News

FAAC Uncovers N37.76bn Shortage In NNPC’s Revenue

Published

8 years ago

March 28, 2018

The monthly Federal Account Allocation Committee (FAAC) meeting, which began yesterday was inconclusive due to discrepancies of about N37.76 billion in revenue presented by the NNPC, as representatives of the 36 states and the Federal Capital Territory, Abuja returned home yesterday disappointed as the Federation Accounts Allocation Committee (FAAC) meeting ended in confusion in Abuja amid disagreements over revenue figures presented by the Nigerian National Petroleum Corporation (NNPC).
The meeting, convened to consider and approve statutory revenue allocations for February, came to an abrupt end on a note almost becoming a familiar refrain for NNPC in recent times.
About an hour after the inconclusive meeting, the finance minister, Kemi Adeosun, announced it would continue on Wednesday morning. She also said she would hold a crucial meeting with the NNPC chief.
Last December, the FAAC meeting was equally stalemated, as members could not reconcile the revenue figures presented by the national oil company, which told a shocked nation at the height of a recent fuel crisis it spends N774 million daily to guarantee steady supply of petroleum products.
With a free pass granted the corporation to deduct as operational cost whatever expenses it incurs from fuel supply before remitting the balance to the Federation Account, close watchers of NNPC operations said Tuesday’s crisis was expected.
During the meeting, representatives of the states, consisting accountants-general and commissioners of finance, said it was their consensus not to approve the allocations to the three tiers of government for the month.
They described the discrepancies in revenue figures presented by the NNPC as a bad omen to workers in the country who may have to go without salary for the month until the issue is resolved.
The Accountant-General of the Federation, Mr Ahmed Idris told newsmen in Abuja, that the meeting was inconclusive because of irregularities in figures presented by the NNPC.
“Obviously, you are all aware that anything that has to do with federation revenue is statutory and, therefore, constitutional and we must always verify our figures to the last kobo.
“Failing to do so will amount to committing illegality and unconstitutionality. “It is on this note that we observe some issues in the figures given by one of the major revenue generating agencies namely the NNPC.
“The committee is of the opinion that until and unless these figures are reconciled, corrected, verified and factual; we cannot distribute the revenue as the case is.
The Accountant-General of the Federation, Ahmed Idris, who confirmed the development to reporters shortly after the meeting, at the headquarters of the Federal Ministry of Finance, Abuja, said a new schedule for the meeting would be communicated on a later date.
Mr Idris said the decision to postpone the meeting followed the discovery of “understated revenue” remitted by the NNPC into the Federation Account.
“We have just retired out of the Federation Accounts Allocation Committee meeting for the month of March where we considered the revenue figures for the federation for the previous month of February.
“Let me again be quick to inform Nigerians that we are sensitive with the issue and to the fact that state governments may find it difficult without this money. “But we have to follow the constitution and the laws for distribution of revenue,’’ he said.
Also, the Chairman, Forum of FAAC Commissioner, Mr Mahmoud Yunusa, said the forum rejected the amount presented by the NNPC because it was far lower than what was projected for the month. He argued that if the NNPC could not surpass what they presented in February, then they should not present anything less than what they presented the previous months.
“We started this meeting last week and NNPC did not submit their figures until yesterday (Monday), which we were not able to review until this morning.
“This morning when we were reviewing the figures as presented by the NNPC, it came as a great surprise to see that the amount was less than N100 billion. “So we (states) decided that we will not collect the amount presented, “We are contesting the figures because pipeline vandalism has reduced, while crude oil prices have continued to go up.
“On this note, we are wondering why the nation cannot raise enough money through that sector to share to states so that everyone can pay workers, contractors and so on. “We are well aware that this development may affect the payment of salaries in states, but we cannot hurriedly accept this money and then later cry foul play. “So, we should all be patient.
But we hope that with this latest development, NNPC will do the needful as soon as possible,’’ he said. Meanwhile, in a document obtained by the our correspondent, the NNPC paid in N74.06 billion into the federation account as oil revenue generated in the month of February, to be shared in March.
“Compared to the collection of N111.84 billion in Jan. 2018, the February collection of N74.06 billion is lower by N37. 76 billion or 33 per cent. “We were unable to meet the approved budget as a result of low collection from Concession Rentals and Petroleum Sharing Contracts (PSC) Royalty.
“We wish to note that the sum of N30.5 million for the Misc Oil revenue and N6.11 million for Gas Flared are on transit at the end of Feb. 2018.
“Furthermore, we received $16. 56 million out of the $85.94 million expected from PSC and MCA lifting for the month under review, therefore leaving $68.65 million as outstanding,’’ NNPC said.

