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NNPC to deduct N215bn from FAAC remittance in September

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The Nigerian National Petroleum Corporation (NNPC) says it will deduct a total sum of N215.32 billion from its remittance to the Federation Account and Allocation Committee (FAAC) in September 2021.

This is contained in a document presented by NNPC at a two-day FAAC meeting.

 

NNPC explained that the FAAC remittance deductions is a combination of a N175.32 billion value shortfall and N40 billion joint venture (JV) cost recovery.

 

In recent months the national oil company has made deductions from its contributions to the federation.

The corporation deducted N170.4 billion in August, N114.3 billion in July; and about N126 billion in June from its FAAC remittance.

 

“Out of the value shortfall of N143,286,281,752.62, the sum of N103,286,281,752.62 was applied on the Gross Domestic receipts before arriving at the net receipt of N67.28bn in order to make funds available for JV cost recovery to sustain the existing production level,” the document reads.

 

“The July, 2021 value shortfall of N175,317,701,294.80 & outstanding balance of N40,000,000,000.00 will be deductible from the August, 2021 proceeds due for sharing at the September, 2021 FAAC meeting.”

The document showed that between January and August, NNPC made a contribution of N349.25 billion to the federal, state and local governments with a deficit of N1.12 trillion.

 

A breakdown of the FAAC remittances includes N90.86 billion in January; N64.16 billion in February; N41.18 billion in March; N38.61 billion in May; N47.16 billion in June and N67.28 billion in July.

 

However, zero contributions were made in April which the NNPC noted that it was necessary to ensure the continuous supply of petroleum products to the nation and guarantee energy security.

 

Furthermore, the corporation said: “The overall NNPC Crude Oil lifting of 8.66 million barrels (Mbbls) (Export & Domestic Crude) in June 2021 recorded 19.84% decrease relative to the 11.58Mbbls lifted in May 2021.

“Nigeria maintained 1.554 Million barrels per day (bpd) OPEC Production cut in June 2021; Crude Oil export revenue received in July 2021 amounted to $12.95 million equivalent to N4.97 billion; while Domestic Gas receipts in the month was N6.8 billion”.

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Nnamdi Kanu: I lectured Abaribe on how to live in prison – Shehu Sani

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Shehu Sani, a former Kaduna Central Senator, has recalled lecturing Senate Minority Leader, Senator Eyinnaya Abaribe on how to live in prison.

Sani said he used to lecture Abaribe on how to live in prison in case he gets prosecuted over his Biafra agitation.

He disclosed this while sharing a throwback photo of himself having a discussion with Abaribe on the floor of the Upper Chamber.

In a post on his Facebook page on Wednesday, the former lawmaker disclosed that Abaribe also tried to convert him into believing in the Biafra ideology.

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He wrote: “My good friend Senator Abaribe was trying to convert my citizenship to Biafra while I used to give him lectures on how to live in prison when they come for him, using my years of experience in Kiri Kiri, Port Harcourt and Aba Prisons in the 90s.”

Abaribe had stood as one of the sureties for Nnamdi Kanu, leader of the Indigenous People of Biafra, IPOB, in 2017.

But Kanu jumped bail and fled Nigeria after regaining his freedom, following a ruling by Justice Binta Nyako of an Abuja Federal High Court.

Following Kanu’s action, it was believed that the Nigerian government would go after Abaribe as he risked imprisonment.

However, Kanu was rearrested in July and is currently facing trial.

Daily Post

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Plateau lawmakers fight over mace, impeach speaker

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There was a rancorous situation on Thursday at Plateau State House Assembly as the legislators fought over the mace, the symbol of authority, leading to the impeachment of the Speaker, Abok Ayuba Nuhu.

Nuhu was promptly replaced with Sanda Yakubu, who from Pingana constituency of the Bassa Local Government Area of the state.

It was leant that as early as 5.30am on Thursday, members of the assembly had started arriving at the chamber of the house.

The rumours about the impeachment of Abok had started a week ago when press releases and write-ups went viral on social media over his clash with the state governor, Solomon Lalong.

The lawmakers almost exchanged blows when the issue of the impeachment was tabled in the house on Thursday. The Peoples Democratic Party members, who were loyal to the speaker, took the mace to prevent the impeachment.

But the All Progressives Congress members, who were in the majority insisting on the impeachment, dragged the mace and placed it in its position, and went ahead with the process.

It was learnt that before the state lawmakers converged on the house, the road leading to the assembly was blocked by security operatives.

There had been grudges between Governor Simon Lalong and the impeached speaker following the attack in Yelwan Zagam, the community of Jos North, where people were killed.

After the attack, the speaker started criticising the governor openly. He also stopped attending public functions in the state.

 

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Ogun gives land encroachers 1 month grace to process titles

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Dapo Abiodun

Ogun State Governor Dapo Abiodun has announced a one-month moratorium for residents and entrepreneurs who have encroached on the state government-acquired land.

He announced this at the launch of an online portal, Ogun State Land Administration and Revenue Management System (OLARMS), at the Tech Hub in Abeokuta.

The governor gave them up till November 30 to apply for ratification of their documents.

In his address, the Chief Economic Adviser and Commissioner for Finance, Dapo Okubadejo, said the portal will also offer those who have encroached on the state government land in different parts of the state an opportunity to get title documents via the Property Registration Programme (PRP) for only a defined period.

Daily Trust

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