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FG Spends N5trn On Fuel Subsidy …As Senate Suspends Security Summit To Honour Late Ekwueme

Published

9 years ago

January 31, 2018

The Nigerian National Petroleum Corporation (NNPC) has told the Senate Committee on Petroleum Resources (Downstream) investigating subsidy payment that the Federal Government spent N4.950.80 trillion in the exercise.
This is coming at a time President of the Senate, Bukola Saraki, has declared that NNPC stinks, vowing that those behind fraud in the corporation will be exposed.
Speaking at the hearing on subsidy payment, Group Managing Director of the NNPC, Dr. Maikanti Baru said out of the N5.121.40 trillion approved subsidy, the Federal Government has spent N4.950.80 trillion, with N170.6 billion outstanding arrears for January 2006-December 2015.
He said the figure was arrived at after deduction of N4.950.80 trillion received as payments from the N5.121.40 trillion approved subsidy claims of the corporation from January 2006 to December 2015.
Giving details of the accruals, Chief Financial Officer of the Corporation, Mr. Isiaka AbdulRazaq, traced the advent of the subsidy regime to October 2003, when NNPC was directed by government to commence the purchase of domestic crude oil at international market price without a corresponding liberalisation of the regulated price of petroleum products.
He explained that under the subsidy regime, NNPC and other suppliers of refined petroleum products were entitled to full subsidy claims to the Petroleum Products Pricing Regulatory Agency (PPPRA).
AbdulRasaq, however, noted that unlike other oil marketers, NNPC did not receive cash payment for subsidy claims as its subsidy claims were deducted out of cost payment to the Federation Account after due certification by PPPRA.
‘’In summary, NNPC submits that the amount of over N5.1 Trillion was duly approved by PPPRA as subsidy claims for NNPC. Out of this sum NNPC is still being owed N170.6 Billion,’’ the NNPC CFO said.
The Corporation called on the Senate Downstream Committee to assist in ensuring that the outstanding debt was settled to enable it effectively achieve its obligation as the supplier of last resort to the downstream sector.
Chairman of the Senate Committee, Senator Kabiru Marafa, commended NNPC for the elaborate presentation while pledging its support to all stakeholders in the sector to ensure uninterrupted supply and distribution of petroleum products
Meanwhile, Senate President, Saraki has revealed that the NNPC has remained a cistern of deep rooted corruption, illegality and abuse of financial procedures, despite frantic efforts to reform it.
Speaking at the commencement of the public hearing , Saraki said huge sum was spent on payment of fuel subsidy.
The Senate president, who was represented at the event by the Senate Leader, Ahmad Lawan, expressed displeasure over what he described as secret and opaque re-introduction of subsidy in the pricing of Premium Motor Spirit (PMS), popularly known as petrol, without an approval of a budget by the National Assembly.
He regretted that “government has not done what we need to do to nip this problem in the bud.”
Finance Minister, Mrs. Kemi Adeosun; Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele and Comptroller General of the Nigerian Customs Services, Colonel Hammed Ali, failed the appear before the committee yesyterday.
According to the Senate President, ”findings have brought to light the fact that our downstream oil and gas industry needs critical reforms.”
He further stated that it has be exposed in “spite of the stoppage of the fuel subsidy regime, and the non-appropriation of funds for the scheme due to the fraud and mal-administration going on in the scheme, that fuel subsidy payments continue to be paid from our commonwealth illegally and without appropriation by the National Assembly to a few quietly in order to dodge scrutiny and avoid exposure.”
Meanwhile, the National Summit on Security being organised by the Senate has been postponed in honour of the late former Vice President, Alex Ekwueme who will be buried on Saturday.
The summit, scheduled to hold on February 1 and 5 at the Banquet Hall of the State House was to be declared open by President Muhammadu Buhari. A statement by the chairman of the Chairman, Senate ad-hoc committee on review of security infrastructure who is also the Majority Leader, Sen. Ahmed Lawan, stated that the postponement was to honour the late former Vice President, and to also enable Federal legislators, particularly those from the South-East, participate fully in the burial programme of the late elder statement.
Lawan said a new date for the summit would be announced in due course, and extend the committee’s apology to the invited dignitaries. The summit was organised to provide an all inclusive platform for heads of security and defence agencies, Governors, traditional rulers, socio-cultural groups, civil society organizations and others, with a view to finding solutions to acute and long term security challenges in the country. Though the now postponed summit was an initiative of the Senate as part of its contribution to the resolution of the rising security challenges, it is being convened in partnership with the Presidency to find a common solution to the issue.

Featured

RSG Floats MNET Culture Content Promo

Published

3 days ago

November 6, 2026

The Tide

The Rivers State Ministry of Culture and Tourism has floated a culture content platform in collaboration with digital television group, Multichoice.

Permanent Secretary, Ministry of Culture and Tourism, Mr. Freddy Ndigbara, disclosed this after a meeting with MultiChoice Head of Content Acquisition, Don Dotun Ojon, in Port Harcourt.

He assured that content entrepreneurs and film makers would enjoy the platform by promoting culture and other contents to sell the states tourism potentials.

He said MultiChoice M-net was now open to increase its patronage for content shots on locations in Rivers State, describing the State as one that has numerous potentials for film tourism.

“We were privileged to have Don Ojon with us at the Rivers International Film Festival (RIFF) at the weekend in Bonny and he saw, first hand, the numerous sites and opportunities that are open to creatives in the State. After that, we felt it was important to deepen the conversation and he obliged. This is a cheering news for the sector in the State,” he said.

