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Petrol: No Remittance To FAAC In May After N111bn Subsidy Deduction, NNPC Threatens
The Nigerian National Petroleum Corporation (NNPC) has warned that it would not make any remittance to the Federation Account Allocation Committee (FAAC) in the month of May after spending N111.966billion to subsidy petrol consumption in March.
The NNPC’s Chief Financial Officer, Umar Isa, in a letter to the Accountant General of the Federation, explained that the amount spent on subsidy in March would be net-off from oil and gas in April due in May leaving no balance for FAAC.
Isa also projected that NNPC would only be able to just N12.966 to FAAC in June also due to subsidy payment.
The letter to the Accountant General of the Federation read in parts: “The Accountant General of the Federation is kindly invited to note that the average landing costs for Premium Motor Spirit for the month of March, 2021 was N184 per litre against the subsisting ex-coastal price of N128 per litre, which has remained constant notwithstanding the changes in the macroeconomic variables affecting petroleum products pricing,” the letter read.
“As the discussions between government and the labour are yet to be concluded, NNPC recorded a value shortfall of N111.966,456,903.74 in February, 2021, as a result of the difference highlighted above.
“Accordingly, a projection of remittance to the federation for the next three months is presented in the attached schedule.”
Supporting document to the letter showed that in May, net revenue to FAAC is projected to be N171.747billion, with projecting that subsidy would cost N171.746billion, leaving zero remittance as the net revenue to FAAC.
The projection for June, showed net revenue to FAAC at N105.337billion, with NNPC projecting subsidy payment N92.371billion, leaving just N12.966billion as net revenue to FAAC.
NNPC also disclosed that in January, February and March, its net revenues to FAAC after value loss were N96.86billion, N64.16billion and N41.184billion, respectively.
The Minister of State, Petroleum Resources, Chief Timipre Sylva, had in February, warned that NNPC could no longer bear the rising cost of petrol subsidy, calling Nigerians to be ready to bear the pains of increased petrol pump price as crude oil price climbed above $60 per barrel.
With no provision for subsidy in the 2021 budget, NNPC had also warned that it was paying N120billion monthly to subsidise petrol.
But Sylva said, “Since we are optimizing everything, NNPC needs to also think about the optimization of product cost because as we all know oil prices are where they are today, $60.
“As desirable as this is, this has serious consequences as well on product prices. So, we want to take the pleasure and we should as a country be ready to take the pain. Today the NNPC is taking a big hit from this. We all know that there is no provision in the budget for subsidy.
“So, somewhere down the line, I believe that the NNPC cannot continue to take this blow. There is no way because there is no provision for it. As a country, let us take the benefits of the higher crude oil prices and I hope we will also be ready to take a little pain on the side of higher product prices”, he had stated.
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NASS commends FIRS for surpassing 2024 target, sets 2025 goal
The National Assembly has lauded the Executive Chairman of the Federal Inland Revenue Service (FIRS), Mr Zacch Adedeji, for exceeding the 2024 revenue collection target of N19.4 trillion.
FIRS generated N21.6 trillion, surpassing the target by N2.2 trillion.
The commendation came during a meeting on Wednesday in Abuja, where the FIRS chairman appeared before the joint committee on Finance to defend the service’s revenue projections for 2025.
The committee proposed a N25 trillion revenue generation target for FIRS in the coming fiscal year.
Deputy Chairman of the House of Representatives Committee on Finance, Saidu Abdullahi, was the first to commend Adedeji’s performance, calling it “unprecedented” and “worthy of commendation.”
“The feat achieved by FIRS in revenue collection for 2024 was unprecedented and truly commendable.
“Surpassing the target set for the agency in the 2024 Appropriation Act, from N19.4 trillion to N21.6 trillion, is both encouraging and impressive,” he said.
He encouraged the FIRS to study the tax collection methods of South Africa, which generated higher tax revenue, and to focus on expanding the taxable base to include more informal sector workers.
Sen. Joel Onowakpo emphasised that tax collection was a global norm, and advised the committee to raise FIRS’s projected 2025 revenue target to N30 trillion.
Similarly, Sen. Binos Yeroe lauded Adedeji’s innovative approach in surpassing the 2024 target.
“Your performance in 2024 was highly commendable, and I hope you continue to maintain this level of success,” he said.
Rep. Etanabene Benedict suggested aiming for N60 trillion in 2025 to avoid borrowing.
Committee chairmen also supported the proposed N25 trillion revenue goal for 2025; with Sen. Sani Musa stating that it was both “achievable and surpassable.”
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Abbas, Kalu express grief over Deputy Chief Whip, Onanuga’s death
Speaker of House of Representatives, Tajudeen Abbas, has expressed deep grief over the demise of the Deputy Chief Whip of the house, Rep. Adewunmi Onanuga.
In a statement on yesterday, Abbas described the late lawmaker as a strong pillar who would be sorely missed in the house.
The Tide source reports that Onanuga, who died on Wednesday, represented Ikenne/Sagamu/Remo North Federal Constituency and was serving her second term in the house.
