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Fuel Subsidy Hits N816bn In Seven Months

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Fuel Subsidy Hits N816bn In Seven Months
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Fuel Subsidy Hits N816bn In Seven Months

The Nigerian National Petroleum Corporation (NNPC) in the last seven months spent over N816billion in subsidising the cost of Petroleum Motor Spirit (PMS) for Nigerians, a report has shown.

Despite this, within the period, the country lost another N182billion to product losses, which is about 22.3percent of the total cost spent on subsidy.

According to the industry’s report obtained from the Corporation’s website, the NNPC started recording what it described in its books as “value shortfall” from February.

As a result, the Corporation’s statutory remittance to FAAC had at a point, dwindled within the period.

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A breakdown of the figures showed that within the period under review, the shortfall steadily rose from N25.3billion in January to N164.3billion recorded in May.

But in June, the total shortfall according to the document dropped to N143.3billion and again rose by about N30billion, that is, N173billion in July.

However, from the accrued shortfall within the period, the NNPC said it was only able to deduct a total of N715billion from its net sales proceeds to cover the difference between the landing cost and the ex-coastal price of PMS.

It said the differential outstanding would be deducted from its sales proceed in subsequent months.

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The NNPC stated that this became imperative in order to make funds available for Joint Venture JV cost recovery, so as to sustain the existing production level.

Fuel Subsidy Hits N816bn In Seven Months

Meanwhile, the NNPC had previously stressed that the shortfalls had affected the revenues accruable to the Federation even as it awaits the outcome of engagements between the Federal Government and other relevant stakeholders.

Earlier in July 2021, the former NNPC’s Spokesperson, Dr. Kennie Obateru, had noted that there was no subsidy, as such was not provided for in the budget.

However, he stated that the Corporation currently is faced with under-recovery which was still been carried as part of its operational cost.

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His words: “We can only talk about undercover. There was no budgetary provision for a subsidy even when we know that Nigerians are buying products, that is; PMS is less than what it should be.

“But NNPC has been carrying that on behalf of Nigerians for now and it is part of our operational cost which is why we call it under-recovery. The account is done monthly and in arrears.”
However, with the Petroleum Industry Act (PIA) in place, the era of subsidy would soon be phased out as stated in the provisions of the act.

Tribuneonlineng.com

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High Court Affirms Appointment Of 75 Obas Sacked By Abiodun

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High Court Affirms Appointment Of 75 Obas Sacked By Abiodun
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High Court Affirms Appointment Of 75 Obas Sacked By Abiodun

An Ogun State High Court sitting in Abeokuta on Tuesday affirmed the appointment of the 75 coronet Obas installed by the former Governor, Senator Ibikunle Amosun.

Amosun had upgraded the 75 village heads to Coronet Obas nine days to the expiration of his administration .

But on assumption of duty, Governor Dapo Abiodun set up a committee, which reviewed and recommended that the promotion of the traditional rulers from Baale to Oba be reversed.

In February, Abiodun announced the demotion of the Obas, as recommended by the committee chaired by the Olu of Ilaro, Oba Kehinde Olugbenle.

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Miffed by the development, the 75 Obas dragged the governor and other officials of the state government to court, asking for their reinstatement and payment of their entitlements.

The coronet Obas also got a interlocutory injunction that maintained their appointment as coronet Obas till the Court said otherwise.

The Presiding Judge, Justice Abiodun Akinyemi, in his judgement declared the removal of the Obas, null and void.

Akinyemi also granted the Obas a perpetual injunction, barring the defendants, the Ogun State Governor, State Commissioner for Local government and Cheiftancy Affairs, the Permanent Secretary of the State Ministry of Local government and Cheiftaincy Affairs or its agents from removing them from office except in fulfilment of the law.

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High Court Affirms Appointment Of 75 Obas Sacked By Abiodun

He also ordered that the claimants (the coronet Obas) be paid all renumeration attached to their offices from the date of their installation up till the moment of the judgement.

The Judge also ruled that the Obas were not given a fair hearing by the review committee set up by the State Governor, faulting the process.

On the argument raised by the defending counsel that the then Executive Council was misled before the appointment of the Oba, Justice Akinyemi ruled that there is know evidence of misleading in the evidence presented by the defence counsel and that if there was ever a misleading evidence ,it didn’t come from the claimants.

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He said the misleading evidence came from the State Ministry of local government and Chieftaincy affairs represented by the then Commissioner in the Ministry as a member of the then State Executive Council.

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Malami Begins Probe Into Reported Fraudulent Sale Of FG’s Recovered Assets

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Malami Begins Probe Into Reported Fraudulent Sale Of FG's Recovered Assets
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Malami Begins Probe Into Reported Fraudulent Sale Of FG’s Recovered Assets

Mr Malami says a syndicate reportedly from the ministry reportedly sold federal government’s recovered assets “without his knowledge”.

The Attorney General of the Federation and Minister of Justice, Abubakar Malami, has set up a panel to probe alleged fraudulent sale of recovered assets of the federal government.

Mr Malami said the federal government was yet to commence sale of its recovered looted assets.

In a press statement on Tuesday, Mr Malami’s spokesperson, Umar Gwandu, acknowledged a media report, claiming that a “syndicate allegedly from the ministry sells federal government’s recovered properties without the knowledge of the Honourable Attorney General of the Federation and Minister of Justice.”

