Federation account and Nigerians were offered no explanation on the whereabouts of this fund. 

$9.6billion according to Hope For Nigeria is equivalent to N3.7Trillion and is about 61% of 2016 budget (N6.07Trillion). And Nigerian's were questioning why our Booming economy suddenly went into recession in less than a year of Buhari's administration. 

This is one of the reasons 2017 and 2018 Budgets Capital projects are not executed.