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We’ll Deduct N242.53bn Fuel Subsidy From FAAC This Month – NNPC

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The Nigerian National Petroleum Company Limited is to deduct N242.53bn as subsidy on Premium Motor Spirit, popularly called petrol, from the Federation Account this month.

Although it described the proposed subsidy deduction as a value shortfall, the oil firm stated that the fund would be recovered from February 2022 proceeds due for sharing in the March 2022 Federation Account Allocation Committee meeting.

The NNPC disclosed this in its latest presentation to the FAAC meeting, which was obtained by our correspondent in Abuja on Friday.

It said, “The December 2021 value shortfall recovery on the importation of PMS amounted to N210.38bn.

“The recovery consists of December 2021 value shortfall of N176.48bn plus the outstanding value shortfall recovery of N33.9bn accrued over the 2021 year. The November 2021 spot arrears of N98.81bn is also outstanding.

“The estimated value shortfall of N242.53bn (consisting of N143.72bn for January 2022 recovery plus November spot arrears of N98.81bn) is to be recovered from February 2022 proceed due for sharing at the March 2022 FAAC meeting.”

Recall that in February this year, the NNPC remitted no money to FAAC due to its huge fuel subsidy spending and subsequent deduction from the Federation Account.

On March 3, 2022, state governors lambasted the NNPC for not remitting any funds at last month’s FAAC meeting.

The Chairman of the Nigeria Governors’ Forum and Governor of Ekiti State, Kayode Fayemi, had also wondered how the oil firm was bold enough to declare profit when it had not been meeting its FAAC obligations.

Fayemi had disclosed this alongside other governors during the Nigerian Governors’ Forum session on natural resources at the Nigeria International Energy Summit 2022 in Abuja.

He specifically pointed out that in the last Federation Accounts Allocation Committee meeting in February, the NNPC made zero remittance to the federation.

“We’ve just had the Federation Accounts Allocation Committee meeting a couple of days ago and the NNPC contributed zero to the Federation Accounts this month,” the governor had stated.

Various industry operators told our correspondent that unless the fuel subsidy regime was halted, the deductions might continue, as NNPC had been the sole importer of petrol into Nigeria for more than four years running.

The oil firm had also been shouldering the cost of subsidy on petrol all these years. The actual cost of the commodity is far higher than the approved N162-N165/liter pump price.

The President, Petroleum Products Retail Outlets owners Association of Nigeria, Billy Gillis-Harry, explained that the actual cost of petrol without subsidy was usually a little higher than that of diesel.

He stated that if not for a subsidy, PMS would be selling around N550 to N600/liter going by the rise in crude price.

The approved subsidized pump price of PMS in Nigeria is between N162 to N165/liter, but oil marketers stated that the actual cost should be a little higher or about the same price of diesel had it been PMS was deregulated.

The PETROAN president further stated that the N3tn that was projected by the government as subsidy spending in 2022 might double before the end of the year if the crude oil price continues to rise.

Meanwhile, in NNPC’s latest presentation to FAAC seen in Abuja on Friday, the firm stated that its overall crude oil lifting of 8.13 million barrels (export and domestic crude) in December 2021 recorded a 2.21 percent decrease relative to the 8.31 million barrels lifted in November 2021.

It said Nigeria recorded an average production of 1.31 million barrels in December 2021, adding that crude oil export revenue received in January 2022 amounted to $2.23m.

The report stated that the sum of N253.36bn was the gross domestic crude oil and gas revenue for January 2022.

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Police Arrest Man ‘Strapped With Bomb’ Inside Bank In Plateau

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Security operatives have apprehended a man strapped with Person Borne Improvised Explosive Device (SPBIED) inside a bank in Plateau.

The individual was arrested at a bank in Dadin Kowa town, which is in Jos South LGA of the state, according to Zagazola Makama, a counter-insurgency journal that focuses on the Lake Chad region. According to the article, the incident happened on May 13.

Makama was informed by intelligence sources that the individual intended to set off the explosives at the bank, but a vigilante officer noticed him and alerted the authorities.

According to the publication, an enraged mob encircled the suspect after he was captured and demanded that he be murdered.

Makama could not confirm if the suspect is connected to the fighters of the Islamic State of West Africa Province (ISWAP).

The publication added that the suspect is in the custody of the police and currently undergoing investigation.

Nigeria has been battling insurgency for two decades, with suicide bombings, displacement of entire communities and kidnapping for ransom by the terrorists, recorded in that span.

The United Nations Children’s Fund (UNICEF) said about 83 children, mostly girls, were used as human bombs in 2017 alone.

