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RMAFC Backs Tinubu On Subsidy Removal, Says N8.4trn NNPC Contribution To FAAC Unpaid Since Jan 2022

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The Revenue Mobilization Allocation and Fiscal Commission (RMAFC) has reaffirmed its support for President Bola Tinubu’s decision to end fuel subsidy.

The RMAFC chairman, Mohammed Shehu, announced this in a statement on Thursday.

During his inaugural address on May 29, Tinubu had said “Subsidy can no longer justify its ever-increasing costs in the wake of drying resources”.

Since the speech, Nigeria’s economy has taken a tilt, aligning towards post-subsidy realities as citizens wade through the ripple effects of high petrol prices.

In the statement, Shehu said the commission had consistently expressed its position on the issue of petrol subsidy removal since the time of the late Hamman Tukur who chaired the commission during the administration of Olusegun Obasanjo, former president.

He said the agency’s position was premised on the fact that the continued “payment of humongous amounts to a privileged few in the name of subsidy” was a major drain on the nation’s scarce resources.

Shehu said the Nigeria National Petroleum Company (NNPC) Limited, one of the major sources of revenue to the federation account, had since stopped contributing to the national purse due to the subsidy regime.

“As one of the fourteen federal executive bodies established by section 153 (1)(n) and empowered by paragraph 32 (a) and (c) of part 1 of the third schedule of the 1999 constitution (as amended), RMAFC has the constitutional mandate to monitor the accruals to and disbursement of revenue from the federation account and also advise federal and state governments on fiscal efficiency and methods by which their revenue can be increased,” he said.

The chairman described the president’s pronouncement on eliminating the petrol subsidy as a masterstroke that broke the jinx.

This, he said, was the appropriate step in the right direction.

“The country can no longer sustain fuel subsidies whose demerits far outweigh its benefits to the citizenry. It is saddening to note that since 1 January 2022, to date, the Nigeria National Petroleum Company (NNPC) Limited has not been contributing to the federation account due to the claimed subsidy payments,” he said.

“The total amount withheld by the NNPCL as claimed subsidies for this period amounted to N8,480,204,553,608.13 as reported by the office of the accountant general of the federation (OAGF) which is yet to be reconciled by the RMAFC, OAGF, and NNPCL.”

Shehu said in a situation where the records of petrol subsidy transactions are not transparent and crude oil prices are being determined globally, it would be unwise to sustain “the phantom payments of subsidy at the detriment of other critical sectors of the economy”.

The RMAFC chairman emphasized that the cessation of under-recovery payments would eliminate the uncertainty surrounding the subsidy regime.

He added that it would free up funds for the execution of critical national development and human capital enhancement projects such as the provision of an affordable transport system, investment in the education sector, improvement in health care, and infrastructural development.

While commending Tinubu for his “uncommon courage” and political will in doing away with the subsidy, Shehu urged the new administration to work out strategies to cushion the new policy’s attendant effects.

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JUST IN: Ooni’s Ex-Wife Naomi, 7 Others Arrested Over Children’s Funfair Stampede In Ibadan

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The Oyo State Police Command has announced the arrest of the ex-queen of the Ooni of Ife, “Naomi Silekunola”; the Principal of Islamic High School, Ibadan, “Fasasi Abdulahi”; and six others in connection with the deaths of several children during a stampede at a funfair in Ibadan, the state capital, on Wednesday.

The ex-queen was identified as the primary sponsor of the event.

Furthermore, the number of children who have died from the stampede has increased to 35, while six others are critically injured, according to a statement issued on Thursday by the State Police Public Relations Officer, “Adewale Osifeso.”

The event, which was held at the Islamic High School, Basorun, Ibadan, was intended for 5,000 children, but reportedly over 7,500 attended.

 

More to come…

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NAFDAC Seal Shops, Destroy Items Worth N5bn In Aba Market Over Fake, Expired Products

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The National Agency for Food and Drug Administration and Control (NAFDAC) has shut down 150 shops at Eziukwu Market, Aba, Abia State.

The Agency disclosed this in a statement it posted on its X handle on Wednesday.

It said its team uncovered large-scale production and distribution of fake and expired goods, including beverages, carbonated drinks, wines, spirits, vegetable oils, and revalidated food items such as “noodles,” “powdered milk,” and “yoghurt.”

NAFDAC noted that the team destroyed items that were valued at ₦5 billion.

Describing the market as a hub for counterfeit and substandard products, the Agency’s Director in the Southeast Zone, Martins Iluyomade, expressed dismay at the continued illegal activities, despite a previous undertaking signed by market leaders in December 2023 to expose counterfeiters.

The statement added that NAFDAC DG, Prof. Mojisola Adeyeye, reaffirmed the Agency’s zero tolerance for such practices and emphasised its unwavering commitment to safeguarding public health while working toward a permanent solution to the problem of counterfeit products in the market.

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Lil Smart Files Petition Against Naira Marley, Zinoleesky Over ‘Threat To Life’

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Lil Smart, the Nigerian dancer, has filed a petition against Naira Marley and Zinoleesky over an alleged threat to his life.

On December 9, Smart shared disturbing photos and videos on social media, claiming that his life was at risk.

He warned that Naira Marley and Zinoleesky should be held responsible if anything were to happen to him.

Zinoleesky, however, denied the allegations, accusing Smart of “chasing clout.” He also threatened legal action against the dancer.

In a recent (now deleted) Instagram post, Smart claimed that he had previously endured bullying from the singers but lacked the evidence necessary to take legal action.

He mentioned that he has now officially submitted his petition, with the required evidence, to the authorities and is hopeful that the legal system will provide him justice.

“This has not been the first or third time I have been experiencing this bullying. But I did not have enough evidence to face the law. Now, I thank God that I have very good evidence, and I will put everything I have in line to make sure this bullying and threat to life is stopped,” he said.

“With my evidence, I really hope that they are not too big to be apprehended and face the law. I have submitted my petition, and I have provided my evidence to the authorities. By God’s grace, the law that binds us as citizens of Nigeria will make sure I get the justice I deserve.”

Naira Marley has yet to comment on the allegations.

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