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Lagos State Security Trust Fund (LSSTF) on Monday announced the postponement of the "Annual Town Hall Meeting on Security with the Governor" initially slated for Thursday, November 28, 2024, at the Civic Centre, Victoria Island.
The Fund, in a statement signed by its Executive Secretary/CEO, Dr. Abdurrazaq Balogun, to announce the postponement of the meeting, said the new date for the event is December 18, 2024.
Balogun said the event, which is expected to be attended by Lagos State Governor Mr. Babajide Sanwo-Olu, heads of security agencies, and critical stakeholders, among others, will now be held at the Lagos House, Ikeja, by 11 am prompt.
The Town Hall Meeting on Security with the Governor is an annual event where the Lagos State Security Trust Fund gives an account of its stewardship in the last one year.
[PRESS RELEASE] Joint Aviation Trade Unions' Forum Honours Aviation Minister With Leadership and Excellence Award
Admin![[PRESS RELEASE] Joint Aviation Trade Unions' Forum Honours Aviation Minister With Leadership and Excellence Award](/media/k2/items/cache/faefaf7c32b821a3013018aae2f50882_L.jpg)
The Joint Aviation Trade Unions' Forum-JATUF, the umbrella body for all aviation unions in Nigeria, over the weekend, honoured the Honourable Minister of Aviation and Aerospace Development, Mr. Festus Keyamo, SAN, with the Leadership and Excellence Award. The award, which celebrates his visionary leadership and contributions to advancing Nigeria’s aviation sector, was presented during the 2nd Edition of the Aviation Union’s Leadership Conference on held at Radisson Blu Hotel, Lagos.
Representing the Minister at the event, Mr. Henry Agbebire, Director of Special Duties at the Federal Airports Authority of Nigeria-FAAN, conveyed Mr. Keyamo’s heartfelt gratitude. The Minister commended JATUF for its efforts in fostering synergy within the aviation industry and lauded this year’s conference theme, “Synergy for Safety and Productivity: Management-Labour Collaboration,” as both timely and essential to the sector’s growth.
In his goodwill message, Mr. Keyamo emphasized the critical role of partnership in achieving safety and productivity in aviation.
“Safety and productivity are non-negotiable imperatives in aviation. Achieving these objectives requires a shared vision and concerted action by all stakeholders, especially the management and labour arms of the sector. As the Honourable Minister of Aviation and Aerospace Development, I recognize and deeply value the critical role aviation unions play in maintaining workforce morale, advocating for best practices, and ensuring the seamless operation of our industry,” he stated.
The Minister reaffirmed his commitment to fostering strong collaborations between the government and aviation unions, highlighting transparency, fairness, and open communication as foundational principles of his leadership.
“I am committed to strengthening our collaboration with aviation unions, ensuring open lines of communication, and addressing concerns with fairness and transparency. Our collective efforts have already yielded positive outcomes, and I am proud of the constructive relationships we have built so far. Together, we can achieve the shared vision of a resilient, efficient, and globally competitive aviation industry,” he added.
The Leadership and Excellence Award underscores Mr. Keyamo’s dedication to tackling the challenges within the aviation sector while building partnerships that prioritize safety, productivity, and innovation.
The event attracted key stakeholders from the aviation sector, who lauded the Minister’s proactive initiatives in addressing critical issues and driving sustainable development in the industry.
Tunde Moshood
Special Adviser on Media and Communications to the Honourable Minister of Aviation and Aerospace Development
Vice President Kashim Shettima, on Wednesday, departed Abuja for Abidjan, Côte d’Ivoire to attend the opening of the International Exhibition of Extractive and Energy Resources 2024 conference.
The event holds from November 27 to December 2, 2024, at the Abidjan Exhibition Centre.
Shettima’s visit is “At the invitation of Côte d’Ivoire’s Vice President Tiémoko Meyliet Koné,” Senior Special Assistant to the Vice President on Media and Communication, Mr. Stanley Nkwocha, said in a statement on Wednesday.
The statement is titled ‘VP Shettima Leaves For Abidjan, To Attend SIREXE 2024 Opening Ceremony.’
SIREXE conference is an international event organised by the Government of Côte d’Ivoire that focuses on “Policies and Strategy for the Sustainable Development of the Extractive and Energy Industries”.
