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Petroleum subsidy rises to N1.35tn in four months

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  • NNPC to deduct N672bn

The subsidy on Premium Motor Spirit, popularly called petrol, between January and March 2022 has risen to N675.93bn, the latest data obtained from the Nigerian National Petroleum Company Limited on Wednesday showed.

Also, the NNPC has informed the Federation Account Allocation Committee that it will deduct or recover N671.88bn from April 2022 proceeds due for sharing at the May 2022 FAAC meeting.

It described the N671.88bn as a value shortfall incurred by the NNPC, as the oil firm has remained the sole importer of petrol into Nigeria and has been subsidising the commodity using billions of naira monthly.

Figures obtained by our correspondent from NNPC in Abuja on Wednesday showed that the oil firm spent N210.38bn, N219.78bn and N245.77bn as subsidy on petrol in January, February and March 2022 respectively.

This implies that within the three-month period the oil company had spent N675.93bn on PMS subsidy. NNPC, however, described its subsidy spending as an under-recovery of PMS/value shortfall.

READ  BREAKING: No plan to increase price of petrol, says NNPC

Meanwhile, in its presentation to FAAC during the committee’s April 26, 2022 meeting, NNPC told the committee members that it would deduct over N671bn at their next meeting in May.

It said, “The estimated value shortfall of N671,882,996,685.81 (consisting of N519bn for estimated April 2022 recovery plus N152bn of March 2022) is to be recovered from April 2022 proceeds due for sharing at the May 2022 FAAC meeting.”

The oil firm further told FAAC that the overall NNPC crude oil lifting of 9.77 million barrels (export and domestic crude) in February 2022 recorded 1.71 per cent decrease relative to the 9.94 million barrels lifted in January 2022.

“Nigeria recorded 1.258million barrels per day production in February 2022 (OPEC),” NNPC stated in its presentation to FAAC.

It noted that crude oil export revenue received in March 2022 amounted to $88.93m, as gas export revenue received in March 2022 amounted to $32.04m.

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NNPC stated that for domestic crude and gas sales, the sum of N259,539,170,912.93 was the gross domestic crude oil and gas revenue for the month of March 2022.

It further added that the value shortfall of N245,772,559,462.62 was charged for the month which comprises previous months’ outstanding and part of the February 2022 value shortfall.

Monetary deductions by NNPC from FAAC had continued to deplete the funds being shared at the meeting, as these deductions were due to humongous subsidy spending shouldered by the national oil company.

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I’ll not govern Rivers on my knees, says Fubara

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Siminalayi Fubara, governor of Rivers, says he will not govern the state from a position of subservience or weakness.

Fubara made the remarks on Saturday, during a condolence visit to the Ubima, Ikwerre LGA country home of Celestine Omehia, a former governor of the state.

 

Omehia was laying Cecilia Omehia, his mother, to rest.

 

“I have come here with very few respected elders of the state, to come and support you and say to you that we sorrow with you,” Fubara said.

 

“The most important thing is to show our concern and love. Any human being who shows enmity to death, that person is not even normal.

“We also rejoice with you for a life lived well to fulfilment by Mama. We wish Mama a safe journey. Let her stay well where she has gone.”

 

He said politics of bitterness will impede the development of the state and that “it is only in unity that we can move our state forward”.

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“Anybody who claims to love this state should not be party to anything, directly or indirectly that will bring us backwards. We will continue to support every course that will advance the interests of our dear Rivers state,” he added.

“And I am happy to say, and I’ve said it over and again, it doesn’t matter the number of people that are standing with me, I will stand on that side of truth.

“I will not, I repeat, I will not govern our dear state on my knees. If that was the purpose, I will not do that.”

 

Fubara has been locked in a battle for the control of the political structure of Rivers with Nyesom Wike, his predecessor and minister of the federal capital territory (FCT).

 

The governor recently redeployed some members of his cabinet who are loyal to Wike.

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Good Morning! Here Are Some Major News Headlines In The Newspapers This Beautiful Sunday: Benin Traditional Council suspends five chiefs for visiting Ooni

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1. Five officials in the Benin Kingdom have been suspended for allegedly engaging in sacrilegious conduct against Benin custom. The Benin Traditional Council, BTC, said their suspension was because they visited the Ooni of Ife, Oba Adeyeye Enitan Ogunwusi, where they “falsely” claimed to be emissaries of the Oba of Benin and rendered inaccurate account of the connection between the Benin Royal Dynasty and the Ooni-ship of Ife.

