Wed, Dec

MDAs Failed To Remit N3Trillion Revenue Into Federation Account – Senate

The Senate Committee on Finance has revealed that 60 federal government agencies failed to remit a total of about N3 trillion in six years, contrary to provisions of the constitution and Fiscal Responsibility Act. The failure of key revenue-generating agencies to pay what they generated into the Consolidated Revenue Fund (CRF) has been a source of financial bankruptcy of the Federal Government and a cause of huge borrowing, particularly from 2015 to date. Chairman of the committee, Solomon Adeola (APC, Lagos West), who revealed the development to journalists, Yesterday, stated that the breach was uncovered during the panel’s ongoing investigation of remittances by Ministries, Departments, and Agencies (MDAs). The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, Director-General of Budget Office, Ben Akabueze, Auditor-General of the Federation, Idris Ahmed, and other heads of MDAs appeared before the Senate committee during the ongoing probe of revenue remittances by MDAs between 2014 to 2020 and payment of 1% Stamp Duty on all contract awards by the MDAs within the same period.

FG To Commence Distribution Of CBN’s Free Prepaid Meters

The Federal Government has on Wednesday disclosed that the distribution of the four million free electricity prepaid meters sponsored by the Central Bank of Nigeria (CBN) will soon commence across the country. Mamman Saleh, minister of Power made the disclosure while addressing State House Correspondents after the Federal Executive Council Meeting at the Presidential Villa in Abuja. He explained that the distribution will begin as soon as the ongoing “phase zero” distribution of one million electricity meters is concluded.

Motorists Groan As Queues Return To Filing Stations In Abuja

Just a month after normalcy returned after the scarcity of Premium Motor Spirit (PMS), hit major cities across Nigeria, the long queues have resurfaced in Abuja. A visit to some petrol stations on Monday revealed massive thronging of cars and petrol buyers, while some of the stations were shut down. Motorists at some of the filing stations decried the unfortunate situation lamenting that apart from the fact that it is causing distress, is ill-timed. The NNPC however advised against panic buying, saying petrol will be available in all depots across the country.

Hope As Buhari Directs Expansion Of N-Power To Accommodate 1million Nigerians

President Buhari has disclosed that his government in an effort to cushion the effect of hardship on Nigeria has directed the expansion of N-Power to accommodate more people from the former 500,000 persons to now 1million people. Buhari made the announcement in his speech to commemorate the year 2021 workers' day celebration.

Dangote Sugar Invests $700m On BIP In Nasarawa

With a national annual import of over $337 million, the management of Dangote Sugar Refinery Plc has declared its commitment to the Backward Integration Policy (BIP) of the federal government to reverse the trend and make Nigeria self-sufficient in sugar production.

NNPC Plans To Complete Borno Gas Plant In Four Months

The Nigeria National Petroleum Corporation (NNPC), Group Managing Director (GMD), Mele Kyari has said the oil corporation has targeted four months for the completion of the gas-powered electricity facility in Borno State. The GMD made the assertion while on a visit to the Governor of State, Babagana Umara Zulum, saying that the gas plant is to serve as an alternative to the vandalism of on-grid electricity facilities by Boko Haram insurgents. He added that the Federal Government is concerned about the discomfort residents of Borno State have experienced due to lack of electricity, also noting that President Muhammadu Buhari to intensify gas power consumption especially in the domestic market of the country.

Petrol Subsidy: No Remittance For Federation Account In Month Of May - NNPC Groans

As the Nigerian government is planning on revenue diversification to increase its income into the federation account, Nigerian National Petroleum Corporation, NNPC has hinted that its corporation cannot remit anything to the federation account in the incoming month of May.

Minister Sale Mamman Apologizes Over Power Outage

The Minister of Power Engr. Sale Mamman has tendered an apology to all Nigerians affected by the power outage currently being experienced across the country. Engr. Mamman who described the situation as unfortunate said the outage is due to gas constraints, maintenance of Jebba Plant, and water shortage management in Shiroro plant. His Special Adviser on Media, Mr. Aaron Artimas, disclosed this in a statement on Thursday in Abuja. The statement reads; “The Ministry of Power is not unaware of the current power outages/shortages bedeviling many parts of the country.

CBN Cautions DMOs, BDCs Against Rejecting Old, Lower Denomination Of USD Bills

The Central Bank of Nigeria (CBN) has issued a strong warning to Bureau De Change operators who reject old and lower denomination of the United States dollar bills. CBN in a circular signed by its director, currency operations department, Ahmed Umar, threatened to sanction deposit money banks and authorized BDCs who are found guilty. The apex bank directed all DMOs, BDCs, and the general public to accept both old series and lower denominations of USD that are legal tender. “The Central Bank of Nigeria (CBN) has in recent times been inundated with complaints from members of the public on the rejection of old/lower denominations of US dollar bills by Deposit money banks (OMBs) and other authorized forex dealers,” the bank said in a statement Tuesday.

Alleged N60bn Printing: Obaseki Lied Says FG

The Federal Government has slammed the comment of Edo state Governor, Godwin Obaseki that the Federal Government printed N60billioin naira to argue the money given to state governors in March.

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