“The VP will utilise the event to share Nigeria’s experience in the hydrocarbon exploration and production sectors,” said Nkwocha.
The Vice President is expected to return to Abuja later today (Wednesday).
Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), says the country’s foreign reserves rose to $40.88 billion as of November 21.
Cardoso spoke on Tuesday at a press conference after the monetary policy committee’s 298th meeting in Abuja.
He said the external reserves grew from $40.06 billion at the end of October to $40.88 billion in November.
The amount represents an increase of $82 million or 2.05 percent in 21 days.
“The external reserves rose marginally to 40.88 billion as of 21 November 2024, from 40.06 billion at the end of October 2024, available to finance 17 months of imports,” he said.
However, checks on the apex bank’s website showed that Nigeria’s foreign reserves stood at $40.27 billion on November 22 – less than what Cardoso presented.
Further speaking at the event, Cardoso said “the process of getting us where we are in terms of reserves has been a long one”.
“It is a clear indication that the policies we have put in place are certainly yielding fruits,” he added.
“However, and it’s very important to make a distinction here and to reiterate the fact that reserves are there for a multiplicity of different purposes, not least of which is to create buffers in the event of unanticipated shocks.
“So they are not there to simply whittle away. They are there to be used to more or less defend yourself where that becomes necessary.
“And when we talk about shocks that are not anticipated, I think we can see how the global economies are.”
Cardoso also said the bank will continue to intensify efforts to stabilise the currency and prices.
According to the CBN governor, “the currency has been stable compared to what it was in June”.
But he said for the value of the country’s currency to be stable, there needs to be increased exports and diversification of the economy.
Cardoso said diaspora remittance has increased due to policies that have been put in place.
He commended those in the diaspora for helping the country accomplish over $600 million in remittances.
![[PHOTO] Ondo Governor Presents Certificate Of Return To President Tinubu](/media/k2/items/cache/c73ba493b838dcb4707fd7d2da35e827_M.jpg)
Newly elected Ondo State Governor, Lucky Aiyedatiwa and deputy governor elect, Olayide Adelami presents their Certificate of Return to President Bola Ahmed Tinubu. With them are the APC National Chairman, Abdullahi Ganduje and Governor of Ekiti State, Biodun Oyebanji. Abuja. Tuesday, November 26, 2024.
[STATE HOUSE PRESS RELEASE] President Tinubu Nominates Three New Board Members For The Code Of Conduct Bureau
Admin![[STATE HOUSE PRESS RELEASE] President Tinubu Nominates Three New Board Members For The Code Of Conduct Bureau](/media/k2/items/cache/8c2d34d7c6e0e8ed68d1af0ea01fb4e5_M.jpg)
In a move to enhance oversight mechanisms, President Bola Ahmed Tinubu has nominated three new members to fill existing vacancies on the board of the Code of Conduct Bureau (CCB).
The announcement was made in a formal letter addressed to the Senate President.
The nominees are Alhaji Fatai Ibikunle from Oyo State, Kennedy Ikpeme from Cross River, and Justice Ibrahim Buba, a retired judge of the Federal High Court.
Established in 1979, the Code of Conduct Bureau plays a critical role in maintaining integrity within public service and ensuring compliance with the country’s ethical standards.
The Bureau operates with a 10-member board.
On October 23, 2024, President Tinubu swore in the chairman of the board, Dr. Abdullahi Usman Bello.
The current board includes: Barr. Muritala Aliyu Kankia, Hon. E. J Agbomayinma, Barr. Ben Umeano, and Prof. Juwayriyya Badamasiuy.
Other members are Mr. Bulus I Zephaniah, and Hon. Abdulsalam Taofiq Olawale.
Bayo Onanuga
Special Adviser to the President,
(Information & Strategy)
![[STATE HOUSE PRESS RELEASE] President Tinubu Honours Invitation For A State Visit To France](/media/k2/items/cache/94d063ba8229c0fc6fc30aa6905e6225_S.jpg)
President Bola Tinubu will depart Abuja on Wednesday to begin a state visit to France in honour of an invitation from President Emmanuel Macron.