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Adron Homes Throws Grand Party To Celebrate Customers [PHOTOS]

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In a momentous gesture of gratitude and recognition, the Adron Homes Management Team orchestrated a surprise celebration at the esteemed West Park & Gardens Estate, Paradise City, Ayegun Adron City, Ibadan, Oyo State, Nigeria, on the 12th of May 2024. This grand event, meticulously organized by the Directorate of Estate at Adron Homes, aimed to honor and appreciate the valued residents and homeowners of this prestigious estate.

Under the distinguished chairmanship of Aare Adetola EmmanuelKing, the Chairman/CEO of Adron Homes, the event unfolded with an air of elegance and prestige. Accompanied by many top senior directors including :

Mrs. Ajobo Adenike – Deputy MD, Southern Nigeria;Ms. Shola Orunmuyiwa – Group Director Legal Bureau ;Engr. Stephen Ogunbiyi – Technical Director;Engr Sola Okanlawon – CPC Southern Nigeria;Arch. Bolaji Mustapha – PD Upland World;Mr. Christopher Adeogun-Director Internal Control & Compliance;Engr Kole – Chief Director Power & Energy ;TP Rotimi Dipeolu -Director of Physical Planning and Development ;Ms. Omotola Alonge – Director of Construction & Building Materials,Mr. Michael Oyadele -Director of Public Affairs; Engr Festus Fatunbi-Deputy Project Director Upland World;Mr. Kunle Aliyu -Director of Estate Western World and other esteemed Partners and consultants ,the occasion was a true testament to the community’s significance and vitality.

A highlight of the celebration was the official inauguration of the New Executive Committee of the West Park & Gardens Estate Residents Association (WEPAGERA) by the esteemed Chairman/CEO, Aare Adetola EmmanuelKing himself. With Mr. Idris Adejumo leading as Chairman and a stellar team of executives by his side,which include :

-Elder Abayomi Olatunji – Vice Chairman;

-Mr. Akintunde Akinpelu – General Secretary;

-Mrs. Aderonke Adelakun – Assistant General Secretary;

-Mr. Musbau Yekini – Financial Secretary/Treasurer;

-Mr. Babatunde Adesesan – Assistant Treasurer;

-Mr. Sakiru Opeyemi Aliu – Publicity Secretary;

-Mr. David Akinbi – Assistant Publicity Secretary;

-Dr. Sola Popoola – Ex-Officio/Adviser;

-Dr. Ademola Adebayo – Ex-Officio/Adviser;

-Grandma Esther Adeyemi – Ex-Officio/Adviser;

-Alhaji Ismail Adeyemi – Security Coordinator;

-Mrs. Gbemisola Adelakun – Projects/Maintenance Coordinator;

-Rev’d Olufemi Tokede – Zone 1 Coordinator;

-Mr. Oyewumi Adelakun – Zone 2 Coordinator;

-Mrs. Elizabeth Olade – Zone 3 Coordinator

the committee embodies a vision of unity, progress, and excellence, promising to steer the community towards greater heights.

Residents, professionals, and top senior officials from Adron Homes alike were swept up in the joyous atmosphere of the event. Questions were entertained by the Adron Team, fostering an environment of open dialogue and camaraderie. Residents were encouraged to embrace a culture of inclusivity and neighborly love, transforming West Park And Gardens Estates into a beacon of hospitality and warmth, attracting potential landlords seeking solace in its tranquil surroundings.

The Adron Homes Management Team pledged their unwavering support to the newly inaugurated WEPAGERA committee, vowing to work hand in hand to make West Park & Gardens Estate the epitome of excellence in the entire southwest region. The residents, in turn, expressed their heartfelt appreciation for this initiative, applauding the management of Adron Homes for their commitment to their well-being and happiness.

As the celebration drew to a close, filled with laughter, music, and entertainment, it symbolized not just a moment of revelry, but a reaffirmation of the strong bonds that unite West Park & Gardens Estate. In this enclave of luxury and harmony, residents and management alike come together to create a thriving and prosperous community, setting a shining example for others to follow.

See photos below:

 

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Edwin, Dangote Industries’ Vice-President Bags Icon Award

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Members of the Democratic Youth Assembly of Nigeria (DYAN) have visited the Vice-President, Oil and Gas, Dangote Industries Limited (DIL), Mr. Devakumar Edwin, in his office at the corporate Headquarters of the Pan-African Conglomerate in Lagos during which they presented him with an award of “Icon of Delight Service”.

The body stated that the award is in recognition of Edwin’s his contributions toward Societal Development, Human Upliftment and Selfless Service to Humanity.

 

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