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Nigeria Crude Oil Sales Record N1.43trn Drop
The Federal Government recorded a decline of N1.43trillion in crude oil sales in the 2013 fiscal period, a document obtained from the Budget Office of the Federation has revealed.
The BOF in its 2013 consolidated budget implementation report jointly signed by the Minister of Finance, Dr. Ngozi Okonjo-Iweala, and the Director-General, BOF, Dr Bright Okogu, said that crude oil sales dropped by 33.69 per cent from N4.24trillion in 2012 to N2.81trillion.
Similarly, it said gas sales of N255.12billion and Brent of N180million fell below their corresponding annual projections of N359.58billion and N880million by N104.46billion (29.05 per cent) and N0.70billion (or 79.67 per cent), respectively.
The report, blamed the decline in the oil revenue on crude theft, illegal bunkering, pipeline vandalism, which it stated persisted during the period under review.
It said, “The volume of oil lifted in the period also fell short of the 2.26 million barrels per day and 2.2mbpd recorded in the third quarter of 2013 and the fourth quarter of 2012 by 0.11mbpd and 0.05mbpd, respectively.
“The drop in the volume of oil lifted during the quarter could be ascribed to supply challenges following continued crude oil theft, illegal bunkering and pipeline vandalism that had persisted in the period,” the report stated.
It, however, said that unlike crude oil lifting, the gross royalties (oil and gas) of N982.98billion, gas flared penalty of N3.19billion, petroleum profit tax of N2.73trillion and other oil and gas revenue of N4.04billion exceeded their respective annual projections of N761.08billion, N2.48billion, N2.36trillion and N3.07billion by N221.90billion (or 29.16 per cent), N0.71billion (or 28.44 per cent), N372.82billion (or 15.78 per cent) and N0.97billion (or 31.49 per cent), respectively.
On the performance of the non oil sector, the report put the aggregate non-oil receipts as of December 2013 at N2.21trillion.
This, it stated, depicted a shortfall of N637.93billion (or 22.37 per cent) below the annual projected estimate of N2.85trillion.
The performance, according to the report, showed that all the non-oil revenue items fell below their respective annual estimates.
For instance, it stated that Value Added Tax of N795.60billion, company income tax of n985.52billion and customs and excise duties of N432.64billion all fell short by N149.68billion (or 15.83 per cent), N6.52billion (or 0.66 per cent) and N360.31billion (or 45.44 per cent) when compared with their annual projections of N945.28billion, N992.04billion and N792.95billion, respectively.
It, however, explained that in line with the recent trend, revenue collections in these categories were expected to improve since a significant proportion of these revenue receipts mature at the tail end of the year.
It said, “In recent times, the government through the Budget Office of the Federation and the Federal Ministry of Finance has taken different measures aimed at improving non-oil revenue collection and payment to the treasury.
“The effects of these measures as well as the Budget Office’s regular engagement with the agencies have led to the continued growth in targets and actual revenues from the non-oil sector. This trend is expected to continue over the 2012 – 2015 period.”
But speaking on the country’s revenue structure, the Chairman, Forum of Commissioners, Federation Account Allocation Committee, Mr. Timothy Odaah, said there was a need to diversify the economy away from oil.
He said the present economic realities had made it imperative to shift the revenue base away from oil since the current dependence on oil revenue was no longer sustainable.
He said the cut in oil importation from those countries, which were some of the highest trading partners to Nigeria as well as the discovery of shale oil should be a pointer to the government that oil revenue was seriously under threat.
He said, “Our focus on oil is making our economic activities to be monolithic and it is like we are putting all of our eggs in one basket; and when there is a crack, it will affect all.
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Our Legacy’ll Leave Lasting Impression On Rivers People -Fubara
Rivers State Governor, Sir Siminalayi Fubara, has assured that his administration will collaborate and continue to consult widely in delivering a liberated State experiencing enduring peace.
Fubara said, in doing so, he would not operate as a dictator but as a member of a team that has the best interest of the State at heart and determined to leave a lasting legacy that can be celebrated.
The governor spoke during the formal presentation of Certificate of Recognition and Staff of Office to the Amanyanabo of Okochiri Kingdom, King Ateke Michael Tom, as first class tradition ruler, at Government House in Port Harcourt, yesterday.
Fubara stated that, during the Sixth State Executive Council meeting, N80.8billion was approved with 50 percent contract value paid already as the Government awarded the construction of the Elele-Egbeda-Omoku Road.
He said the project will be funded from the savings from Internally Generated Revenue (IGR) to underscore his administration’s prudence without also borrowing to complete the project.
“We are at a crossroad in our State where we all need to stand for what is right. It happens once in a life time. So, for now, be one of those people that will be in the course to liberate and free our dear State.
“And I know strongly that having the support of a peace-loving Amanyanabo of Okochiri Kingdom, having the support of the wonderful Council of Chiefs, having the support of the great people of Rivers State, we will bring peace in our State. We will do those things that are right to develop our State.
“We will continue to consult. We will not act as dictators. We will act as people who know that one day, we will leave, and when we leave, the way we have acted will speak for us. We will not force people to talk good about us. Our legacy will be a signature for how we led”, the governor said.