The Nigerian leader's three-day visit, which will focus on strengthening political, economic, and cultural relations and establishing more opportunities for partnership, particularly in agriculture, security, education, health, youth engagement and employment, innovation, and energy transition, promises significant benefits for Nigeria.
President Tinubu and his wife, Sen. Oluremi Tinubu, will be received on Thursday at the 350-year-old French military museum, Les Invalides and Palais de l'Élysée, by Macron and his spouse, Brigitte, for initial ceremonies that will dovetail into bilateral meetings.
During the visit, President Tinubu and President Macron will harmonise positions on stimulating more interest in exchange programmes that focus on skill development for youths and improving their competencies in automation, entrepreneurship, innovation, and leadership.
Both leaders will participate in political and diplomatic meetings highlighting shared values on finance, solid minerals, trade and investments, and communication. They will also witness a session by the France-Nigeria Business Council, which oversees private sector participation in economic development.
Brigitte and Nigeria's First Lady will discuss the latter's passion for empowering women, children, and the most vulnerable through the Renewed Hope Initiative.
President Tinubu and his wife will be hosted at a state dinner by the French leader before their departure.
Top government officials will accompany President Tinubu on the trip.
Bayo Onanuga
Special Adviser to the President
Information & Strategy
[STATE HOUSE PRESS RELEASE] President Tinubu Celebrates Revival Of Port Harcourt Refinery And Directs NNPC Limited To Promptly Reactivate Warri And Kaduna Refineries
Admin![[STATE HOUSE PRESS RELEASE] President Tinubu Celebrates Revival Of Port Harcourt Refinery And Directs NNPC Limited To Promptly Reactivate Warri And Kaduna Refineries](/media/k2/items/cache/e8730e97f7fd6611d4548bb383f62b95_S.jpg)
President Bola Tinubu extends his heartfelt congratulations to the Nigeria National Petroleum Company Limited (NNPCL) on the successful revitalization of the Port Harcourt refinery, marked by the official commencement of petroleum product loading on November 26, 2024.
The President acknowledges the pivotal role of former President Muhammadu Buhari in initiating the comprehensive rehabilitation of all our refineries and expresses gratitude to the African Export-Import Bank for its confidence in financing this critical project.
Furthermore, President Tinubu commends the leadership of NNPC Limited's Group Chief Executive Officer, Mr. Mele Kyari, whose unwavering dedication and commitment were instrumental in overcoming challenges to achieve this milestone.
With the successful revival of the Port Harcourt refinery, President Tinubu urges NNPC Limited to expedite the scheduled reactivation of both the second Port Harcourt refinery and the Warri and Kaduna refineries.
These efforts will significantly enhance domestic production capacity alongside the contributions of privately-owned refineries and make our country a major energy hub, with the gas sector also enjoying unprecedented attention by the administration.
The President underscores his administration's determination to repair the nation’s refineries, aiming to eradicate the disheartening perception of Nigeria as a major crude oil producer that lacks the ability to refine its own resources for domestic consumption.
Highlighting the values of patience, integrity, and accountability in the rebuilding of the nation’s infrastructure, President Tinubu calls upon individuals, institutions, and citizens entrusted with responsibilities to maintain focus and uphold trust in their service to the nation.
In alignment with the Renewed Hope Agenda focused on shared economic prosperity for all, the President reaffirms his administration's commitment to achieving energy sufficiency, enhancing energy security, and boosting export capacity for Nigeria.
Bayo Onanuga
Special Adviser to the President
(Information & Strategy)
November 26, 2024
Okupe, who made the assertion on Monday during an interview with Arise TV, tackled those agitating for the Northern presidency in the next election.
He identified sectionalism as the “most fundamental problems why Nigeria is stagnating”, stressing that “those who control the affairs of this nation, in terms of politics before now, were more interested in national interest than sectional interest”.
He stated, “I say this authoritatively without any fear of contradiction or equivocation, in 2027, power cannot return to the North yet. That’s not how we do it.”
“We rotate between the North and the South. The North does eight years, at the end of which the South does eight years.
“I’m not saying that Bola Tinubu must be president in 2027, but it’s not going to be a northerner,” he explained.
