NNPC: Petrol subsidy gulped N714bn in seven months – Newstrends
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NNPC: Petrol subsidy gulped N714bn in seven months

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Petrol subsidy payments gulped N714 billion in the last seven months, shrinking monthly revenue accrued to the federation account.

Subsidy or under-recovery is the underpriced sales of premium motor spirit (PMS), better known as petrol.

The document showed that the country spent a total of N714.79 billion year-to-date to cater for the cost of petroleum shortfall, also known as under-recovery.

According to the document detailing the national oil company’s presentation at the September 2021 Federation Account Allocation Committee (FAAC) meeting, NNPC paid N25.37 billion in February for the under-recovery of PMS/value shortfall. It also expended N60.39 billion in March, 61.99 billion in April, N126.29 billion in May and N164.33 billion in June for the same purpose.

At the end of July and August, it paid N103.28 billion and 173.13 billion, respectively.

The Nigerian National Petroleum Corporation (NNPC), which is currently the sole importer of petrol, has been deducting subsidy payments from oil and gas proceeds due to the three tiers of government since it is not catered for in the 2021 budget.

The deductions have become the biggest factor contributing to dwindling federal allocations to government accounts, according to the NNPC document.

For instance, in August, the NNPC made a gross revenue of N389.12 billion — from which it paid N173.13 billion to settle the subsidy payment for the month. In the same month, only a meagre N80 billion was available to the federation account after deductions of other costs.

In April, it was reported that subsidy cost made the corporation not make any remittance to the FAAC in May.

The document showed that between January and August, the corporation made a contribution of N429 billion to the federal, state and local governments with a deficit of N1.25 trillion.

 

– TheCable

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Ondo poll: APC buying votes with N10,000, PDP alleges

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Ondo poll: APC buying votes with N10,000, PDP alleges

Dr. Eddy Olafeso, the Director General of the People’s Democratic Party (PDP) campaign council for the Ondo state governorship election, has accused the All Progressives Congress (APC) of vote-buying in his unit at N10,000 per voter.

Olafeso, who spoke after voting at his polling unit 005 Olumekun compound, Ward 12, Idepe, Okitipupa Local Government Area, Ondo state, said the election was peaceful in his area.

According to him, ” We have been here around 8am and everything appears in line with the electoral law especially the area i voted but our fears is the APC that has not done anything for the people in the last four years are moulding up the process by paying N10,000 to each voters, we have witnessed it here and we have complained and it appears intractable.

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“For us, no matter the kind of profligacy they are introducing into the electoral process, truth will prevail in the final analysis.

“You know it is a long process and voting is the first stage , we are waiting for it to be uploaded into IREV, we are waiting to take our from E8CA to ensure that everything is appropriately recorded.

“Like I said, the only fear is the vote buying the APC is trying to entrench into the culture of voting in Nigeria.”

 

Ondo poll: APC buying votes with N10,000, PDP alleges

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Ondo: INEC new challenge as 1.7 million votes decide next gov today

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Ondo: INEC new challenge as 1.7 million votes decide next gov today

Today, 1,757,205 registered voters in Ondo State will head to polling stations across its 18 local government areas to elect a new governor who will steer the affairs of the state for the next four years.

This marks an increase in the number of registered voters compared to the 2020 election, which had 1,647,973 registered voters, of which only 580,887 votes were recorded.

The Independent National Electoral Commission (INEC) has expressed its readiness for the exercise, deploying 4,002 Bimodal Voter Accreditation System (BVAS) devices across 3,933 polling units, with 812 units on standby in case of technical hitches.

Speaking on the commission’s preparations, the Resident Electoral Commissioner (REC), Mrs Oluwatoyin Babalola, assured the public that sensitive materials were distributed on Thursday to the Registration Area Centres (RACs) for timely deployment.

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Tinubu calls for peaceful polls

President Bola Ahmed Tinubu has called on stakeholders and voters to uphold peace during and after the election. Through his Special Adviser on Information and Strategy, Bayo Onanuga, Tinubu emphasised the importance of the election reflecting the people’s will.

“The president reminds all political stakeholders, especially the candidates, that governance is a privilege bestowed by the people. This privilege must be respected, and Nigerians deserve a free and fair election to consolidate our democracy,” the statement read.

Tinubu also commended the security agencies’ preparedness, with the Inspector-General of Police and the Chief of Defence Staff, assuring professionalism during the exercise.

Ondo: INEC new challenge as 1.7 million votes decide next gov today

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Late COAS Lagbaja gets CFR honour, buried amid tributes 

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Late COAS Lagbaja gets CFR honour, buried amid tributes 

 

The late Chief of Army Staff (COAS), Lt. General Taoreed Lagbaja, was on Friday laid to rest in Abuja, amid tears and tributes.

President Bola Tinubu conferred a posthumous award of the Commander of the Federal Republic (CFR) on the late Chief of Army Staff.

The burial took place at the National Cemetery in Abuja to end two days of funeral rites that began in Lagos earlier in the week.

His body was lowered into the grave at exactly 4:41pm after the ceremony that lasted over two hours.

Lagbaja’s casket, draped in Nigeria’s green and white colours, arrived at the cemetery around 3pm in a white funeral wagon after a funeral service at the National Christian Centre in Abuja.

Dignitaries were led to the event by President Bola Tinubu. Others are Vice President Kashim Shettima; the Acting Chief of Army Staff, Lt.Gen. Olufemi Oluyede; the Chief of Defence Staff, Gen. Christopher Musa; Minister of Defence, Abubakar Badaru, and other top government officials and military brass.

President Tinubu announced the conferment of the CFR on the late COAS during the interment at the National Cemetery in Abuja.

The President extolled the virtues of the late warrior, especially his contributions to national security.

According to him, the appointment of Lagbaja as the COAS was one of his finest made so far.

“As an eternal symbol of our appreciation, I have granted the late Chief of Army Staff, the posthumous national honour of the Commander of the Federal Republic of the Niger (CFR),” Tinubu declared.

He thereafter invited the wife of the late COAS, Mariya, to collect the award on behalf of the Lagbaja family amid applause from the congregation.

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