News

FG begins probe of NNPC over N2.7trn fuel subsidy claim

Published

5 months ago

June 21, 2024

By Kayode Sanni-Arewa

The Federal Government has begun the proposed audit of the N2.7tn fuel subsidy claim by the Nigerian National Petroleum Company Limited, The PUNCH has learnt.

An audit firm, KPMG had conducted an initial audit reducing the claims from N6tn to N2.7tn.

However, in the new audit, the government said it had approved the engagement of the Office of the Auditor General of the Federation to verify the claims made by the corporation regarding the amount the government owes the oil firm.

This process was confirmed by the Director, Home Finance, Ali Mohammed, during the April 2024 Federal Account Allocation Committee meeting.

The government said an update on the issue would be provided during the May FAAC meeting.

Recall last month that the audit would span from 2015 to 2021, aiming to verify the authenticity of NNPC/Federation Account claims on the N2.7tn while it considered hiring an external audit firm.

On May 30, 2023, a few hours after the “subsidy is gone” declaration by President Bola Tinubu, the NNPCL Group Chief Executive Officer, Mele Kyari, told State House correspondents that the federal government still owes the firm the sum of N2.8tn spent on petrol subsidy.

While saying the NNPCL footed petrol subsidy bills from its cash flow, Kyari said the government had so far been unable to pay back the N2.8tn.

He said “Since the provision of the N6tn in 2022, and N3.7tn in 2023, we have not have not received any payment whatsoever from the Federation.

“That means they (the Federal Government) are unable to pay and we’ve continued to support this subsidy from the cash flow of the NNPC. We are waiting for them to settle up to N2.8tn of NNPC’s cash flow from the subsidy regime and we can’t continue to build this.”

However, a copy of the minutes of the FAAC meeting obtained by our correspondent, however, revealed that the government had begun the audit of the N2.6tn subsidy claim.
The minute read in part, “On the forensic audit covering the period 2015 to 2021 to authenticate NNPC/Federation claims in respect of N2.7tn withheld by NNPC Limited: The Director, Home Finance informed members that the process of the forensic audit of NNPC Limited as reported at the last meeting was in progress. He assured that an update would be provided on the matter at the next meeting.”

Members of the committee also bemoaned the refusal of the NNPCL to comply with the revised exchange rate of N693.50/$1 in converting federation revenue.

According to them, NNPCL has declined to adhere to the revision of the May 2023 Central Bank of Nigeria exchange rate from N436.38/$1 to N621.86/$1, and subsequently to N693.50/$1, as instructed by the CBN.

On the refusal by NNPC Ltd to comply with the revised exchange rate of N693.50/$1 in converting Federation revenue, the Vice Chairman, Post-Mortem Sub-committee, warned that “If NNPC Ltd continues to disregard the use of the agreed rate without presenting any authority to that effect, FAAC will be left with no option but to take appropriate action to recover the Federation funds.”

The minute further read, “At the last meeting of FAAC, it was reported that there was a review of the May 2023 CBN Exchange rate from N436.38/$1 to N621.86/$1 and a further review to N693.50/$1 in line with the directive of CBN. NNPCL was directed to comply with the revised exchange rate of N693.50/$1 and re-compute all the Royalties, Taxes and other revenue items for May 2023 and revert.”

The official informed the meeting that at the April 2024 meeting of the sub-committee, NNPCL complained that the proposed review would result in a refund of N16,829,747,742.96 to the Federation Account by the company.

He concluded that the sub-committee expected that the Federation Account be refunded the amount of the exchange rate but NNPCL used it to defray the subsidy claim. He recommended that FAAC should decide on the matter.

He recalled that the sub-committee had reported the implication of the “weighted average rate” on PMS computation and discovered that the exchange rate differential for the period of June to December 2023 was N937,961,442,969.83, contrary to the NNPCL claim of N1,675,920,811,819.

He stated that the Sub-committee recognised only the exchange rate that was backed by law and that NNPCL was mandated to provide authorisation for the use of weighted average exchange rate on PMS Dollar payments. He disclosed that NNPCL in response, requested the Sub-committee to write the company officially to enable the release of the NEC approval on the issue.

He suggested that NNPC Ltd should be called to order and hoped that the matter could be resolved amicably with the company.

The Oyo State Commissioner for Finance, Akinola Ojo, also proposed that NNPC Ltd should be made to refund the money even if by next month, a resolution could not be reached on the issue.

Source: The Punch

News

#OndoDecides2024: APC congratulates Aiyedatiwa, applauds Ondo electorate

Published

3 hours ago

November 17, 2024

Naijablitznews

By Francesca Hangeior

The All Progressives Congress has congratulated the Ondo State Governor, Lucky Orimisan Aiyedatiwa, on his re-election in the just-concluded governorship election.

Aiyedatiwa won the election, having polled a total of 366,781 votes across all 18 Local Government Areas of the state.

He defeated his closest rival — Agboola Ajayi of the Peoples Democratic Party, who got 117,845 votes.

In a statement issued by the APC National Publicity Secretary, Felix Morka, on Sunday, and made available to PUNCH Online, the party described Aiyedatiwa as a “clear attestation” that his administration’s policies “resonated deeply with the electorate.”

