Connect with us

News

Reps panel pledge recovery of alleged missing $100 billion oil revenue, $20 billion royalty proceeds

Avatar

Published

on

Mr. Ikeagwuonu Ugochinyere, the Chairman of the House of Representatives Committee on Petroleum Resources Downstream, has given assurance that he will take steps to recover the alleged missing $100 billion in oil revenue earnings. He made this pledge during the committee’s inauguration at the National Assembly complex in Abuja.

Ugochinyere also revealed that his committee will investigate the purported failure to remit approximately $20 billion in royalties to the Federation Account by the relevant entities operating in the oil and gas sector.

This Imo-born politician guaranteed that the committee would fulfill its legislative responsibilities related to energy security, enhancing professionalism in the petroleum sector, driving economic transformation, ensuring accountability, and implementing institutional reforms in the oil and gas sector of the economy.

He further expressed the committee’s readiness to scrutinize the abuse of the petroleum subsidy program, originally intended to alleviate the suffering of Nigerians but failed to achieve its intended purpose.

Ugochinyere emphasized that the various stakeholders in the petroleum sector should cooperate with the committee in carrying out its duties and be receptive to positive changes when necessary. He made it clear that the committee’s work is not about victimization or witch-hunting but is driven by a profound commitment to serving the nation.

He highlighted the House’s commitment to receiving the 2021 report of the Nigerian Extractive Industries Transparency Initiative (NEITI) Oil and Gas Sector Report, in line with Section 4(3) of the NEITI Act, 2007, as evidence of the committee’s determination to address the challenges afflicting the sector.

The committee’s scope of responsibility encompasses overseeing various aspects of the petroleum industry, including refineries, petroleum products marketing, petrochemicals, the Pipelines and Products Marketing Company (PPMC), the downstream petroleum sector, and the Nigerian National Petroleum Corporation (now known as Nigerian National Petroleum Company Ltd.) downstream activities. This includes oversight of the Petroleum Equalization Fund and the Petroleum Products Pricing Regulatory Agency (PPPRA). The committee is also tasked with examining and scrutinizing the annual budget estimates of the NNPC, its subsidiaries, and all oil-related companies, and presenting these for consideration and approval by the House.

Click to comment

Leave a Reply

News

PHOTO: Gov Makinde Host Nigeria Police Games

Avatar

Published

on

1: Oyo State Governor, Seyi Makinde (left) and Inspector General of Police, Olukayode Egbetokun, during the opening ceremony of the 14th Biennial Nigeria Police Games, host by Oyo State Government, held at Adamasigba Stadium, Ibadan. PHOTO: Oyo Gov’s Media Unit.

2: From left, Deputy Governor of Oyo State, Barr Bayo Lawal; Governor Seyi Makinde; Inspector General of Police, Olukayode Egbetokun and his wife Elizabeth, during the opening ceremony of the 14th Biennial Nigeria Police Games, host by Oyo State Government, held at Adamasigba Stadium, Ibadan. PHOTO: Oyo Gov’s Media Unit.

3: Oyo State Governor, Seyi Makinde (left) take a salute from the Police Mascots, during the opening ceremony of the 14th Biennial Nigeria Police Games, host by Oyo State Government, held at Adamasigba Stadium, Ibadan. PHOTO: Oyo Gov’s Media Unit.

CREDIT: Oyo Gov Media 

Continue Reading

News

Economic crisis: Find more ways to improve your IGR – President Tinubu to universities

Avatar

Published

on

The Nigerian government has called upon universities in the country to broaden their sources of funding amidst economic challenges. President Bola Ahmad Tinubu made this assertion during the 6th & 7th combined convocation ceremony of Federal University, Dutse, which took place on Saturday.

Speaking through Professor Kabir Bala, the Vice-Chancellor of Ahmadu Bello University, Zaria, who represented him at the event, President Tinubu stressed the government’s dedication to facilitating a conducive environment for universities despite resource limitations.

He urged universities to actively explore alternative funding channels, underlining the significance of self-reliance in the prevailing economic circumstances. The President also encouraged universities to seek international funding opportunities for research, advocating for collaborations and the attraction of funds from global sources.

President Tinubu emphasized that government alone cannot shoulder the financial burden of universities, particularly amid economic challenges and competing demands from various sectors. Nonetheless, he reiterated the administration’s commitment to providing the necessary support within the available resources to ensure universities function as pillars of educational advancement and national development.

He further urged universities to pursue innovative strategies for generating revenue and to tap into international research funding opportunities. He assured that his administration remains dedicated to supporting universities in achieving their objectives as outlined in the Renewed Hope Agenda.

Continue Reading

News

Contempt threat against NLC, TUC leaders over public protest uncalled for – Femi Falana replies FG

Avatar

Published

on

Human rights advocate and constitutional lawyer, Femi Falana, has clarified that the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) have every right to organize the nationwide public protest scheduled for February 27 and 28, asserting that it does not constitute contempt of court.

As a Senior Advocate of Nigeria (SAN), Falana emphasized that Nigerian workers are entitled to freedom of assembly and expression as enshrined in the country’s Constitution. He urged the federal government, in a strongly worded letter to the Attorney General of the Federation (AGF) and Minister of Justice, to ensure maximum security for the workers and to participate in the protest.

In response to the AGF’s threat of contempt charges against the NLC and TUC leaders, Falana’s letter dated February 24 countered the threat, arguing that it lacked legal basis.

Falana pointed out the history of negotiations between the government and the labor unions following the removal of fuel subsidy in 2023, which resulted in court orders restraining the unions from striking. Despite compliance with these orders, the unions challenged them, and the contempt proceedings initiated by the government were subsequently withdrawn.

He highlighted subsequent legal actions initiated by the government against the unions, noting that these actions were contested by the unions on grounds of abuse of court process and lack of jurisdiction. Falana emphasized that since the contempt proceedings were withdrawn, there is no basis for the government’s threat of contempt charges regarding the planned protest.

He cited legal precedents affirming citizens’ rights to protest on matters of public interest without the need for police permits, emphasizing the democratic importance of freedom of speech and assembly.

Falana urged the government to respect these fundamental rights and directed the Inspector-General of Police to provide adequate security for the protesters in accordance with the Police Establishment Act.

In conclusion, he called on the government to reconsider its stance and assured that the protests would be conducted peacefully.

The federal government had previously warned of invoking relevant laws to charge the NLC leadership with contempt if the protest proceeds, citing it as a breach of agreement and a challenge to the court’s authority. The AGF, Prince Lateef Fagbemi, conveyed this warning in a letter to Falana, urging the NLC to abandon the protest to avoid violating the court’s order.

Continue Reading

Trending