NEWS
Tinubu Approves Payment of Fuel Subsidy – Report
President Bola Tinubu has approved the request of the Nigerian National Petroleum Company Limited (NNPCL) to use the 2023 dividends due to the federation to pay for petrol subsidy, according to The Cable.
The president also approved the suspension of the payment of 2024 interim dividends to the federation in order to augment the oil firm’s cash flow.
Although Tinubu announced the removal of fuel subsidy during his inaugural address on May 29, 2023, there have been strong indications that government still spends billions on subsidy.
However, the Federal Government has consistently denied paying subsidy.
Weeks ago when some Nigerians hit the streets to protest nationwide hardship, one of their demands was the reinstatement of subsidy.
But in his national broadcast, Tinubu ruled out return of subsidy, describing the decision to remove fuel subsidy as painful but necessary.
He said it had been a “noose around the economic jugular of our Nation” and had hindered economic development and progress.
In a report on Monday, the online newspaper stated that Tinubu gave NNPCL the nod to pay for subsidy after it complained that it had exhausted all strategies to ensure a stable supply of gasoline in the country.
The strategies included improving oil production by fighting theft and vandalism; debt rescheduling/forward sales; payment deferrals to suppliers and contractors; deferrals of non-critical projects; and debt recovery, amongst others.
“These strategies, the government oil company informed the president have failed to ameliorate the problem, saying going forward, the company would no longer be able to remit funds into the federation Account.”
“President Tinubu has therefore directed the company to use the taxes, royalties, and other funds that are supposed to be remitted to the Federation Account to defray the fuel subsidy cost,” the report said.
The approval was said to be given on June 6, 2024.
A forecast from NNPCL, obtained by the newspaper, indicated that the total petrol subsidy expenses from August 2023 to December 2024 will amount to N6.884 trillion, leaving the company unable to remit N3.987 trillion in taxes and royalties to the federation account.
The exact amount of dividends that would be withheld or put on hold could not be verified.
The Federal Government has condemned the terrorist attack on the military airport in Bamako, Mali.Amb. Eche Abu-Obe, Spokesperson for the Ministry of Foreign Affairs, disclosed the Nigerian government’s position in a statement on Saturday. Eche said, “The Federal Republic of Nigeria strongly condemns the abominable terrorist attack that took place on Tuesday, Sept.
17, 2024, targeting a military airport, training Centre and other sensitive locations in Bamako, Mali. “This heinous act, which has claimed lives and caused destruction of several military aircraft, is yet another stark reminder of the persistent threat posed by extremist groups in the region.“It must be emphasised that acts of terrorism, regardless of where they occur, represent a threat to peace and security for the entire region.“Nigeria extends its deepest condolences to the government and people of Mali, particularly to the families of those who lost their lives. “Our thoughts and prayers are with the victims of this tragic incident.” (NAN)
The Kwara Council of Nigeria Union of Journalists (NUJ) has called for maximum protection for journalists and observers assigned for the coverage of the state’s local government elections on Saturday.The Council’s Chairman, Abdullateef Ahmed, in a statement on Friday in Ilorin by the Council Secretary, Olayinka Alaya, emphasised the need for safety for the journalists and observers.
He said this was necessary in view of the critical role journalists play in ensuring transparent and fair polls. ”The Council urges security personnel deployed for the elections to ensure that journalists across the 16 local government areas (LGAs) of the state carry out their duties without fear of harassment or intimidation.”The NUJ also cautions that any form of harassment or intimidation of journalists while performing their constitutionally-guaranteed duties will not be tolerated.“As the watchdog of the society, members of the Fourth Estate of the Realm must be accorded their due rights and respect before, during and after the electoral process.“Any attack on journalists is an attack on democracy itself,” Alaya quoted the Council Chairman as saying.The Kwara Council of NUJ also stressed the need for security agencies to ensure watertight security throughout the period allotted for the electoral process.”We urge security personnel to be proactive in addressing potential threats that may compromise the integrity of the elections or put media professionals at risk,” Ahmed said.He also called on the Kwara State Independent Electoral Commission (KWASIEC) to maintain an unbiased position throughout the entire process.Ahmed appealed to the electoral umpire to ensure timely distribution of both sensitive and non-sensitive election materials to polling units.The Council Chairman also encouraged eligible voters across the state to exercise their voting rights responsibly, urging them to remain calm and law-abiding during the process.“This exercise is an opportunity for the people of Kwara to shape the future of their LGAs.“It is fundamental that eligible voters come out and utilise their franchise and do so without any fear,” he advised.(NAN)
Dr Emeka Obegolu, the President, Abuja Chamber of Commerce and Industry (ACCI), says the 2024 Abuja International Trade Fair (AITF) will foster prosperity to the country’s business community.Obegolu, represented by Dr Aliyu Hong, 2nd Deputy President of the chamber said this at the opening of the fair on Friday in Abuja.
“This year’s edition is set to facilitate substantial business transactions and foster crucial connections, contributing significantly to the economic growth of the FCT and Nigeria. “The fair will bring prosperity to the Nigerian business community and promote peace across the nation.” I am optimistic that this year’s edition will be remarkable and i wish all exhibitors, participants, and visitors the best during these 12 days,” he said.The day’s event marks the “Opening of Doors” for the 19th Edition of the Abuja International Trade Fair (AITF).The official opening, scheduled for Monday, Sept. 23, will be performed by the President of ACCI, and the Minister of the Federal Capital Territory (FCT), Nyesome Wike.Part of the day’s activities included a tour of the exhibition booths, both indoors and outdoors, showcasing the wide array of products and services on display at the fair.The ACCI Director-General, Mr Agabaidu Jideani and Hong led delegation of planning committee members, exhibitors, and representatives from the diplomatic community to cut the ceremonial tape, officially declaring the fair open on behalf of the Chamber President. (NAN)
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