Media
The Central Bank of Nigeria (CBN) has raised the Monetary Policy Rate (MPR) by 250 basis points from 27.25% to 27.50%.
The decision was taken at the 298th meeting of the Monetary Policy Committee (MPC) according to a statement released by the CBN on Tuesday.
The statement disclosed further that the Cash Reserve Ratio (CRR) was retained at 50% for Deposit Money Banks and 16% for Merchant Banks by the MPC.
“The Monetary Policy Committee (MPC) Voted unanimously to raise Monetary Policy Rate (MPR) by 250 basis point from 27.25% to 27.50%; retain Cash Reserve Ratio (CRR) at 50% for Deposit Money Banks and 16% for Merchant Banks. The Committee also retains the Liquidity Ratio (LR) at 30% and Asymmetric Corridor at +500/-100 basis points around the MPR,” the CBN statement shared via its official account on the X platform read.
The MPC meeting which was presided over by the CBN Governor, Olayemi Cardoso, urged monetary and fiscal authorities in the country to deepen collaboration to achieve price stability.
The MPC also noted that the cost of petrol has continued to impact manufacturers’ production costs.
Meanwhile, the Central Bank of Nigeria (CBN) has instructed commercial banks to prioritize cash disbursements through automated teller machines (ATMs), warning that institutions failing to comply would face penalties.
In a statement issued by the Acting Director of the Currency Operations Department at the CBN, Solaja Olayemi, the apex bank emphasized the need to ensure easier access to cash for Nigerians amidst reports of scarcity.
The CBN also cautioned against supplying naira notes to individuals or groups involved in the illegal hawking of currency.
Naija News reports that the directive comes as citizens lament the scarcity of cash, which has disrupted transactions and heightened economic uncertainty.
In the circular signed by Olayemi, the apex bank said it commenced spot checks to ensure efficient and responsible cash disbursement to the public and prevent the disbursement of mint banknotes to persons hawking naira notes.
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[STATE HOUSE PRESS RELEASE] AT AWOLOWO FOUNDATION WEBINAR: VP Shettima Urges Recommitment To Gender Equity In Nigeria
Admin![[STATE HOUSE PRESS RELEASE] AT AWOLOWO FOUNDATION WEBINAR: VP Shettima Urges Recommitment To Gender Equity In Nigeria](/media/k2/items/cache/938ae221f5b1b97699127048f0ac5ab0_XS.jpg)
...Says federal government focused on women empowerment policies
Vice President Kashim Shettima has reaffirmed the Federal Government's dedication to advancing gender equity through transformative policies.
The Vice President emphasised the indispensable role of women in building a balanced and equitable society.
VP Shettima stated this on Monday during the H.I.D. Awolowo Foundation Webinar in commemoration of the 109th posthumous birthday of Chief Hannah Idowu Dideolu Awolowo, wife of the late Chief Obafemi Awolowo.
VP Shettima called for renewed national efforts to create an inclusive society where women are empowered to lead and thrive, saying, "Every nation’s treatment of women serves as the ultimate marker of its civilization.
"We cannot claim to have evolved as a nation unless we recommit ourselves to creating a society that offers women unconditional dignity and opportunity," the Vice President added.
VP Shettima paid glowing tribute to the late Chief Hannah Idowu Dideolu Awolowo, describing her as a "matriarch like no other and a jewel of inestimable value."
He lauded her contributions to modern Nigeria, noting her unwavering support for her husband, Chief Obafemi Awolowo, and her advocacy for women’s rights.
"Mrs. Awolowo’s courage and influence were instrumental in shaping policies like free education in the Western Region. This is what an empowered woman can achieve," he said.
On the historical struggles for women’s rights, the VP referenced the activism of global pioneers like Susan B. Anthony and Nigerian icons such as Mrs. Funmilayo Ransome-Kuti and Hajiya Gambo Sawaba.
"These trailblazers compelled us to confront the structural inequalities holding women back. Thanks to their efforts, the conversation has expanded beyond suffrage to include workplace equality, reproductive rights, and the fight against domestic violence," he remarked.
VP Shettima also pointed to the transformative impact of technology, noting how digital platforms have amplified women’s voices and driven legislative victories like the Violence Against Persons (Prohibition) Act of 2015.