Ndigbara stated that “Rivers State has many more untold stories to tell, many more contents to reel out and the assurances from the M-net Acquisition Manager is an indication that the industry in the state will soon enjoy a new lease of life”.

The Permanent Secretary thanked Ojon for the visit and assured that creatives in the State would grap this opportunity and show the world that Rivers State is a major hub for film tourism in Nigeria.

On his part, Ojon said the visit was to discuss on ways of promoting tourism in the State using creatives and film.

Ojon said although the company has recently been acquired by canal+ France and is undergoing restructuring, he would promote the chances of Rivers State to host the MultiChoice talent factory in the State.

With Asaba, capital of Delta State, being saturated, Ojon said the next port is Rivers State, which he said is capable of building fresh crop of creatives, new locations, new story lines and concepts.

He, therefore, called for collaboration from stakeholders in the State.

Kevin Nengia

Featured

APC Presidential Campaign Storms PH, ‘Morrow

Published

3 days ago

November 6, 2026

The Tide

Barring last minute changes, the presidential campaign train of the All Progressives Congress (APC) will storm Port Harcourt, Rivers State capital, tomorrow.

This is according to a campaign timetable released by the APC Campaign Council last month.

The Tide reports that the APC presidential campaign kicked off in Kaduna on October 24 with President Bola Tinubu in attendance.

The campaign train later moved to Cross River, Gombe, Nasarawa, and Ekiti on November 2, 3, 4 and 5 respectively with the Vice President, Kashim Shettima representing the President at the rallies.

President Tinubu is personally scheduled to attend 12 states including Rivers, Kaduna, Plateau, Oyo, Borno, Enugu, Bauchi, Sokoto, Delta, Kano, Adamawa and Lagos.

The Rivers State rally, scheduled to hold at the Adokiye Amiesimaka Stadium, Port Harcourt, is expected to witness a large crowd of party supporters drawn from a coalition of political parties in the State.

The party is expected to round off its presidential campaign in Lagos State on January 9, 2027.

The Tide reports that Tinubu has not visited Rivers State as President since he assumed office in May 2023. His last physical visit to the State was before his inauguration on Wednesday, May 3 – Thursday, May 4, 2023, when he was hosted by then Governor Nyesom Wike in Port Harcourt to commission the Rumuola/Rumuokwuta Flyover and the Magistrates’ Court Complex.

Tomorrow’s visit will be his first to the State since assuming office.

Featured

2027: Be Politically Neutral, Fubara Tasks Traditional Rulers

Published

1 week ago

October 30, 2026

The Tide

Rivers State Governor, Sir Siminalayi Fubara, has charged traditional rulers in the State to maintain neutrality, ensure fairness and uphold peace in their domains as the country prepares for the 2027 general elections.

Fubara gave the charge on Wednesday while declaring open the 126th, 127th and 128th Combined Quarterly Meeting of the Rivers State Traditional Rulers Council, in Port Harcourt.

The governor said the primary function of traditional rulers is to administer justice and ensure fairness, saying their conduct must not lead to division and unmanageable crises.

“Let me therefore, request, if that is the right word to use, that please, as we are entering into this political season actively, everyone should ensure that your conduct promoted peace in your place. Your actions should not be what would lead to the division and multiple crisis that we cannot manage as a government.

“I think with that, we can all live as one and we can also continue to make this progress that we are trying with all our mind, our body and our soul, to ensure that we deliver to our dear State,” he said.

Fubara urged the royal fathers to abide by the oath and constitution they swore to before ascending their respective stools, in the interest of stability and progress of the State.

He also enjoined them to set aside individual sentiments and place the interest of Rivers State above personal considerations, noting that this principle has guided his own day-to-day governance of the State.

“I want to enjoin everyone to keep aside issues of individual sentiments and ensure that the interest of our state supersedes whatever thing that we have in our mind. This is not just what I’m saying here, it is what I’ve also practiced and displayed in my day-to-day life in the governance of our dear State,” he said.

On the appeal for improved welfare for traditional rulers, the governor clarified that the delay in actualising some of the requests they made in the past was not from the government but from the inability of the Council to put its house in order.

Fubara explained that the issue of stipends paid to the traditional rulers by the local government councils, was a statutory benefit provided for in the constitution and not what a state governor can change by mere verbal pronouncements.

He assured that he remains a man of his word and will fulfill his promises to the traditional rulers before leaving office, next year.

He reaffirmed his respect for the traditional institution as custodians of culture and the closest link to the people, thanking them for their prayers and support.

The governor urged the royal fathers to ensure that the combined quarterly meeting featured fruitful deliberations that will strengthen peace and development in the State.

Earlier, the Chairman of the Rivers State Council of Traditional Rulers and Paramount Ruler of Apara Kingdom, His Royal Majesty, Eze Chike Amadi Worlu Wodo, expressed profound gratitude to the State Government for its efforts in maintaining a cordial relationship with the traditional institution.

Wodo highlighted the importance of traditional rulers in conflict resolution, noting that their closeness to the people places them in a strategic position to mediate in disputes involving chieftaincy matters, family disputes and land ownership in their respective communities.

The royal father drew the attention of the State Government to some challenges affecting the performance of the traditional institution, particularly the lack of official utility vehicles and logistical support needed to discharge its responsibilities effectively.

He also appealed for improved monthly stipends and better welfare provisions to reflect prevailing economic realities.