News
Senate Probes Oil Subsidy / Under recovery regime
…frowns at N9.3trillion spent in 30 months
— Seeks for living wage for workers , three functional refineries for local production
By Lateef Taiwo
The Senate Tuesday resolved to probe oil subsidy and under recovery regime operated by federal government till May 29 , 2023 when subsidy was eventually removed .
It specifically frowned at N9.3trillion expended on the subsidy regime by the federal government from January 2021 to June 2023.
It also seeks for living wage for workers as a way of cushioning the effects of subsidy removal and as well, seeks for establishment of three functional refineries for local production and distribution of refined oil with a view to bringing down the pump price from N540 per litre to between N300 to N350 per litre .
Senate’s resolutions to these effect were sequel to a motion sponsored by Senator Chiwuba Ndubueze ( APC Imo North) .
Ndubueze in the motion titled : ” Need to Investigate the controversial Huge Expenditure on Premium Motor Spirit ( PMS) under the subsidy / under recovery regime by the Nigerian National Petroleum Company Limited ( NNPCL) “, said the step taken by President Bola Tinubu on subsidy withdrawal in May , was commendable but the regime needs to be investigated .
He specifically submitted that while within 10 years ( 2006 – 2015), federal government through NNPCL , claimed N170billion as under recovery , it expended whopping N843.121billion on under recovery between January 2018 and January 2019 .
” Very worrisome of the expenses made on subsidy/ under recovery by NNPCL during period under review , particularly from January 2021 to June 2023 , was N9.3trillion claimed to have been spent .
” The money as shown by available records , shows that in 2021, N1.42trillion was expended , in 2022 , N4.3trillion and in the first six months of 2023 , N3.6trillion , totalling , N9.3trillion ”
Many of the Senators who contributed to debate on the motion , frowned at bogus expenses made on the subsidy regime by NNPCL and supported all the prayers sought for , in the motion .
The Senate accordingly resolved that its standing committees on Petroleum ( Downstream ) , Petroleum ( Upstream ) and Finance , should when constituted , carry out holistic investigation on all controversies surrounding subsidy and under recovery regime .
It also urged the NNPCL in conjunction with some major international oil companies ( IOCs) in Nigeria , to form three different consortium and build three refineries for stabilization of oil market and the Nation’s economy generally .
Investigations by Nigerian Concord Newspaper reveal that the Executive Secretary of the Nigerian Shippers Council, Mr. Pius Akutah, has allegedly misappropriated public funds for a lavish lifestyle.
According to our findings, within months of assuming office, Akutah allegedly purchased a bulletproof SUV valued at approximately N850 million. In addition, he is reported to have acquired over twenty exotic SUVs for use as a convoy.
Akutah is also said to have acquired multiple high-value properties, including three in Abuja’s Maitama and Asokoro districts worth over N2 billion, and two in Lagos’ Banana Island valued at N1.8 billion. These acquisitions appear far beyond the scope of his official salary and allowances.
Further investigation suggests that Akutah may be using public funds to support political ambitions, including allegedly grooming militants across 23 local government areas in Benue State for a potential 2027 gubernatorial bid.
Staff of the Shippers Council reportedly claim that Akutah frequently accesses the council’s treasury without proper authorization. Some insiders have indicated that a petition will soon be filed with the EFCC, ICPC, and the Presidency to report his alleged misconduct.
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Investigations by Nigerian Concord Newspaper reveal that the Executive Secretary of the Nigerian Shippers Council, Mr. Pius Akutah, has allegedly misappropriated public funds for a lavish lifestyle.
According to our findings, within months of assuming office, Akutah allegedly purchased a bulletproof SUV valued at approximately N850 million. In addition, he is reported to have acquired over twenty exotic SUVs for use as a convoy.
Akutah is also said to have acquired multiple high-value properties, including three in Abuja’s Maitama and Asokoro districts worth over N2 billion, and two in Lagos’ Banana Island valued at N1.8 billion. These acquisitions appear far beyond the scope of his official salary and allowances.
Further investigation suggests that Akutah may be using public funds to support political ambitions, including allegedly grooming militants across 23 local government areas in Benue State for a potential 2027 gubernatorial bid.
Staff of the Shippers Council reportedly claim that Akutah frequently accesses the council’s treasury without proper authorization. Some insiders have indicated that a petition will soon be filed with the EFCC, ICPC, and the Presidency to report his alleged misconduct.
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I am writing to felicitate with Your Excellency, Atku Abubakar, GCON, former Vice-President of Nigeria (Zege Mule u Tiv & Wazirin Adamawa)
on the occasion of your 79th birthday anniversary.
I join your teeming admirers globally in celebrating you on this special day, an adorable Statesman and my Boss.
I recall with nostalgia, how countless generations have benefited from your generosity, wealth of experience and benevolence including being my key benefactor even as a young lawyer for my professional success.
Your Excellency, may your special day be filled with grandeur befitting your illustrious career.
I wish you continued success, prosperity, and an unending stream of accolades.
It takes a remarkable kind of fortitude to remain active in public life well into one’s golden years. Your dedication and patriotism remain truly exceptional.
May you enjoy a day of reflection on your many years of fruitful service to humanity. It is my prayer that God Almighty grants you many more healthy, fruitful, and fulfilling years ahead, and continues to endow you with wisdom, strength, and the grace to keep contributing to our nation-building.
Happy Birthday, Your Excellency.
Michael Kaase Aondoakaa SAN.
Former Attorney General of the Federation and Minister of Justice
TAU reaffirms commitment to globally competitive learning
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