ADVERTISEMENT
The Sun Nigeria
  • Home
  • National
  • Columns
    • Broken Tongues
    • Capital Matters
    • Diabetes Corner
    • Duro Onabule
    • Femi Adesina
    • Frank Talk
    • Funke Egbemode
    • Insights
    • Kalu Leadership Series
    • Kunle Solaja
    • Offside Musings
    • PressClips
    • Public Sphere
    • Ralph Egbu
    • Shola Oshunkeye
    • Sideview
    • The Flipside – Eric Osagie
    • Tola Adeniyi
  • Business
  • Politics
  • Entertainment
  • The Sun TV
  • Sporting Sun
No Result
View All Result
  • Home
  • National
  • Columns
    • Broken Tongues
    • Capital Matters
    • Diabetes Corner
    • Duro Onabule
    • Femi Adesina
    • Frank Talk
    • Funke Egbemode
    • Insights
    • Kalu Leadership Series
    • Kunle Solaja
    • Offside Musings
    • PressClips
    • Public Sphere
    • Ralph Egbu
    • Shola Oshunkeye
    • Sideview
    • The Flipside – Eric Osagie
    • Tola Adeniyi
  • Business
  • Politics
  • Entertainment
  • The Sun TV
  • Sporting Sun
No Result
View All Result
The Sun Nigeria
No Result
View All Result
ADVERTISEMENT
Ley Your Dreams Come Alive – With FCMB Loans
Home Business

NEC, FAAC approve use of $1.05bn NLNG dividends  

8th November 2018
in Business
0
NLNG
0
SHARES
323
VIEWS
Share on FacebookShare on Twitter

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

A member of FAAC, who spoke to NAN on condition of anonymity, said that the Nigerian National Petroleum Corporation (NNPC) briefed the meetings before using the funds.

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

Recall 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.

READ ALSO Blame NCAA for power outage at Lagos international airport

Saraki expressed concern over Baru’s claim that the illegal diversion of dividends from the NLNG was done “in compliance with the National Assembly’s directive that the NNPC, as the supplier of last resort, should, and has maintained robust petrol supply”.

According to the senate president, the money should have been paid into the Consolidated Revenue Fund of the Federation for disbursement to the three tiers of government.

Another source, at the Central Bank of Nigeria (CBN), confirmed to NAN that NNPC 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 complied and had implemented the approved Treasury Single Account (TSA) laws in utilising the money, which was domiciled in CBN account.

According to 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 NAN 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.

Tags: Ahmed Lawalbukola sarakiFAACmaikanti baruNECnlng
Omotayo Edubi

Omotayo Edubi

Related Posts

MMCC  Escravos seaport industrial project will boost Nigeria’s economy
Business

MMCC Escravos seaport industrial project will boost Nigeria’s economy

25th June 2022
Imo opposition leaders commend Uzodimma’s efforts
Business

Kebbi Customs intercepts smuggled 2, 820 donkey skins worth N48.1m

25th June 2022
35 W/African experts arrive Abuja for exchange rate course 
Business

35 W/African experts arrive Abuja for exchange rate course 

24th June 2022
Next Post
El-Rufai

El-Rufai appoints running mate, Hadiza Balarabe, as Senior Adviser-Counsellor

UMAHI

Ebonyi govt directs suspended governor’s aide to refund illegally collected funds

BUHARI

Buhari declares state of emergency on water, sanitation sector

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Highlights

Energy: Innovate UK KTN invests £60 million

Nasarawa govt administers 775, 905 Malaria prevention Drugs to  Children

 Group commends Federal Government for pledges to end NTDs

NGO decries sexual immorality among underaged children 

Obasa celebrates Sanwo-Olu at 57

Sightsavers relaunches its thematic strategy 

Trending

House of Reps to meet with NCAA over new ground handling rates
National

Lalong celebrates Speaker Gbajabiamila at 60

25th June 2022
0

From Gyang Bere, Jos Plateau State Governor Simon Bako Lalong has congratulated the Speaker of the House...

