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Oil Subsidy Gulps N6.210trn In Eight years

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Minister of Finance and National Planning, Zinab Ahmed, says a total of N6.210 trillion was paid to independent oil marketers as Premium Motor Spirit (PMS) subsidy by the Nigerian National Petroleum Company (NNPC) in eight years.
Ahmed, who stated this Friday, when she appeared before the House of Representatives Ad-hoc Committee on Petroleum Products Subsidy Regime from 2013-date, said payment period was between 2013 to 2021.
She explained that the government was currently paying N283 as subsidy on every litre of  PMS imported into the country by the NNPC Limited.
The Minister, who reiterated that subsidy on PMS is not sustainable as it is exacting pressure on the finances of the country, expressed hope that the subsidy regime will come to an end soon.
“I am going to address issues as highlighted by the lawmakers in the letters sent to us. Deduction of PMS under recovery shortfall by NNPC for the period 2013 to 2022, we are reporting that there is  a total sum of N4.436 trillion, which was deducted as PMS under recovery by NNPC for the period January 2013 to December 2021.
In the report, it shows the amount that were deducted in the period under review.
“Also in the report is the summary of subsidy that has been paid to independent oil marketers from 2013 to 2016 and in this report we are reporting the sum of N1.774 trillion has been paid to independent oil marketers as PMS subsidy from 2013 to 2016.
“The total sum of N6.210 trillion was expended from PMS under recovery by NNPC and payment to independent oil marketers from 2013 to 2021.
“On the funding of subsidy payments to independent oil marketers for 2013 to 2016, payments that have been made to them were directly from domestic excess crude account through the deduction of Sovereign Debts Instruments (SDI).
“They are negotiable short term instruments that were issued by government at the time to enable marketers access financial support from their banks for the importation of PMS’’.

“The instrument was approved by the then President in 2010. It is also important to note that we have instances where funds are transferred from the consolidated revenue fund to the domestic excess crude account for subsidy payments.

“For 2015, N31 billion, again same year N106.1 billion transferred from the CRF in another instance to the domestic excess crude account.

“In 2016 there was another transfer of N40 billion from the CRF to same account for the purpose of settling PMS subsidy to oil marketers.

“There was also the sum of N413.363 billion which was provided through short term funding by the Central Bank of Nigeria. The details by the President for the approval of this funding is also attached to the document submitted to the committee.

“With respect to transfer of funds by NNPC and its affiliates to the treasury single account, the Ministry has obtained evidence as enclosed in annex 9 of the report.

“The Ministry is also not in the position to provide statement of account of NNPC and its affiliates. The parliament should ask for this directly from them”, the report stated in part.

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City Crime

Police Rescue Abducted Varsity Student

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The Police Command in Cross River State on Monday confirmed the rescue of a 24-year-old law student of University of Calabar, by joint security operatives.
Spokesperson of the command, SP Irene Ugbo, who confirmed the development to newsmen in Calabar, said the victim, Deborah Effiom, was rescued from her abductors on Wednesday, September 14, after 13 days in captivity.
Ugbo said the rescue operation following intelligence report was carried out by a combined team of operatives from the Police, Army and Air Force.
She explained that the student was abducted by gunmen from her residence in Calabar Municipality Local Government Area, where she resides with her parents, on August 31, and taken to an unknown destination in her mother’s car.
The Command’s spokesperson disclosed that two of the five suspected kidnappers were killed during the rescue operation.
Ugbo also disclosed that the N5.05 million that was paid as ransom to secure her freedom as well as her mother’s car were also recovered from the abductors.
“They demanded money for their victim’s feeding and N50,000 was paid through a POS operator who is now in our custody.
“They further made a demand of N5 million ransom which was also paid to the POS operator who is their receiver, but they never knew that security operatives were on their trail all along.
“While two of the kidnappers were killed in the process of securing the girl’s release, three others escaped with bullet wounds.”

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Ortom Blasts APC Guber Candidate Over Allegations

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Governor Samuel Ortom of Benue State is to commence legal action against the governorship candidate of the All Progressives Congress, APC, Rev. Fr Hyacinth Alia, and his campaign team over a recent damning statement against his person and office.
The APC governorship candidate in a statement by his Head of Communication, Alia ‘23, Mr Kula Tersoo, had accused Governor Ortom, of allegedly fleecing the state.
According to the statement, “Governor Ortom and his gang led by Speaker Titus Uba should be ready to tell the people of the state why as the Chief Executive of the state, he roguishly padded the wage bill of the state from N2.7billion to N7.8billion.
“Ortom should be ready to convince the Benue people on why he usually send thugs after the Senior Citizens he is owing over 30 months of pensions and gratuity anytime they are out for peaceful protests.”
Reacting in a counter-statement, Governor Ortom through his Chief Press Secretary, Nathaniel, said “the statement in the media, credited to the Communications Team of the disputed governorship candidate and suspended priest, Hyacinth Alia of the APC in Benue State is puerile, unfounded and beer parlour conjectures. The author showed how desperate the APC is willing to market all sorts of barefaced lies to gain unhindered access to the state treasury.
“First, it is baffling that the campaign team of the suspended priest chose to deploy blackmail and falsehood as an art and weapon to ride to power in 2023. We find this absurd and should be completely out of tune with the character of one who wishes to be trusted with state power.
“Hyacinth Alia who has failed in the church and wants to take cover in the political space, now bandy humongous figures of money alleged to have been received and spent by the administration of Governor Samuel Ortom. This is cheap and it shows the level of desperation in that camp.
from electoral defeat in 2023.
“In any case, Alia is not in contest for the 2023 Benue Governorship seat because no primary election was conducted. Even at that, the PDP is strong enough to face any party at the polls next year.”

 

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City Crime

The Golden Test

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Edey work. Yes e dey work well well

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