SHOCKING.. FG no going back, Fuel Subsidy Remove

 

JUST IN: FG Owes NNPCL N2.8trn For Fuel Subsidy – Kyari

Opadele Abdulkabeer

May 30, 2023

 

The federal government has a N2.8 trillion fuel subsidy payment imbalance owed to Nigerian National Petroleum Company Limited (NNPCL).

After meeting with President Bola Tinubu on Tuesday, NNPCL’s Group Chief Executive Officer (GCEO), Mele Kyari, said this while speaking to journalists at the Presidential Villa in Abuja.

The Nigerian Mainstream and Downstream Petroleum Regulatory Authority (NMDPRA) Authority Chief Executive Officer, Farouk Ahmed, joined Kyari at the briefing. Farouk Ahmed said the disclosure by the president in his inauguration speech about the end to the subsidy regime was most welcome as it is no longer sustainable.

He said the heavy subsidy burden had made it impossible for the NNPCL to have funds to channel into its core businesses.

Kyari said the petrol queues that started resurfacing across the country since Monday were understandable as marketers would like to understand the meaning of the president’s pronouncement that “subsidy is gone.”

The NNPCL GCEO said the uncertainty on the remark also caused consumers to rush for the product, a situation which has resulted in the queues seen at fuel stations.

He said government would initiate measures to cushion the effects of the removal of subsidy.

He stated “since the provision of the N6 trillion in 2022, and N3.7 trillion in 2023, we have not have not received any payment whatsoever from the Federation.

“That means they (Federal Government) are unable to pay and we’ve continued to support this subsidy from the cash flow of the NNPC. That is, when we net off our fiscal obligations of taxes and royalty, there’s still a balance that we’re funding from our cash flow and that has become very difficult and affecting our other operations.

“We’re not able to keep some of these cash for invest on our core businesses and the end result is that it can be a huge challenge for the company and we have highlighted this severally to government that they must compensate and NNPC they must pay back the NNPC for the money that we have spent on the subsidy.

“So, today the country doesn’t have the money to pay for subsidy. There’s incremental value that will come from it. But it is not an issue of whether you can do it or not because today we can’t afford it and they are not able to pay our bill. That comes to how much is the federation owing NNPC now.

“Today, we are waiting for them to settle up to N2.8 trillion of NNPC’s cashflow from the subsidy regime and we can’t continue to build this,” he explained

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Shocking... Leak Document from U.S. Court Against Tinubu

Shocking... Leak Document from U.S. Court, Other Documents Tendered By Peter Obi Against Tinubu

The judgment allegedly indicted Tinubu and ordered his forfeiture of $460,000 in a drug-related offence.

The Presidential Election Petition Court (PEPC) has admitted in evidence documents tendered by the candidate of the Labour Party in the 2023 presidential election, Peter Obi, to defend his petition against President Bola Tinubu.

Obi had filed a petition at the tribunal to challenge Tinubu’s victory in the election as declared by the Independent National Electoral Commission. Tinubu was sworn in as President on Monday, May 29.

The documents which were tendered on Tuesday in Abuja through the petitioner’s first witness, Mr Lawrence Nwakaeti, included a United States District Court judgment.

The judgment allegedly indicted Tinubu and ordered his forfeiture of $460,000 in a drug-related offence.

Nwakaeti, who was led in evidence by Mr Jibrin Okutepa (SAN), told the court that he was a registered voter who voted at a polling unit in his hometown in Anambra on February 25, 2023, the News Agency of Nigeria reports.

The counsel for the respondents raised objections to the admission of the document in evidence but reserved their arguments to their objections until the final address stage.

Under cross-examination by the counsel for Tinubu, Mr Wole Olanipekun (SAN), the witness admitted that the judgment was not registered in Nigeria.

Nwakaeti also admitted that there was no certificate from any Consular in Nigeria or the U.S. in support of the judgment but that the judgement was obtained and certified by the person in whose custody it was.

The witness told the court that he had been to the U.S. and also read the judgment in its entirety, adding that he would be surprised if no mention was made of the forfeiture of $460,000 by Tinubu

While also cross-examining the witness, the counsel for the All Progressives Congress (APC), Mr Lateef Fagbemi (SAN), sought to know if the document had the certification of any police officer in the U.S.

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Currently Tinubu has order DSS

BREAKING:President Bola Tinubu has asked the Department of State Services (DSS) to vacate the office of the Economic and Financial Crimes Commission in Ikoyi, Lagos, immediately.

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CBN Governor await Tinubu has he arrived office

 

BREAKING: Godwin Emefiele, governor of the CBN,is currently at the Presidential Villa in Abuja for a meeting with President Bola Tinubu. President Tinubu, whose vehicle entered the villa at 2:30pm, inspected a parade by the Guards of Honour.He was later received by Vice-President

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First day at work for President Tinubu

 

 First day of work 

President Bola Tinubu arrives at the Presidential Villa on his first day of work.  

He arrived from the defense house & is welcomed by the VP Kashim Shettima, Femi Gbajabiamila, Godwin Emefiele; GMD NNPC, Mele Kyari; James Faleke and others.

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Owner of Hilton hotel sentence to death

 

BREAKING: Osun Chief Judge, Justice Oyebola Ojo has sentenced money rituálist Dr Rahman Adedoyin, owner of Hilton Hotel, Ile-Ife to death by hanging for killing & using A Master's Degree student Timothy Adegoke for money 💰 rituáls 

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