"This landmark legislation is a testament to the power of women-led advocacy and their determination to create a safer, fairer society," he said.
Shettima further reiterated the importance of representation and leadership opportunities for women, even as he praised President Tinubu for his inclusive governance, shaped by the legacy of his mother, Alhaja Abibatu Mogaji, a formidable women’s rights advocate.
"Her legal battle for personal liberty set a precedent in our constitutional history, reminding us that women’s rights are human rights and must never be negotiable," he noted.
The Vice President called for urgent action to address societal inequalities, particularly in education and leadership. "The nation we must build is one where no girl is denied the chance to learn, no woman is denied the opportunity to lead, and no mother is denied the dignity of safety and respect," Shettima said.
He urged Nigerians to honour the legacy of women like H.I.D. Awolowo and embrace a collective responsibility to empower women.
"We are working to create an environment where women are not just supported but celebrated; where their aspirations redefine societal expectations and help build a viable, equitable, and thriving nation," the Vice President said.
In her keynote address, Deputy Secretary-General of the United Nations, Amina Mohammed, said November 25th marks the International Day for the Elimination of Violence Against Women and the start of 16 Days of Activism Against Gender-Based Violence.
She explained that HID Awolowo was a fighter for social justice and human rights and took every opportunity to show the power of women in economic development.
"Every chapter of her story tells us that no bird can fly on one wing. We need the leadership and representation of women. We need partnerships for change—everyone must work for systemic change that will be sustainable.
"We need to end the scourge of gender-based violence as an absolute priority, essential for growth. Societies cannot achieve the equal and just society envisioned by HID Awolowo if we leave 50 percent of the world's population behind," she said.
Earlier, the Chairperson of the HID Awolowo Foundation Advisory Council, Senator Daisy Danjuma, noted that in building a more viable Nigeria, the role of women should not be overlooked.
"Together, let us chart a society where the role of women is recognized, celebrated, and utilized," she said.
Welcoming guests to the webinar earlier, the Executive Director and Co-Founder of the Obafemi Awolowo Foundation, Dr. Olatokunbo Awolowo Dosumu, described HID Awolowo and her late husband as giants of intellect, integrity, service, and sacrifice, saying their lives were a testament to the power of purposeful living.
"They left us a blueprint for leadership and a legacy of hope. It is, therefore, with immense pride (and I hasten to add humility) that I speak before you today, reflecting on the legacy of these two extraordinary individuals. To be their offspring is not just a privilege; it is a profound responsibility.
"Their legacy is not meant to be confined to history books or family stories. It is a legacy that demands to be shared, understood, and applied in Nigeria and beyond. Our role, therefore, is to identify actionable plans and strategies and amplify the voices and capacities of women," Dr. Dosumu stated.
Stanley Nkwocha
Senior Special to The President on Media & Communications
(Office of The Vice President)
After multiple delays, the Port Harcourt Refinery is finally set to start production.
Checks revealed that the Port Harcourt Refinery has missed seven deadlines for commencing production as of October 2024.
The Nigerian National Petroleum Company Limited (NNPCL) had set multiple dates for the refinery’s operational start, including promises made in March, August, and September 2024, all of which passed without fulfillment.
However, in a message from an impeccable source, seen by LEADERSHIP, the NNPC said: “Today (Tuesday) marks a monumental achievement for Nigeria as the Port Harcourt Refinery officially commences crude oil processing. This groundbreaking milestone signifies a new era of energy independence and economic growth for our nation.
“Hearty congratulations to President Bola Ahmed Tinubu, the NNPC Board, and the exceptional leadership of GCEO Mele Kyari for their unwavering commitment to this transformative project. Together, we are reshaping Nigeria’s energy future!”
Rehabilitation of the Port Harcourt Refinery began in 2021. The contractor overseeing the project, Maire Tecnimont SpA, had been working on the facility since a $1.5 billion contract was signed in April 2021.
Despite announcements of mechanical completion in December 2023, the refinery did not start production due to what the NNPCL called “ongoing safety checks and delays in the final stages of rehabilitation.”