News

Cleric Predicts Breakthrough, Warns of Political and Security Challenges in 2026

Published

2 days ago

January 12, 2026

The Tide

The Founder and Senior Pastor of Liberty Hour Ministry, Port Harcourt, Apostle Chikadibia John Wodo, has expressed optimism that 2026 will usher in uncommon breakthroughs and good fortune for Nigeria, particularly in the areas of political, economic, and spiritual development, with Rivers State playing a key role.

Apostle Wodo made this declaration in his special New Year message, where he stated that individuals and forces standing as obstacles to the manifestation of God’s will in the new year would face bitter consequences. He cautioned that corrupt political leaders risk backlash from the very people they govern if they fail to change their ways.

The cleric warned against the escalation of political tension in Rivers State and called on residents and religious leaders to intensify prayers for lasting peace. He also urged Governor Siminalayi Fubara to remain resolute in leadership, reminding him to uphold his vows to God by continually seeking divine guidance in decision-making and governance amid evolving challenges.

Assessing the broader national situation, Apostle Wodo called on Nigerian leaders to repent and govern with a heightened sense of responsibility, noting that the cries and supplications of the masses have drawn divine attention. He further warned of alleged plots to disrupt a smooth democratic transition in 2027 and appealed for prayers to avert such an agenda.

According to him, Nigerians are yearning for genuine socio-economic transformation and freedom from political oppression. He challenged the Independent National Electoral Commission (INEC) to redeem its credibility by ensuring free, fair, and credible elections devoid of undue political interference.

The cleric also predicted that insecurity could worsen in the coming year and warned of the possible emergence of a strange ailment, stressing that Nigeria’s political challenges can only be resolved through equity, fairness, and justice, especially in the treatment of minorities, the vulnerable, and the disadvantaged.

Apostle Wodo further claimed that some clerics and General Overseers have compromised their faith and incurred divine displeasure, calling for sincere repentance to restore their relationship with God. He also advised early preparedness to mitigate natural disasters such as fire outbreaks and flooding, particularly in rural communities.

He concluded by urging Nigerians to remain prayerful, vigilant, and united as the nation navigates the opportunities and challenges of 2026.

News

Ado Royal Family Disowns Alleged Installation of Amanyanabo of Okrika

Published

2 days ago

January 12, 2026

The Tide

The Ado Royal Family of Okrika has firmly disassociated itself from the alleged self-enthronement of Hon. Godknows Tam George as the Amanyanabo of Okrika and Clan Head, describing the action as unlawful, illegitimate, and a threat to the peace of the ancient kingdom.

The family, which described itself as the sole legitimate custodian of the history, traditions, and stool of the Amanyanabo of Okrika, stated that it has not installed any king and has not commenced the formal process for such installation.

This position was contained in a statement jointly signed by Prof. Sotonye Fyneface-Ogan (Ogan Ado Royal House), Alabo Engr. Henry Semenitari Abam (Abam Ado Royal House), and Alabo Prince Oriyeorikabo Fibika (Fibika Ado Royal House). The statement was presented to journalists on Friday at the Nigeria Union of Journalists (NUJ) Press Centre, Moscow Road, Port Harcourt.

According to the statement, the purported action by Hon. Tam George amounts to “a blatant assault on the collective integrity of the Okrika people” and constitutes “a criminal act of impersonation with the potential to destabilize the peace and socio-political fabric of our ancient kingdom.”

The family stressed that Hon. Tam George was never presented as a candidate by the Ado Royal Family and did not undergo any of the mandatory rites, consultations, or confirmations required by Okrika customs.

