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NNPC to deduct N215bn from FAAC remittance in September
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”.
News
Ondo: INEC new challenge as 1.7 million votes decide next gov today
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
News
Late COAS Lagbaja gets CFR honour, buried amid tributes
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.
News
Supreme Court dismisses 16 govs suit challenging EFCC legality
Supreme Court dismisses 16 govs suit challenging EFCC legality
The Supreme Court has dismissed the suit by 16 states challenging the constitutionality of the acts establishing the Economic and Financial Crimes Commission and two others.
The News Agency of Nigeria (NAN) reports that the other agencies are the Independent Corrupt Practices and other related offences Commission (ICPC) and the Nigerian Financial Intelligence Unit (NFIU).
In the lead judgment by Justice Uwani Abba-Aji delivered on Friday, the Supreme Court resolved the six issues raised for determination in the suit against the plaintiffs.
The court held that the laws establishing the anti-corruption agencies were validly enacted by the National Assembly within its legislative competence.
It faulted the claim by the plaintiffs that the EFCC Act, being a product of the United Nations convention on corruption, ought to be ratified by majority of the state houses of assembly.
Delivering judgement on Friday, Justice Abba-Aji ruled that “the EFCC Act, which was not established from a treaty but a convention, does not need the ratification of the houses of assembly.”
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