• Latest
  • Trending
NEC, FAAC approve use of $1.05bn NLNG dividends

NEC, FAAC approve use of $1.05bn NLNG dividends

November 7, 2018
appointments:-enugu-north-unfairly-treated-–-buhari-movement

Appointments: Enugu North unfairly treated – Buhari Movement

July 13, 2020
federal-legislator-advocates-cancellation-of-annual-recess-over-critical-bills

Federal legislator advocates cancellation of annual recess over critical bills

July 13, 2020
covid-19:-bill-gates-is-linked-to-666-–-pastor-chris-okotie-reveals-satan’s-plans

COVID-19: Bill Gates is linked to 666 – Pastor Chris Okotie reveals Satan’s plans

July 13, 2020
ogun-nnpp-fires-abiodun-as-bridge-collapses-less-than-one-year-after-construction

NNPP fires Abiodun as bridge collapses less than one year after construction

July 13, 2020
efcc:-magu-worked-for-osinbajo,-tinubu,-they-are-his-godfathers-–-fani-kayode

EFCC: Magu worked for Osinbajo, Tinubu, they are his godfathers – Fani-Kayode

July 13, 2020
covid-19:-ncdc-announces-discharge-of-13,447-patients,-571-new-cases

COVID-19: NCDC announces discharge of 13,447 patients, 571 new cases

July 13, 2020
magu:-buhari,-apc-against-corruption-–-spokesman,-nabena

Magu: Buhari, APC against corruption – Yekini Nabena

July 13, 2020
malami-breaks-silence-on-approving-auctioning-of-seized-oil-vessels

Malami breaks silence on approving auctioning of seized oil vessels

July 12, 2020
nigerian-troops-kill-scores-of-bandits,-rescue-kidnapped-victims-in-sokoto,-zamfara

Nigerian troops kill scores of bandits, rescue kidnapped victims in Sokoto, Zamfara

July 12, 2020
kwara-deputy-governor’s-staff-contract-covid-19

Kwara Deputy Governor’s staff contract COVID-19

July 12, 2020
how-nigerian-govt,-states,-lgs-shared-n7.8-trn-in-2019-[breakdown]

How Nigerian govt, States, LGs shared N7.8 trn in 2019

July 12, 2020
covid-19:-guidelines-for-school-reopening-in-akwa-ibom-unrealistic,-tough-–-proprietors

COVID-19: Guidelines for school reopening in Akwa Ibom unrealistic, tough – Proprietors

July 12, 2020
  • About Us
  • Contact Us
  • Disclaimer
  • Home
  • Privacy Policy
Saturday, January 28, 2023
Nigerian News
  • Home
  • News
  • World
  • Business
  • Entertainment
  • Politics
  • Sports
  • Tech
  • Security
No Result
View All Result
Nigerian News
  • Home
  • News
  • World
  • Business
  • Entertainment
  • Politics
  • Sports
  • Tech
  • Security
No Result
View All Result
Nigerian News
No Result
View All Result

NEC, FAAC approve use of $1.05bn NLNG dividends

by Olalere Abolore
November 7, 2018
0
782
SHARES
6.5k
VIEWS
Share on FacebookShare on Twitter

The National Economic council (NEC) and the Federation Allocation Accounts Committee (FAAC) have approved the use of Nigeria Liquiefed Natural Gas dividends for financing of the petroleum products importation.

One of the members of FAAC, who spoke with Nigerian’s News on condition of anonymity, said that the Nigerian National Petroleum Corporation (NNPC) briefed the meetings before using the fund.

ReadAlso

Magu: Buhari, APC against corruption – Yekini Nabena

Sack Buratai Now – Olusegun

He said that the Group Managing Director of the NNPC, Dr Maikanti Baru had briefed NEC and FAAC on the NLNG dividends, which was paid to the corporation as a major shareholder.

It will be recalled that the President of the Senate, Dr Bukola Saraki had faulted the reported use of $1.05 billion, by the NNPC from its dividends from the NLNG for fuel subsidy.

