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Probe subsidy payments, missing oil revenue, NLC, SERAP tell Tinubu

Published

2 years ago

June 5, 2023

Probe subsidy payments, missing oil revenue, NLC, SERAP tell Tinubu

The Nigeria Labour Congress and the Socio-Economic Rights and Accountability Project (SERAP) have asked President Bola Tinubu to urgently set up a panel of enquiry to probe all fuel subsidy payments made by the Federal Government.

They also want an enquiry into alleged mismanagement of $2.1bn and N3.1tn oil revenues before fuel subsidy removal can be effected.

The probe demand follows the removal of the subsidy, which took the petrol pump price to about N500 per litre and threat by the organised labour to go on strike from Wednesday.

While the NLC President Joe Ajero called for a probe of the subsidy regime in the past eight years, with the amount paid on subsidy and the beneficiaries of the payment, SERAP said it should cover the whole period since the return of democracy in 1999.

The labour leader also urged the Nigerian National Petroleum Corporation Limited to ensure a proper account of the amount of petroleum products Nigerians consume daily.

He accused the NNPCL of refusing to disclose beneficiaries of subsidy and landing cost of petroleum products.

Ajero said, “The Nigeria Labour Congress is calling for a thorough probe in the process of subsidy to know those involved and the amount involved. Investigate it properly before it is swept under the carpet. The current attempt to sweep the fraudulent practices in the subsidy regime should not be tolerated by all well-meaning Nigerians.”

SERAP said there was a need to investigate alleged missing $2.1bn and N3.1tn oil revenues and subsidy payments between 2016 and 2019, as documented by the Auditor-General of the Federation.

It urged Tinubu to “name and shame anyone suspected to be responsible for the alleged widespread and systemic corruption in the use of oil revenues and the management of public funds budgeted as fuel subsidy and to ensure their effective prosecution as well as the full recovery of any proceeds of crime.”

In the letter dated June 3, 2023 and signed by SERAP Deputy Director Kolawole Oluwadare, the organisation said, “There is a legitimate public interest in ensuring justice and accountability for these serious allegations. There will be no economic growth or sustainability without accountability for these human rights crimes.

“Your government should urgently act to follow due process of law in any policy to remove fuel subsidy, ensure that suspected perpetrators of these crimes against Nigerians are brought to justice and full recovery of any missing public funds.”

SERAP noted that removing fuel subsidy arbitrarily “without addressing outstanding accountability issues in the alleged mismanagement of oil revenues and fuel subsidy payments would amount to punishing poverty and further impoverishing the poor while letting high-profile officials and non-state actors get away with their crimes.”

The letter read in part: “Any removal of fuel subsidy should not be used as a ploy to keep the poor in poverty while those who allegedly stole oil revenues and fuel subsidy payments keep their ill-gotten wealth.

“Allegations of corruption in oil revenues and fuel subsidy payments suggest that the poor have rarely benefited from the use and management of the revenues and payments.”

It further said, “According to the audited reports between 2016 and 2019 by the Auditor General of the Federation (AGF), the Nigerian National Petroleum Corporation (NNPC) failed to remit N663,896,567,227.58 into the Federation Account. The Auditor-General fears that the money may be missing.

“The NNPC also reportedly failed to account for the allocation of crude oil to refineries in 2019. 107,239,436.00 barrels of crude oil were lifted as domestic crude without any document. The Auditor-General fears that the crude valued at N55,891,009,960.63 may have been diverted.”

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Yuletide: Chisco deploys new luxury, mini buses, top quality services

Published

8 hours ago

January 1, 2025

Trends Admin

Yuletide: Chisco deploys new luxury, mini buses, top quality services

…hails Tinubu for 50% fare rebate

Nigeria’s Transport Company of the Year, Chisco Transport Ltd, has deployed in various routes nationwide its newly procured new luxury and mini buses with the latest innovative features in the industry.

It assured the travelling public of safe and top quality services on all its routes this Christmas/New Year season, and beyond.

