Business
Senate uncovers N120bn disparity in subsidy payment
The Senate Committee on Public Accounts on Wednesday said it had discovered a difference of N120 billion in the payment of subsidy to the Independent Petroleum Marketers Association of Nigeria (IPMAN) by the Petroleum Products Pricing Regulatory (PPPRA) in 2016.
The committee which is considering the 2016 report by the Auditor-General of the Federation, said that the amount reflected in the Federation Account Allocation Committee (FAAC) was N443 billion, while the record presented by the PPPRA showed N563 billion.
“The amounts reflected in FAAC records at the OAGF (Office of the Auditor-General for the Federation) of N443,940,559,974.80 as subsidy payments during the year 2016 is at variance with the total amount of N563,283,294,925.47 in the records of the PPPRA as subsidy payments during the year 2016,” the query of the auditor-general read.
However, the National President of IPMAN, Chinedu Okoronkwo, told the committee that the union has over 50,000 members across the country adding that the agency did not know the real beneficiary of the N80 billion differential.
He said, “We have over 50,000 members cut across the nooks and cranny of the country. We don’t know the real beneficiaries of the subsidy payments. If you give us the list of the beneficiaries of the subsidy, we can now reach out to them.”
The Chairman of the committee, Senator Matthew Urhoghide, therefore, summoned the PPPRA to provide the list of the beneficiaries for IPMAN to respond to issue raised in the query.
The Auditor General said that from the records of the PPPRA, it was discovered that N121 billion was paid as outstanding subsidy to oil marketers for 117 transactions in 2014.
He said that N441.9 billion was paid to oil marketers as subsidy commitments for 324 transactions in 2015.
“From records presented for audit, there was no year 2016 PSF payment made as a result of the removal of subsidy on petroleum products with the increase pump price from N89 to N143.
“Only outstanding payments for previous years 2014 and 2015 and interest payments were made in 2016.
“We were unable to carry out verification visits to the Oil marketers to confirm their eligibility to draw from the Petroleum Support Fund. This was as a result of the PPPRA’s inability to provide the letters of introduction for us to gain access to the oil marketers.
“We were therefore unable to confirm that the amounts disbursed were paid to legitimate marketers,” the auditor-general added.
Business
Naira depreciates again, trades at N1,402/$
Naira depreciates again, trades at N1,402/$
The Nigerian currency, naira, on Thursday slightly depreciated at the official market, trading at N1,402.67 to the dollar.
Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), showed that the naira lost N11.71
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This represents a 0.84 per cent loss when compared to the previous trading date on Tuesday April 30, when it exchanged at 1,390.96 to a dollar.
However, the total daily turnover increased to 232.84 million dollars on Thursday, up from 225.36 million dollars recorded on Tuesday.
Meanwhile, at the Investor’s and Exporter’s (I&E) window, the naira traded between 1,445.00 and N1,299.42 against the dollar.
Naira depreciates again, trades at N1,402/$
Auto
Appeal court takes over NURTW case as NIC withdraws
Appeal court takes over NURTW case as NIC withdraws
The National Industrial Court has withdrawn from a case involving Alhaji Najeem Usman Yasin, Board of Trustees chairman of the National Union of Road Transport Workers (NURTW), and Alhaji Tajudeen Ibikunle Baruwa’s ambition to return as president of the union over lack of jurisdiction.
The industrial court’s decision was made to avoid conflict with the Court of Appeal, where the matter is already being heard.
Before the NIC announced its decision to hands-off the case, the defendants’ counsel, Mr. O.I. Olorundare SAN, had informed the court that the matter is currently before the Court of Appeal, Abuja division, and that the industrial court could not continue to adjudicate on the same matter.
The counsel cited authorities to support his claim, adding that the National Industrial Court does not have concurrent jurisdiction with the Court of Appeal.
The presiding judge, O.O. Oyewunmi, struck out the case, stating that the Appeal Court had taken over the matter and that the Industrial Court must respect the hierarchy of courts.
Alhaji Yasin and six others took the case to the Appeal Court, challenging the decision of the industrial court recognising a delegates’ conference held on May 24, 2023, where Baruwa was proclaimed as President of the union for a second term in office.
With the latest NIC judgement, both parties will now proceed to defend their positions at the Court of Appeal and await the final judgement.
Business
Multichoice shuns court order, proceeds with increase of DSTV, Gotv packages
Multichoice shuns court order, proceeds with increase of DSTV, Gotv packages
Despite the intervention of the CCPT, Multichoice Limited has proceeded to increase packages price for DSTV and GOTV as announce on Wednesday last week.
Newstrends had earlier reported that the corporation announced that the new rates will go into effect on Wednesday, May 1, 2024, in a statement.
Meanwhile, on Monday, MultiChoice Nigeria Limited was ordered by the Competition and Consumer Protection Tribunal (CCPT) in Abuja to suspend the planned prices and tariffs hike on packages and services.
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The three-member tribunal, presided over by Saratu Shafii, gave the interim order following an ex-parte motion moved by Ejiro Awaritoma, counsel for the applicant, Festus Onifade.
News prices includes: DStv, Premium bouquet, the price moved from N29,500 to N37,000; Compact+ from N19,800 to N25,000; Compact from N12,500 to N15,700; Confam from N7,400 to N9,300, among others.
For GOtv users, Supa+ increased from N12,500 to N15,700; Supa moved from N7,600 to N9,600; Max from N5,700 to N7,200; Jolli, from N3,950 to N4,850, among others.
Multichoice shuns court order, proceeds with increase of DSTV, Gotv packages
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