Web Hosting in Nigeria

Saraki expressed grave concern that the NNPC GMD was claiming that the illegal diversion of dividends from the NLNG, which should be paid into the Consolidated Revenue Fund of the Federation for the purpose of funding the fuel subsidy “was done ‘in compliance with the National Assembly’s directive that NNPC as the supplier of last resort should, and has maintained robust petrol supply”.

Another source in the Central Bank of Nigeria (CBN) further confirmed to NAN that the Corporation had sourced 1.05 billion dollars, a revolving loan, to finance the importation of Premium Motor Spirit, known as petrol into the country in 2018.

He said that Section 7 of the NNPC Act empowers the NNPC to defray costs from its revenue.

He further explained that the NNPC had fully compiled and had implemented the approved Treasury Single Account (TSA) laws in utilising the money, which is domiciled in CBN account.

According to the him, the fund is managed by inter-governmental agencies such as Ministry of Petroleum Resources, Ministry of Finance, Department of Petroleum Resources, Petroleum Equalisation Fund, among others.

He added that it was unfortunate for anybody to say NNPC had misappropriated the fund.

“There is nothing like 3.5 billion dollar subsidy claim; it is not true and it is also false alarm that the NNPC was mismanaging such account, the dividends of NLNG as we know is being properly managed,” he said.

Also, spokesperson of the NNPC, Mr Ndu Ughamadu, confirmed to Newsmen that the corporation operates a regime of under recovery, since it is only the National Assembly that could appropriate on fuel subsidy.

He said that the NNPC was a major shareholder of NLNG and the dividends of NLNG were paid into the corporation account, which the corporation manages.

“I want you to know that in this situation, there is nothing like subsidy payment as the Senate President had mentioned.

“The GMD had briefed both NEC and FAAC on this NLNG dividend; also you know that the National Assembly had asked the corporation to ensure adequate supply of products in the country.

“We used the 1.05 billion dollars revolving loan in question, to finance importation of product in the country,” he said.

Ughamadu noted that the corporation had addressed the Senator Ahmed Lawal-led Ad Hoc Committee on fuel importation and explained every details of its operations.

Nigerians news

Email us @ info[at]nigerians.news
Previous Post

Kidnapped Cameroonian students freed

Next Post

Minimum wage on course – Buhari

Related Posts

appointments:-enugu-north-unfairly-treated-–-buhari-movement
News

Appointments: Enugu North unfairly treated – Buhari Movement

July 13, 2020
covid-19:-bill-gates-is-linked-to-666-–-pastor-chris-okotie-reveals-satan’s-plans
Health

COVID-19: Bill Gates is linked to 666 – Pastor Chris Okotie reveals Satan’s plans

July 13, 2020
ogun-nnpp-fires-abiodun-as-bridge-collapses-less-than-one-year-after-construction
Featured

NNPP fires Abiodun as bridge collapses less than one year after construction

July 13, 2020
covid-19:-ncdc-announces-discharge-of-13,447-patients,-571-new-cases
News

COVID-19: NCDC announces discharge of 13,447 patients, 571 new cases

July 13, 2020
magu:-buhari,-apc-against-corruption-–-spokesman,-nabena
Anti-corruption

Magu: Buhari, APC against corruption – Yekini Nabena

July 13, 2020
malami-breaks-silence-on-approving-auctioning-of-seized-oil-vessels
Anti-corruption

Malami breaks silence on approving auctioning of seized oil vessels

July 12, 2020
Next Post
Minimum wage on course – Buhari

Minimum wage on course – Buhari

Cheap Web hosting in Nigeria

Popular News

No Content Available

Subscribe to Nigerian's news Alert

Enter your email address to subscribe to Nigerian's news and receive notifications of new posts by email.

Join 245 other subscribers

Nigerian News

© 2019 Nigerian's news | Designed by Afeeshost

Quick Links

  • About Us
  • Contact Us
  • Disclaimer
  • Home
  • Privacy Policy

Follow Us

  • Home
  • News
  • World
  • Business
  • Entertainment
  • Politics
  • Sports
  • Tech
  • Security

© 2019 Nigerian's news | Designed by Afeeshost

Posting....