It stated this in a statement released on Tuesday, adding that the company, which had been one of the country’s front runners in long distance passenger transportation and logistics for over 45 years, recently inaugurated about four new branches in order to bring its services closer to its teeming customers.

It listed some of the new branches that had helped to boost service delivery this Yuletide season as in Awka, Enugu, and on Okota Road (near Cele Bus Stop on Oshodi-Apapa expressway), Lagos.

It stated, “This is in addition to embarking on a comprehensive maintenance of the existing fleet of buses in order to ensure they are in roadworthy shape for trips across Nigeria and the Lagos-Cotonou-Lome-Accra international route.

“Apart from advanced safety features like real-time GPS tracking and efficient safety systems, the new-look Chisco Transport fleet, featuring state-of-the-art buses, has all it takes to guarantee that passengers travel in style with their comfort and safety prioritised this season.”

It stated that the updated fleet had enhanced the popular Chisco 24 to 48-hour nationwide mail and parcel services.

All these, the leading transport solutions and logistics provider said, are part of deliberate efforts to ensure seamless and comfortable bus and logistic services to the customers during the 2024 Yuletide season and thereafter.

Chisco’s Head of Business Operations, Mr Buchi Ochuba, in the statement explained that the same commitment to ensuring safe and comfortable trips out of major cities and towns before Christmas, would also be deployed to return journeys in the new year.

He said that the management was aware that the huge investments the company had been making towards upscaling its services recently earned it the Transport Company of the Year at the recent Nigeria Auto Journalists Association (NAJA) Awards in Lagos.

Ochuba reiterated Chisco Transport’s resolve to sustain the high standards that earned the company an enviable reputation, as well as continue investments in safety and comfort of travellers that have earned it the confidence of the travelling public and the auto journalists’ award.

“We appreciate the fact that in adjudging Chisco Transport the Transport Company of the Year, NAJA must have taken into consideration the high standards of our services, the over 50 new air-conditioned buses we procured recently, the new branches we inaugurated, our customer reward scheme and other investments we made to enhance passenger transportation and logistics,” Ochuba stated.

According to him, everything is in place to make certain that the teeming Chisco Transport customers all over Nigeria and on the international route enjoy top quality services, adding “We wish them a wonderful Christmas and a highly prosperous 2025.”

Chisco Transport also applauded President Bola Tinubu for the gesture of subsidising inter-state luxury bus transport fares by 50 percent this Christmas season.

Drawing attention to the importance of infrastructure to the road transportation business, the statement further commended the President for the appreciable allocations for the sector in the 2025 budget.

“We, therefore, wish to urge members of his cabinet to put in more deliberate efforts to help the President attain his vision with speedy and prudent execution inspired by patriotism.”

On the current sharp increase in fares across the routes, the award-winning transport company blamed the situation on rising costs of maintaining the buses, as well as on the high pump prices of diesel and petrol.

The Head of Operations, however, added that at the peak of every Christmas season, long distance buses are almost empty during return trips, which leads to a situation whereby the fares for the first journeys are raised to cushion the losses incurred during reverse trips.

Business

Naira exchanges N1,650/$ in parallel market

Published

11 hours ago

January 1, 2025

Trends Admin

Naira exchanges N1,650/$ in parallel market

Yesterday, the Naira appreciated N1,650 per dollar in the parallel market, compared to N1,655 on Monday.

Similarly, the Naira appreciated to N1,535 per dollar in the official foreign exchange market.

Business

Exchange rate ends 2024 at N1,535/$1, marking a 40.9% depreciation

Published

24 hours ago

December 31, 2024

Trends Admin

Exchange rate ends 2024 at N1,535/$1, marking a 40.9% depreciation

The exchange rate between the naira and the dollar ended the year at N1,535/$1 representing a 40.9% depreciation for 2024.

The official exchange rate between the naira and dollar closed in 2023 at N907.11/$1 thus depreciating by 40.9% for the year which compares to a 49.1% devaluation at the end of 2023.