 

2. The executive chairman of the Economic and Financial Crimes Commission, EFCC, Ola Olukoyede has appointed Michael Nzekwe as his chief of staff. He also appointed zonal directors for each of the 14 zonal commands of the commission.

 

3. One person died on Saturday when a gas tanker explosion occurred after an accident at Ita Oshin area of Abeokuta North Local Government Area of Ogun State. Chief Route Commander and Education Officer for Federal Road Safety Corps, FRSC, Florence Okpe, who confirmed the incident, on behalf of the sector commander, Anthony Uga, said the accident occurred at about 4:16 pm.

READ  Brent crude rises to $83.99/barrel

 

4. The Naira yesterday recovered against the US dollar at the parallel market as it appreciated to N1280/$, according to market information obtained by Nairametrics from currency traders. This implied that the Naira appreciated by N120, representing a gain of 8.57 per cent when compared to the N1,400 to a dollar at which it traded on Friday.

 

5. Governor Siminalayi Fubara of Rivers State has said there is a fierce fight to destroy the state. He said this at the country home of Sir Celestine Omehia in Ubima community, Ikwerre Local Government Area of Rivers, on Saturday.

 

6. A resident of Osogbo, simply identified as Seun and the motorcyclist conveying her have been crushed to death in a road accident that occurred in Osogbo, Osun State. Seun was said to be a fashion designer and was also working with a real estate firm. It was gathered that the accident occurred Friday evening around OgoOluwa Area of Osogbo.

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7. The All Progressives Congress has demanded the cancellation of the just conducted local government election in Oyo State. The party claimed that the election was a “sham”, warning that if allowed to proceed, it may damage the state’s reputation.

8. The retired Commissioner of Police in Anambra State, Aderemi Adeoye has recounted how he fought the dreaded Niger Delta militants, the Book Haram terrorists in the North East and the Indigenous People of Biafra, IPOB, insurgents in the South East and survived all of them without a scar. Speaking during his pullout ceremony at the Alex Ekwueme Square in Awka, Adeoye said it was the grace of God that saved him during the dangerous moments.

 

9. Tragedy struck in Rivers State on Friday night when fire from a fuel-laden tanker consumed four persons and about 100 vehicles at the Eleme section of the East-West Road in Rivers State. It was learnt that the tanker collided with another vehicle, exploded and burst into flames that spread to other tankers and many other vehicles trapped in the gridlock.

READ  Governors slam NNPC over falling FAAC funds

 

10. The Anambra State Police Command has arrested 16 notorious cultists and declared 21 others wanted. In a statement by the command’s spokesman, SP Tochukwu Ikenga, in Awka on Saturday, the feat was achieved following intensified efforts to end the resurgence of cult-related killings in Awka, the state capital.

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Shake-up in EFCC as Olukoyede appoints chief of staff, 14 directors

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Ola Olukoyede, chair of the Economic and Financial Crimes Commission (EFCC), has appointed Michael Nzekwe as his chief of staff.

 

As part of a restructuring drive, Olukoyede upgraded all the zonal commands of the EFCC to departments and appointed 14 new directors.

 

A statement by Dele Oyewale, EFCC spokesperson, said the security unit of the agency has been upgraded to a department with a chief security officer at the helm.

 

“To this effect, 14 new directors have been appointed to head each of the zonal commands,” Oyewale said.

 

Additionally, to bolster and fortify the security architecture of the commission, the security unit of the EFCC has been upgraded to a department with a seasoned officer appointed as director, security and chief security officer.

 

“A new department has also been created in the executive chairman’s office and it is headed by former Makurdi zonal commander of the EFCC, Mr. Friday Ebelo who also doubles as director and coordinator, special duties at the corporate headquarters of the commission.”

READ  Governors slam NNPC over falling FAAC funds

 

Nzekwe was the commander of the Ilorin zonal command and a course one officer.

 

Nzekwe, a lawyer and an investigator, has served in various departments in the anti-graft agency — including legal and prosecution, operations (now department of investigations), internal affairs (now department of ethics and integrity), Servicom, and asset forfeiture.

The new chief of staff has attended trainings and courses at home and abroad, including the Advance Defence Intelligence Officers Course organised by Defence Intel Agency (DIA).

 

 

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