Details Later…
Ondo State Attorney General Urges Illegal Lottery and Gaming Operators and Agents to Regularise Their Activities
Admin
The Attorney General of Ondo State, Dr Kayode Ajulo SAN OON, has urged all illegal and unlicensed lottery and gaming operators and agents in the State to regularise their operations immediately or face legal consequences. He said "This directive is a confirmation of the government’s unwavering commitment to upholding the law and protecting the interests of its citizens"
The Attorney General made this comment on Monday in Akure, while reacting to the Supreme Court ruling that annulled the National Lottery Act. He lauded the Supreme Court for reaffirming the constitutional authority of state governments to regulate lottery and gaming activities within their respective states.
“The landmark judgement, delivered in Suit No. SC/1/2008 between the Attorney General of Lagos State & Ors and the Attorney General of the Federation represents a watershed victory for constitutionalism, federalism and the rule of law." Ajulo stated.
He further said "This Supreme Court decision is a monumental affirmation that the regulation of lotteries and gaming is a residual matter, firmly within the jurisdiction of State governments. It reinforces the principles of true federalism, empowering States to effectively manage their affairs.”
The AG emphasized the significance of this ruling in strengthening Ondo State's regulatory framework for the gaming sector. “This judgement validates our enduring belief in our ability to govern our resources and safeguard our citizens."
He commended the leadership of Governor Lucky Aiyedatiwa for his dedication to upholding the rule of law and championing the rights of the people of Ondo State, saying "his unwavering support has been instrumental in achieving numerous positive outcomes for the State."
Ajulo further stated that the Ondo State Government remains committed to creating a safe and regulated environment for all gaming activities, ensuring transparency and accountability for the benefit of all citizens. He said the activities of the Ondo State Lotteries Regulatory Commission would be reviewed and geared up in line with the Supreme Court judgment.
The Nigerian National Petroleum Company Limited has requested an additional subsidy refund of N1.19 trillion for July 2024, citing exchange rate differentials on Premium Motor Spirit importation and joint venture taxes, according to findings by The PUNCH.
But state governments tackled the national oil company over the latest request, as they raised concerns over NNPCL’s accounting practices.
These findings were based on the Federation Account Allocation Committee Postmortem Sub-Committee report for September 2024, which was obtained by The PUNCH on Monday.
The report revealed that exchange rate differentials stood at N4.56tn as of June 2024 (due to under-recovery on petrol imports between August 2023 and June 2024), but this figure increased to N5.31tn by July 2024.
The NNPCL attributed the rise to fluctuations in foreign exchange rates and unresolved subsidy payments from previous months.
The total figure adds to concerns over the fiscal impact of subsidy payments on the Federation Account.
Exchange rate fluctuations and the rising cost of importing PMS have continued to strain government revenues, raising questions about the sustainability of the partial subsidy framework.
Committee raises concerns
The FAAC Sub-Committee raised concerns over NNPCL’s accounting practices, noting discrepancies in the figures submitted.
The NNPCL’s report included N1.19tn as a balance brought forward, contributing to the overall claim of N5.31tn.
However, the Sub-Committee noted that this amount had not been included in earlier FAAC reports and was therefore not recognised in its deliberations.
The report read, “As of June 2024, the Exchange Rate Differentials stood at N4,558,597,379,030.6. This amount increased to N5,309,418,715,637.13 as of the July 2024 Federation Account.
“Note that NNPCL’s request for the application of Weighted Average Rate covers the period August to June 2024. Also, recall that all outstanding payments against NNPCL as of May 2024 were referred to the Presidential Alignment Committee for reconciliation.
“However, the Sub-Committee observed that NNPCL in their report included the sum of N1,186,540,693,485.36 as an amount brought forward totalling N5,309,418,715,637.13 in their ledger. FAAC Postmortem did not recognize the Balance Brought Forward because it was not included in the FAAC report earlier submitted.”
During the September meeting with agencies, the NNPCL informed the FAAC Postmortem Sub-Committee that the N1.19tn figure was an actual under-recovery amount, which included adjustments for June and July 2024.
This amount, the NNPCL said, was used as the opening balance in its report.
In response, the Sub-Committee recommended that the NNPCL re-submit the figure for consideration at the next plenary.