“The Ado Royal Family has never presented him as a candidate, nor has he undergone any of the prerequisite rites, consultations, or confirmations. His actions are those of a lone interloper, operating in a vacuum of legitimacy,” the statement read.

It further emphasized that the stool of the Amanyanabo of Okrika and Clan Head is a sacred institution rooted in centuries-old traditions and spiritual heritage, not something to be claimed through academic qualifications, political ambition, or personal interest.

Speaking during the briefing, Prof. Sotonye Fyneface-Ogan reiterated that the process of crowning an Amanyanabo is clearly defined and has not yet begun.

“To crown a king, there is a process, and those processes have not taken place,” he said. “We are the chiefs; we are the ones that will be part of the selection. Honestly, we have not started the selection process; we have only begun discussions.”

He explained that during the proper selection process, chiefs supervise nominations from each constituent house, with each house expected to nominate two or three candidates—steps which, he noted, have not been carried out.

“I want to assure the public that none of the Ado family chiefs has given Hon. Tam George any sign of approval,” Prof. Fyneface-Ogan added.

Efforts to obtain the reaction of Hon. Godknows Tam George proved unsuccessful. Repeated attempts through phone calls, text messages, and WhatsApp messages were unsuccessful, as he did not respond as of the time of filing this report.

By: Tonye Orabere

News

PH Traders Laud RSG’s Fire Safety Sensitisation Campaign

Published

2 days ago

January 12, 2026

The Tide

Traders in Port Harcourt, Rivers State, have commended the Rivers State Government (RSG) for its ongoing fire emergency and safety sensitisation campaign across major markets in the state.

Speaking on behalf of traders at Nowa Market, Borikiri Old Port Harcourt Township, the market chairman, Mr. Innocent Chukwuma, praised Governor Sir Siminalayi Fubara for initiating the awareness programme in designated markets and public places.

Chukwuma described the exercise as timely and impactful, noting that it was the first time the Rivers State Government had carried out such a campaign in Nowa Market. According to him, the sensitisation would educate traders on fire emergencies and the necessary precautions to prevent outbreaks.

He urged traders to strictly apply the safety measures taught during the campaign, both during business hours and after closing their shops.

“I want to thank the Rivers State Governor, Sir Siminalayi Fubara, and the Ministry of Special Duties for coming to our aid, especially during this dry season,” Chukwuma said.

“This is the first time we are seeing government presence in our market in this manner. We lack words to thank our God-sent governor, particularly for providing us with fire extinguishers and other firefighting equipment.

“We will do exactly what we have been taught today to ensure there is no fire incident in our market. We will always switch off all electrical appliances before closing for the day,” he added.

Similarly, the Chairman of Mile 3 USTRE Modern Market, Mr. Gift Nkesi Benjamin, applauded the state government for the distribution of fire extinguishers and other fire safety equipment.

“We will adhere strictly to the safety guidelines and instructions given to us today to ensure there is no fire outbreak in our market,” Benjamin stated.

“On behalf of Mile 3 USTRE Modern Market, I sincerely thank the Rivers State Government and the Ministry of Special Duties for bringing this important campaign to our market.”

At Rumuwoji Market (popularly known as Mile 1 Market), the Chairman, Chief Hon. Godpower O. Wobo, also expressed gratitude to the state government for the sensitisation exercise. He assured that traders would comply fully with government directives to prevent future fire incidents.

Responding on behalf of Governor Siminalayi Fubara, the Permanent Secretary of the Ministry of Special Duties, Mr. Sokari D. P. George, thanked the traders for their cooperation and warm reception.

He emphasised that safety remains paramount, especially during the dry season, and urged traders to be cautious in their daily activities.

Mr. George disclosed that the theme of the 2025 fire safety campaign is “Controlled Fire Is a Friend, Uncontrolled Fire Is an Enemy.”

He cautioned against refuse and bush burning around buildings and warned traders not to store fuel in unauthorized places such as homes, offices, markets, or public buildings.

“Follow all fire safety guidelines and instructions,” he urged.

The permanent secretary also noted that Governor Fubara prefers a zero-fireworks approach during festive periods to ensure public safety, stressing that the government has invested heavily in markets and expects traders to take responsibility for protecting them.

By: Kiadum Edookor