The statement read, “The All Progressives Congress (APC) heartily congratulates the Governor of Ondo State, His Excellency, Lucky Orimisan Aiyedatiwa, on his re-election.

“Your Excellency’s resounding victory in the just-concluded Ondo State gubernatorial election is a clear attestation that your administration’s policies and programmes and campaign message of hope and consolidation have resonated deeply with the electorate.

News

NiDCOM rescues 13 trafficked Nigerian women from Ghana

Published

3 hours ago

November 17, 2024

Naijablitznews

*** says 163 victims saved between July, November

By Francesca Hangeior

The Nigerian in Diaspora Commission, NiDCOM, has successfully facilitated the rescue and repatriation of 13 trafficked Nigerian women from Ghana, bringing the total number of victims returned over the past five months to 163.

This was revealed in a statement by Abdur-Rahman Balogun, NiDCOM’s Director of Media, Public Relations, and Protocols.

The operation, executed through collaborative efforts, involved the Ghanaian Anti-Human Trafficking Police Unit, Rescue Live Foundation International, NIDO Ghana, and NiDCOM.

The latest group of rescued women, aged 19 to 30 years, hails from Ebonyi, Benue, Kaduna, and Rivers States.

It was gathered that they were lured to Ghana under false pretenses of employment but were subjected to exploitative conditions and coerced into secrecy oaths while their traffickers profited from their ordeal.

NiDCOM’s Chairman/CEO, Hon. Abike Dabiri-Erewa, expressed her gratitude to key supporters, including Nigeria’s First Lady, Senator Oluremi Tinubu, and Ebonyi State Governor, Francis Nwifuru, for their roles in ensuring the safe return of the victims.

She also praised Chief Callistus Elozieuwa, BOT Chairman of Rescue Live Foundation International/NIDO Ghana, and the Ghanaian Anti-Human Trafficking Police Unit for their commitment to prosecuting the traffickers.

Dabiri-Erewa reiterated NiDCOM’s commitment to protecting Nigerians abroad, aligning with President Bola Tinubu’s Renewed Hope Agenda, which prioritizes combating human trafficking and safeguarding citizens’ rights.

Upon arrival in Nigeria, the women were handed over to the National Agency for the Prohibition of Trafficking in Persons, NAPTIP, for rehabilitation and reintegration.

NiDCOM representative Akinboye Akinsola, who accompanied the women, noted that they willingly sought assistance after learning about previous rescue efforts in Ghana’s Kpone Katamanso and Tema regions.

Chief Callistus Elozieuwa highlighted the support provided to the women in Ghana, including temporary shelter, before their return to Nigeria.

Valentine Okike Uzo, Senior Special Assistant to the Governor of Ebonyi State, commended Governor Nwifuru’s dedication to supporting indigenes both at home and abroad. He assured that measures are in place to ensure proper rehabilitation for those returning to Ebonyi State.

News

Dabiri-Erewa celebrates Chidimma’s emergence as First Runner up, Miss Universe

Published

3 hours ago

November 17, 2024

Naijablitznews

By Francesca Hangeior

The Chairman/CEO Nigerians in Diaspora Commission (NIDCOM) Hon. Abike Dabiri-Erewa, has congratulated Nigeria’s Chidimma Adetshina for emerging second at Miss Universe 2024, describing it as a reward for her doggedness and resilience.

In a congratulatory statement issued by Abdur-Rahman Balogun, Director of Media, Public Relations and Protocols of the Commission, the NIDCOM boss was excited that despite all odds, Chidimma remained focused and attained her goals.

Dabiri-Erewa said though Chidimma Adetshina as Nigeria’s representative, finished as the first runner-up at the 73rd Miss Universe Competition held in Mexico, her courage, determination and support from Nigeria eventually paid off. She was also named Miss Africa and Oceania 2024.

Dabiri-Erewa recalled Adetshina’s controversial official withdrawal from the Miss South Africa 2024 contest, of which she had advanced to the final stage ,some few months back, noting that Nigeria warmly welcomed her, after being literally forced out of South Africa.

While in Nigeria, accompanied by President Silverbird group, Mr Guy Murray Bruce, Chidinma was warmly received at the NIDCOM Lagos office, and thereafter hosted to a grand reception at Idris Olorunnibe’s “The Temple,” Victoria Island ,with music legend, Dbanj in attendance.

Describing her as brilliant, focussed and determined, she urged others to emulate the spirit of Nigerianess in Chidimma by being proud of the country and not run it down under whatever guise.

The competition, described as one of the most thrilling in recent years, celebrated the talents, intelligence, and elegance of women from around the globe.

Nigeria came second behind Miss Denmark, Victoria Kjaer Theilvig, who won the keenly contested crown from Miss Universe 2023, Sheynnis Palacios of Nicaragua.

It will be recalled that Chidimma was rejected by South Africa who expressed worries and questioned her nationality.

Due to that, Adetshina came to Nigeria to represent Taraba State and won the title of Miss Universe Nigeria.organised by the Silverbird group.