Abbas said that he had led members of the house in support and prayers for Onanuga during her health challenge and was hopeful of her recovery, saying that her eventual death was painful.
He recalled Onanuga’s campaigns for gender equality, women empowerment and inclusion in politics and governance, as Chairman, House Committee on Women Affairs and Social Welfare in the Ninth House and as a principal officer in the 10th House.
Abbas also recalled how the late lawmaker, as the only female member in the leadership of the house, inspired and rallied female legislators for the greater good of the chamber and the country in general.
“Onanuga was a brilliant woman, experienced politician, resourceful lawmaker and a dependable ally in the legislative business,” he said.
Abbas commiserated with the Onanuga family and her constituents, the people and the government of Ogun as well as the All Progressives Congress (APC) on the demise of the legislator.
Also, the Deputy Speaker, House of Representatives, Rep. Benjamin Kalu, expressed sadness over Onanuga’s death.
Kalu described the deceased as a shining example of dedication, compassion and selfless lawmaker whose service to her constituents and the nation was outstanding.
He acknowledged her support for the Peace In South East Project (PISE-P), which demonstrated her passion for defeating insecurity in Nigeria.
“Onanuga was a dedicated and committed lawmaker, renowned for her unwavering commitment to peace.
“Her passion for promoting harmony and understanding was truly commendable. Beyond her legislative accomplishments, Onanuga’s compassion, humility and simplicity inspired countless individuals.
“Her warm and infectious smile, coupled with her empathetic nature, endeared her to everyone she met, making her a beloved figure in the lives of many,” he said.
Kalu said that Onanuga would be remembered for her commitment to the cause of women’s empowerment and political inclusion as well as her relentless efforts toward ensuring that the gender bills were passed.
The deputy speaker extended his heartfelt condolences to the Onanuga family, her colleagues and constituents, saying that she would be greatly missed.
He prayed for the peaceful repose of the soul of the late lawmaker and the fortitude to bear the loss.
News
Rotary Foundation commits $300m to polio eradication in Nigeria
The Rotary International Foundation says it has committed over 300 million dollars to polio eradication in Nigeria.
Its Chairman, Board of Trustees, Mark Maloney, disclosed this on Thursday while conducting polio immunisation at a Primary Healthcare Centre in Jahi, Abuja.
According to him, polio eradication is Rotary’s number one priority worldwide and it is focused on eradicating the variant type two poliovirus cases discovered in 2024.
Maloney said efforts towards eradicating the polio variant should be intensified, adding that recording success in that area would be beneficial to the Nigerian government.
He also commended the Federal Government’s polio accountability programme as well as all Rotarians for their efforts in putting an end to the disease.
“The Nigerian government is facing a significant challenge with the continuation of variant polio type two, and so far, we have seen about 92 cases through the cases that have been evaluated in 2024.
“We encourage the government to redouble their efforts to put the focus on this polio eradication as they did with the Wild Polio Virus (WPV), and they were successful.”
On new donations to Nigeria, Maloney said that Rotary would allocate some funds in 2025, but the amount was yet to be determined.
“There are 50 million dollars that I expect will be allocated, but a lot of it has to go to Pakistan and Afghanistan, where WPV is still endemic.
“Though, I think there will be a significant tranche of funds, maybe not tens of millions, but a significant amount of money will be allocated to Nigeria,” he added.
The chairman noted that the organisation has allocated two million dollars to its Programme of Scale project aimed at reducing the rate of birth-related mortality in Nigeria.
“What we are looking to do is to decrease the rate of mortality in births in this country, and it is operating now in several districts.
“One way that the mortality rate can be decreased is for more births to happen in a healthcare facility rather than at home.
“We have seen in the first year of the programme a significant increase in the percentages of births happening in medical facilities.
“One district had gone from 11 per cent happening in medical facilities to 33 per cent, which is a significant increase,” he added.
The Chairman of the organisation’s Nigeria National Polio Plus Committee, Mr Joshua Hassan, said outbreak immunisation efforts are conducted locally in response to the vaccine-derived variant of polio.
Hassan said national immunisation days are planned twice a year for the entire country.
According to him, the organisation is focusing more of its efforts on Kano, Zamfara, Katsina, Kebbi, and Sokoto states.
Prof. Emmanuel Lufadeju, the National Coordinator of Together for Healthy Families in Nigeria, said that the Programme of Scale project was designed to reduce maternal mortality among women by 25 per cent.
Lufadeju said that this is done through community dialogue, home outreaches, medical outreaches, and capacity building.
“We are going to train a lot of people, including doctors and nurses.
“Then we are going to do something that is called a social, behavioural change, to change the attitude of people and make them deliver in the facility instead of delivering at home.”
He added that the two million dollar project, which began in 2024, is expected to end in 2025.
The Tide source reports that Maloney is in Nigeria for an official visit to embark on advocacy, carry out symbolic immunisation, visit the Programme of Scale project areas, and also visit President Bola Tinubu.
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