FG spends N2trn on subsidy


…Nigerians may pay less for fuel in Q2
THE outgoing Executive Secretary of the Petroleum Products Pricing Regulatory Agency (PPPRA), Mr. Farouk Ahmed, has disclosed the Federal Government spent over N2 rillion on fraudulent fuel subsidy claims on the Nigerian National Petroleum Corporation (NNPC), major and independent petroleum products marketers at the end of 2011.
Ahmed stated this in Abuja, Thursday, when he formerly handed over the leadership of the agency to Mr. Moses Mbaba, the agency’s most senior General Manager in charge of Administration and Human Resources.
He also stated that the price modulation regime recently introduced by the agency has yielded the total sum of N2.6 billion paid into a special account in the Central Bank of Nigeria (CBN).
Ahmed also hinted that there are possibilities that  Nigerians could pay less for petrol in the second quarter going by the trend. He added: “There are possibilities of Nigerians paying less for petrol in the second quarter of the year. The Minister of State will look at all the facts pragmatically and arrive at a just figure for petrol.”
The outgoing PPPRA scribe, however, explained that the delay in handing over was informed by the need to compile a comprehensive handover note for his successor in office in view of the price modulation regime that is still at its infancy.
He said: “As at February 12, 2016, because we verify based on what was imported, about N2.6 billion has accrued to that account. The fund is still low because most of the cargoes arrived in December last year. The PPPRA has already communicated to the appropriate authorities that we are in the regime of over recovery.”


For the full story, check The Sun newspaper.












Comments

Post a Comment

Popular posts from this blog

10 World Most Eloquent People

Image
Only the eloquent can adequately describe eloquence. It includes articulation, a mellifluous tone of voice and poise under pressure. To be eloquent is to speak well in a persuasive and deeply thoughtful way. Though it appears to come easily, eloquence does not often come naturally. The most talented speakers often have training in rhetoric and behavioral psychology. Here are 10 great examples of eloquent speakers who have made their mark on the world. 1. Martin Luther King, Jr “I Have a Dream” is perhaps the most powerful speech in American history. In poetic, unequivocal language, he explains how people can live up to their ideals for the sake of their children. 2. Abraham Lincoln In a speech only two minutes long, Lincoln explained the moral justification for the Civil War in his Gettysburg Address. 3. Winston Churchill In a few short years Churchill transformed himself from a burly, unemployed, failed novelist to a leader of the free world with ...
Read more

St. Finbaar’s College, Akoka wins the annual Helmbridge Science Challenge for secondary schools in Lagos State.

St. Finbarr’s College Akoka, Lagos at the weekend won the annual Helmbridge Science Challenge for secondary schools in Lagos State. The school in a six-week-long competition defeated May Day College and Topgrade Secondary School, Surulere in the preliminaries to qualify for the final. The Akoka boys who walked-over Penny International College Coker, the defending champions, for late coming, went into sporadic jubilation on their victory. The News Agency of Nigeria, NAN reports that 16 schools participated in the competition, including Yaba College of Technology Secondary School, St. Finbaar’s College, Penny Internatinal College, Shining Lord’s Secondary and Technical School. Others are St. Michael’s Anglican College, Jubilee Model Grammar school, Fountain Heights Secondary School, St. Gregory’s College and St. Jude’s Private Secondary School. Also in the competition are Methodist Boys’ High School, Birch Freeman High School, Community Senior Grammar School and ABS College. ...
Read more

BIAFRA: IPOB, MASSOB shut down markets, Uwazuruike expelled

Image
  Visit Late Odumegwu Ojukwu’s house to seek his blessing Uwazuruike expelled, Madu takes over as MASSOB leader Forget Biafra, secession —Nwabueze Over seven thousands members of the Indigenous People of Biafra, IPOB, yesterday,   shut   down markets and all commercial activities in Nnewi, Anambra State in solidarity protest for the release of the Director of Radio Biafra, Mr. Nnamdi Kanu, who has been incarcerated by  the Directorate of State Services, DSS, for over one month. Members of the IPOB mobilized from Onitsha, Asaba, Awka, Ekwulobia, Awka-Etiti, Enugu, Imo, Ebonyi and Abia states, converged at  Nnewi from where they marched to the house of the late Ikemba Nnewi, Dim Chukwuemeka Odumegwu Ojukwu to ask for his blessing even in death. This came as constitutional lawyer and leader of eminent group of Nigerians, The Patriots , Professor Ben Nwabueze (SAN),  admonished  the  groups to have a re-think over th...
Read more