“It is important to set the record straight that the office of the Honourable Attorney General of the Federation and Minister of Justice has not officially started the sale of Federal Government’s property,” the statement read in part.

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Mr Gwandu also said the AGF neither approved nor ordered the sale of any property.

“The Honourable Attorney General of the Federation and Minister of Justice Abubakar Malami, SAN has set up a 5-member Committee to investigate and verify the authenticity of the media report which allegedly claims that syndicate from the Federal Ministry of Justice sells Federal Government’s recovered properties without the knowledge of the office of the Honourable Attorney General of the Federation and Minister of Justice.”

Mr Gwandu made reference to a circular signed by the Solicitor General of the Federation Umar Mohammed, dated November 29, 2021.

Malami Begins Probe Into Reported Fraudulent Sale Of FG’s Recovered Assets

The circular was titled, ‘The Constitution of a Committee to investigate the alleged sale of Federal Government of Nigeria’s Property by syndicate in the Ministry’.

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“A committee is hereby constituted to investigate the allegation with the view to unravelling the veracity or otherwise of the publication” the circular partly read.

According to the statement, the committee chaired by the Director Public Prosecution of the Federation, was inaugurated on Tuesday.

It is saddled with the responsibility of unveiling the accuracy of the publication and recommend ways of handling the matter in accordance with the provisions of the extant laws.

It is expected to complete the assignment within one week and submit its report of their investigation to the Solicitor General of the Federation and Permanent Secretary of the Federal Ministry of Justice.

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“Individuals, groups, companies, institutions or organisations that claimed to have associated with the alleged syndicate from the Federal Ministry of Justice in relation to purchase of houses, landed property, vehicles, vessels, plants and machineries belonging to the Federal Government are encouraged to come out with any information, evidence or document regarding the alleged sales,” Mr Malami was quoted to have urged Nigerians.

Mr Gwandu said the “Secretariat of the Investigation Committee can be contacted at the Office of the Director Public Prosecution of the Federation, Federal Ministry of Justice and be reached within one week from 1st December, 2021 or via email: investigation.committee@justice.gov.ng.”

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Just in: Members of National Assembly fight over Army recruitment

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Just in: Members of National Assembly fight over Army recruitment
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Just in: Members of National Assembly fight over Army recruitment

Uneasy calm on Tuesday evening pervaded the Senate wing of the National Assembly as members of the Senate Committee on Army clashed over alleged lopsidedness in recent recruitments carried out by the Nigerian Army, NA.

The development happened during an interactive session between members of the committee and the Commander, Training and Doctrine Command of the Nigerian Army, Major General S.O Olabanji.

Trouble started when a member of the committee who doubles as the Deputy Minority Whip of the Senate, Senator Abdullahi Ibrahim Danbaba (PDP Sokoto South) took up General Olabanji on alleged lopsided nature of recruitment carried out by the Army recently.

But the acting chairman of the committee, Senator Abba Moro (PDP Benue South) who presided over the session, ruled Danbaba out of order, saying “this meeting is not for such enquiry.”

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Apparently irked by the development, another member of the committee, Senator Barinada Mpigi (PDP Rivers South East), raised the issue again, saying “lopsidedness in recruitment is not an issue to be put aside or rule against.”

Senator Moro again ruled against the enquiry, insisting that the session was not for review of recruitment made by the Army, but on Tactical Training and Doctrine men and officers.

“The questions being raised by my colleagues on alleged lopsided recruitments are being thrown to the wrong person. The Chief of Army Staff, Lt – Gen. Farouk Yahaya is the one who can do justice to such allegation or enquiry,” he said.

Angered by the insistence of Senator Moro that questions on recruitment should be entertained at the session, Senators Danbaba and Mpigi stormed out of the meeting.

Expressing his anger to journalists on what transpired at the session, Senator Danbaba said he walked out from the meeting with Senator Mpigi based on dictatorial action of Senator Moro.

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“He shouldn’t have ruled us out of order since the military man whom the question was directed to, did not complain.

Just in: Members of National Assembly fight over Army recruitment

“The issue of marginalization in recruitment has never been responded to, it is part of the oversight process of the committee to ensure that whatever is to be done should be done to ensure justice, the Nigerian Army like any institution of government in Nigeria is supposed to comply with provisions of the Constitution of the Federal Republic of Nigeria 1999 as amended and that constitution has made it very clear that the issue of federal character and representation is paramount as a constitutional issue.

“I’m not blaming the Army, the Army has been performing very well, but at the same time, the issue of recruitment is very very important.

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“I left the meeting, I stormed out with Mpigi because we were angry,” he said.

Defending his action, Senator Moro in a counter interview with journalists, said he had no any regret for ruling Danbaba out of order as far as the issue of alleged lopsided recruitment was concerned.

“Danbaba and Mpigi’s questions were directed to a wrong person. What explanation were they expecting from Commander, Training and Doctrine Command on recruitment.

“Besides, the committee had tabled the issue before the Chief of Army Staff few months ago with response bothering on physical and medical reasons for those recruited and those who failed in the exercise,” he stressed.

It was, however, gathered that Senator Danbaba vowed to take the matter to the Leader of the Senate, Senator Yahaya Abdullahi (APC Kebbi North) for formal complaint.

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