Association of petroleum dealers raise the alarm over unsafe smuggling of petroleum gas product

Persistent fuel crisis: Group writes FCT Police, DSS ahead protest this Tuesday

25th June 2022
Gov. Zulum approves recruitment of 40 Doctors

Tinubu’s VP: APC Youths in Bauchi canvass support for Zulum

25th June 2022
Energy: Innovate UK KTN invests £60 million

Energy: Innovate UK KTN invests £60 million

25th June 2022
COVID-19: Nasarawa Govt says no N264m palliative to legislators

Nasarawa govt administers 775, 905 Malaria prevention Drugs to  Children

25th June 2022
ADVERTISEMENT

Follow us on social media:

Latest News

  • Lalong celebrates Speaker Gbajabiamila at 60
  • Persistent fuel crisis: Group writes FCT Police, DSS ahead protest this Tuesday
  • Tinubu’s VP: APC Youths in Bauchi canvass support for Zulum
  • Energy: Innovate UK KTN invests £60 million
  • Nasarawa govt administers 775, 905 Malaria prevention Drugs to  Children
  •  Group commends Federal Government for pledges to end NTDs
  • NGO decries sexual immorality among underaged children 
  • Obasa celebrates Sanwo-Olu at 57
  • Sightsavers relaunches its thematic strategy 
  • Watch Your Wallet: How to put the brakes on rising car insurance costs
  • NSCDC trains Katsina Command operatives on peace, conflict resolution
  • Nigerian Army graduates 34 personnel in armament, ammunition training
  • Quick impact projects: Army constructs, presents health centre to Edo community
  • NDLEA seeks sister agencies’ collaboration on drug abuse in Katsina
  • Police honour Constable for returning missing dollars to owner
  • Akeredolu approves Olugbenga Ojo as new Oba of Isinkan
  • Saraki tasks women maritime practitioners on industry devt
  • RULAAC, others in partnership for improved policing system in Nigeria
  • 2023: Group urges politicians to be fair to Nigerians
  • LP chieftain says quality of candidates responsible for surge in PVC demand

Categories

  • Abuja Metro
  • Anambra Watch
  • Arts
  • Broken Tongues
  • Business
  • Business Week
  • Cartoons
  • Citizen Joe
  • Columns
  • Cover
  • Culture
  • Duro Onabule
  • Editorial
  • Education Review
  • Effect
  • Elections
  • Entertainment
  • Events
  • Features
  • Femi Adesina
  • Food & Drinks
  • Frank Talk
  • Funke Egbemode
  • Gallery
  • Global Square by Kenneth Okonkwo
  • Health
  • Insights
  • Kalu Leadership Series
  • Kunle Solaja
  • Kunle Solaja
  • Letters
  • Lifeline
  • Lifestyle
  • Literary Review
  • Marketing Matters
  • Muiz Banire
  • National
  • News
  • Offside Musings
  • Opinion
  • oriental news
  • Politics
  • Press Release
  • PressClips
  • Public Sphere
  • Ralph Egbu
  • Shola Oshunkeye
  • Sideview
  • South-west Magazine
  • Sponsored Post
  • Sporting Sun
  • Sports
  • Sun Girl
  • Tea Time
  • The Flipside – Eric Osagie
  • The Sun Awards Live
  • The Sun TV
  • Thoughts & Talks
  • Time Out
  • Today's cover
  • Tola Adeniyi
  • Travel
  • Travel & Tourism
  • Trending
  • TSWeekend
  • Turf Game
  • Uncategorized
  • Updates
  • Views from Abroad
  • Voices
  • World
  • World News
  • Home
  • About Us
  • Paper Ad Rate
  • Online Ad Rate
  • The Team
  • Contact Us
  • Privacy Policy

© 2019 The Sun Nigeria - Managed by Netsera.

No Result
View All Result
  • Home
  • National
  • Columns
    • Broken Tongues
    • Capital Matters
    • Diabetes Corner
    • Duro Onabule
    • Femi Adesina
    • Frank Talk
    • Funke Egbemode
    • Insights
    • Kalu Leadership Series
    • Kunle Solaja
    • Offside Musings
    • PressClips
    • Public Sphere
    • Ralph Egbu
    • Shola Oshunkeye
    • Sideview
    • The Flipside – Eric Osagie
    • Tola Adeniyi
  • Business
  • Politics
  • Entertainment
  • The Sun TV
  • Sporting Sun

© 2019 The Sun Nigeria - Managed by Netsera.

Posting....