The report noted, “During the monthly reconditioning meeting with Agencies, NNPCL informed the meeting that the amount submitted to the Presidential Alignment Committee for under-recovery was estimated. The actual under-recovery of N1,186,540,693,485.36, including June and July 2024, resulted in the opening balance in the NNPCL report.
“The Sub-Committee resolved that since NNPCL’s earlier report to FAAC did not include the sum of N1,186,540,693,485.36 brought forward, NNPCL should re-submit the amount for FAAC Plenary noting.”
Missing documentation
Further scrutiny of the NNPCL’s claims revealed additional issues. Minutes of a previous FAAC meeting indicated that as of June 2024, the NNPCL had reported an outstanding claim of N4.34tn against the Federation.
The claim, which was tied to exchange rate differentials, lacked essential details, including the volume of PMS imported, pricing, and sales values.
The Federal Commissioner of the Revenue Mobilisation, Allocation, and Fiscal Commission stated that the omission of these details made it difficult for the Sub-Committee to justify the figures submitted.
Consequently, the sub-committee directed the NNPCL to provide all relevant information to enable further assessment of its claims.
The FAAC Postmortem Sub-Committee has emphasised the need for transparency and accountability in subsidy-related reporting.
It noted that the discrepancies in the NNPCL’s submissions had delayed the reconciliation process, which had already been referred to the Presidential Alignment Committee.
The sub-committee also urged the NNPCL to ensure the inclusion of all outstanding amounts and a comprehensive breakdown of its PMS importation records in future reports.
The minutes for one of the FAAC meetings, which was seen by The PUNCH, noted, “The Federal Commissioner, RMAFC, informed the meeting that NNPC Limited reported to the Sub-committee that it had an outstanding claim of N4,344,519,176,167.32 against the Federation as a result of exchange rate differentials as at June 2024.
“He stated that the Sub-committee observed that the details of the PMS volume, price, and sales value were not provided in the June 2024 Report of NNPC Limited to justify the exchange rate differentials recorded. He concluded that the Sub-committee had resolved to request NNPC Ltd to provide the relevant information for further consideration.”
The PUNCH earlier reported that Nigerian National Petroleum Company Limited demanded a refund of N4.71tn from the Federal Government to settle outstanding debts used to import Premium Motor Spirit, popularly called petrol, into the country.
However, the NNPCL clarified that the N4.71tn was just an estimate, and the actual figure was N4.34tn, which increased to N5.31tn by July 2024.
This development means that the government has been supporting fuel imports by covering the difference between the projected rate and the actual expenses incurred by the NNPCL for importing petroleum products into the country.
This difference in cost, which ordinarily should be reflected in the retail price of the product and borne by final consumers, contradicts the government’s claims that subsidies have been eliminated.
This revelation also comes amid challenges faced by the petroleum company to ensure the adequate supply of PMS to marketers for distribution nationwide.
On May 29, 2023, during his inauguration, President Bola Tinubu publicly declared that “subsidy is gone,” signalling the end of barriers that had been restricting the nation’s economic growth.
However, this claim has been contested by the International Monetary Fund, the World Bank, and other authoritative figures, who argue that the government had quietly reintroduced fuel subsidies.
In June, a proposed economic stabilisation plan document stated that the government planned to spend about N5.4tn on fuel subsidies.
The N5.31tn demanded by the NNPCL for petrol under-recovery is about 98.33% of what the Federal Government had planned to spend on fuel subsidies this year.
Between January and June 2023, the Federal Government spent about N3.6tn on fuel subsidy, which was far more than the N2tn spent for the entire year of 2022.
In the approved Medium-Term Expenditure Framework, the Federal Government admitted that the petrol subsidies have remained a major challenge.
It noted that the final 2023 dividend for the Federal Government from the NNPCL was withheld to settle fuel subsidies.
The MTEF document noted, “Despite recent reforms, petrol subsidies continue to have a significant adverse impact on oil revenues. Recently, the 2023 final dividend due to the federation was withheld for payment of fuel subsidies.”
Amidst the increasing cost burden on the government for petrol under-recovery, and despite promising to bring down the price of petrol during his campaign, President Bola Tinubu has repeatedly increased petrol price by about 505.71 per cent – from N175 in May 2023 to N1,060 in October 2024 – inflicting more pains on the already impoverished Nigerians.