Fubara explained that he acted within the ambit of the law to upgrade the traditional stool upon which King Ateke Tom sits in recognition of his efforts in promoting peace in Okrika, and indeed, the State, and urged him to continue to do justice to everyone.
In his speech, Commissioner for Chieftaincy and Community Affairs, Hon Charles Amadi, congratulated King Ateke Tom for being formally presented with the Certificate of Recognition and Staff of Office as first class traditional ruler.
Also speaking, former Transport Minister, Chief Abiye Sekibo, thanked the governor for fulfilling his promise of upgrading the traditional stool of Okochiri Kingdom, and pledged the support of Kirike Se people to his administration.
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We’re Determined To Leave Legacy Of Quality Education -Fubara
Rivers State Governor, Sir Siminalayi Fubara, has promised to give the best attention to the education sector so that standard and quality learning will never be compromised in the State.
The governor emphasised that in achieving such legacy, schools in the State will be driven with a curriculum that will equip school-aged children to become competitive, innovative and self-reliant.
Governor Fubara made the assertion while inaugurating the Governing Council of Rivers State University at Government House in Port Harcourt on Wednesday.
He said: “There is a lot of noise everywhere: people asking what we are doing; that we are not focused, and that we don’t have direction.
”But I want to tell the world that we are focused and aware that we cannot grow if our energies are not channeled to education. Not just education, but purposeful education.
”Education that is creative. Education that gives you independence. We have left the era in the world when you speak too much grammar. We are in such times when it is what you can do with your hands.
”Our purpose for education is that we should bring back our academic programmes to where, at the end of your studies, you don’t need a job but you create jobs. When one creates a job, you automatically employ others. That is what I want this council to see as their task.”
Governor Fubara noted the non-existence of public secondary schools for the male child in the Diobu axis of Port Harcourt.
He said such negligence leaves children in that area who have completed primary education, and whose parents cannot afford sending them to far away secondary schools, to roam the streets, and therefore becoming willing tools for criminality.
Governor Fubara assured that such fundamental problem will be addressed by his administration as a measure to curb the negative impression associated with Diobu axis of Port Harcourt.
The governor said he trusts in the capacity of the members of the Governing Council of Rivers State University to bring about positive change in the institution while also contributing their quota to improving the general education standard in the State.
”I charge you, not just in terms of administering the affairs of the university, but let us add something different from the normal things that we already have to see new things.”
In her response, on behalf of the other members, the Pro-Chancellor of the Governing Council of Rivers State University, Justice Mary Odili (rtd), thanked the governor for finding them worthy to serve in such capacity.
Justice Odili assured they will work assiduously as a team to solve the problems that agitate the mind of the governor and ensure their contributions form part of the legacy that will be bequeathed by his administration.
The members included Justice Mary Odili (rtd) as the Pro-Chancellor and Chairman of the Governing Council with Barrister Mela Oforibika and Chukwuma Chinwo, Esq.
Others were Adata Bio-Briggs, Esq., Dr. Jonathan Nimi Hart, Ngo Martins-Yellowe, Dr. Nancy Nwankwo, Dr. Igoni William-Park, and Mr. Ogbugbu Barisua.
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Fubara, Others Eulogise Rivers First Lady’s Mother
Rivers State Governor, Sir Siminalayi Fubara, his Deputy, Prof Ngozi Odu, and key stakeholders of the State on Wednesday paid glowing tributes at the Service of Songs held in honour of late Mrs Adeline Jaja, mother of the wife of the Governor, Lady Valerie Fubara, at St. Andrew’s Anglican Church, Mile 1, Diobu, Port Harcourt.
Speaking at the event, Governor Fubara described his late mother-in-law as a great and visionary woman who lived on truth and conviction in what she believes.
“Mama was a great woman. She wasn’t a materialistic person. When she believes in you, she’ll be all out for you. She stood for me. I feel pained that, like my own mother, she left at this moment.
”Mama believed so much in God, and the wonders of God. I thank everyone, particularly the Church. On behalf of the bereaved family, we will support the Church to immortalise her name,” the Governor said.
In his homily, Vicar of the Church, Ven. A. A. Ijon-Ama, who spoke on the gains of death, said physical departure from earth was not an ultimate end but an opening for higher and permanent gain and perfection.
He pointed out that when a man has a good relationship with God, he stands to gain more in death.
Ven. Ijon-Ama described late Mrs. Adeline Jaja as a devout Christian, who exuded deep sense of hospitality, and endowed with accommodating spirit, noting that she will be greatly missed by all.
The Vicar, who prayed for the repose of the soul of Mrs Adeline Jaja, also solicited for Divine fortitude for the family to bear the great loss, and called for the immortalisation of the deceased to keep her good legacies alive.
Some family members, who spoke at the Service of Songs, extolled the virtues of the deceased, describing her as “a great community leader, counsellor, peace maker, and caring mother, who provided for the needy, and participated actively in Church activities.
Highlights of the event were special prayers for the bereaved family, conducted by the Anglican Bishop of Evo Diocese, Rt. Rev. Innocent Ordu; remarks by key family members, choir ministration, among others.
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