FG saves N18.3bn in Six Weeks- Subsidy removal

The Federal Government’s savings as a result of the removal of subsidy on both petrol and kerosene are growing daily, OKECHUKWU NNODIM writes

 

Between January 1 and February 12 this year, an interval of about six weeks, the Federal Government made over N18.3bn as savings from the removal of subsidy on Premium Motor Spirit and House Hold Kerosene.

The government officially stopped subsidy on PMS, popularly known as petrol, on January 1, 2016, while on January 23 this year, it also ended the subsidy regime on kerosene, according to the pricing templates for both commodities obtained from the Petroleum Products Pricing Regulatory Agency.

Nigeria Pipelines: FG unveils Plan to Privatise Petroleum Pipelines

The Federal Government yesterday unveiled plans to privatise the country’s petroleum products pipeline chain. Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, stated this while on a tour of petroleum products depots in Apapa, Lagos.

Kachikwu who said the move to privatise the pipelines was part of efforts aimed at reducing the issue of petroleum products theft, noted that it will also address the challenge of constant vandalism.

 

“Ultimately, we are going to look at pipelines early next year in January to see how we can privatise the management of these pipelines and get them out of these perennial problems they have because if we are pumping directly through these pipelines, some of these problems will be reduced. But like I said, all these problems added are not as big as the problems of the fact that the major participants are not bringing products,’’ he said.

Prolong Fuel Scarcity’ caused as ‘Banks Responsible

NIGERIA- The non-cooperation of banks on the account of the debts they are owed by oil marketing companies will prolong the current fuel scarcity. This is in spite of assurances given to the marketers by the Federal Government that it would settled the outstanding payment.

 

This is even as the Petroleum Product and Pricing Regulatory Agency (PPPRA) is alleged to have reduced both the volume and number of marketers it has given licences for fuel importation, for the third quarter of the year.

Seplat Petroleum to comply with Nigeria’s existing laws, regulations on dividend payment

Seplat Petroleum Development Company on Friday assured shareholders that its dividend payment must be compliant with the country’s existing laws and regulations.

 

In a statement in Lagos by General Counsel, Dr Mirian Kene Kachikwu, the company said that the company irrespective of its diverse shareholder base would pay dividends to diverse shareholders in compliance with the applicable Nigerian laws and regulations.

NNPC didn’t get N1.329trn subsidy money from CBN, says Alison-Madueke

The Minister of Petroleum Resources, Mrs Diezani Alison-Madueke, has denied that Nigerian National Petroleum Corporation, NNPC, received N1.329 trillion as subsidy payments between 2009-2011 from the Central Bank of Nigeria, CBN, as alleged by the ad-hoc committee of the House of Representatives on Subsidy Regime.

The committee report had alleged that “NNPC directly deducted N408.255 billion, in addition to the payment of N81.648 billion by CBN, in 2009; N407.801 billion, in addition to the payment of N402.423 billion by CBN, in 2010; and N847.942 billion, in addition to the payment of N844.944 billion by CBN, for 2011, contrary to Section 162 of the 1999 Constitution, as amended.”