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Reps Committee starts enumeration, valuation of public assets

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In order to guarantee that public assets are valued and enumerated in accordance with the House decision, the Committee on Public Assets of the House of Representatives has started working on the project.

In an interview with reporters in Abuja on Thursday, Rep. Ademorin Kuye, the chairman of the House Committee on Public Assets, disclosed this information.

According to Kuye, the committee made the decision to move quickly in order to retrieve trillions of naira worth of assets from embezzled and abandoned public properties both inside and outside of Nigeria. The committee also stated that this action will assist the Federal Government in executing the 2024 Budget in its entirety.

A resolution was previously passed by the National Assembly’s Green Chamber, which called on the Ministry of Finance Incorporated (MOFI) to begin a thorough inventory and appraisal of all public assets.

The House also assigned the Nigerian Institute of Estate Surveyors and Valuers, or NIESV, the same duty of releasing an extensive asset register that would be accessible to the general public.

The chairman emphasised that the Committee on Public Assets is built upon three pillars that define its purpose and stated that the Committee will also assess indiscriminate sales and misappropriation of government assets.

He lists “strong oversight of public asset management and disposal in all the MDAs, guardianship of national assets, and governance of forfeited assets” as some of these.

35,000 wage award: You betrayed us, we’re suffering – Workers to FG

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The withdrawal of fuel subsidies has generated an economic crisis, and the Federal Workers Forum (FWF) has expressed alarm that the N35,000 salary award that the Federal Government had been giving workers to help ease the effects of this crisis has been discontinued.

On Thursday, the employees said that of the six months the Federal Government had promised them, just one month had been paid.

Comrade Andrew Emelieze, the National Coordinator of FWF, stated in a statement provided to DAILY POST that since the gasoline subsidy was removed, the workers are going through difficult times.

The minimum salary, he pointed out, has stayed at N30,000 per month despite rising prices, with a bag of rice now costing more than N60,000.

Since the termination of the petroleum subsidy, federal employees around the country have experienced difficult times. Because of the growing crisis in the cost of living and the ongoing depreciation of our naira, our take-home income has become obsolete. While the cost of products and services has tripled throughout this time, salaries have stayed the same.

It has astonished us to learn that the meagre wage award of 35,000 naira that the federal government had grudgingly handed to federal workers to help them weather the economic crisis brought on by the elimination of subsidies has been discontinued. Out of the six months promised, the federal government only paid for one.

“As federal employees, we feel deceived by the federal government.” Our boss has shown us a great deal of unfairness and infidelity. It doesn’t seem like we matter to anyone. Since we are citizens and not vagrants, we should be entitled to a fair pay. We feel deceived as federal employees.

“Financially, civil servants have been humiliated. While the cost of everything is rising and a bag of rice now costs more than 60,000 naira, the minimum salary has remained at 30,000 naira per month.

He stated, “Unfortunately, most of the time during this time, salaries are delayed, some workers are prevented from receiving salaries, promotion arrears are not paid, etc.”

Banking stocks drive market capitalisation past historic N40tn

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On the strength of rising activity in banking stocks, the market capitalization of the Nigerian Exchange Limited surpassed N40 trillion at Wednesday’s closing of business.

The All-Share Index, the exchange’s benchmark index, too reached 73,000 basis points a few days after reaching 72,000 points.

At N40.164tn and 73,397.71, respectively, the market capitalization and the ASI concluded trading with a 1.28 percent increase. GTCO, AccessCorp, Transcorp, FCMB, and United Bank for Africa were the main market leaders on this particular day.

At N12.829 billion, the value of commerce on Wednesday increased by 84.62%. In the same way, there was a growth in the quantity of traded units. The number of deals was 7,910 at the end of trading, up 34.88 percent to 554.64 million units.
Because of the demand from domestic investors, the market cap reached N30 trillion ten months prior to this milestone. First trading day following the presidential election, February 27, saw the market cross the N30tn mark.

Market participants were upbeat about the market’s potential to perform even more in the chat capital discussion.

According to Tunde Amolegbe, Managing Director of Arthur Stevens Asset Management Limited, the market was placing its bets on the reforms carried out by the current administration in response to the historic crossing.

“It is a forward-pricing market, which means that the stock market tends to price policy consequences before they are felt in real time,” he said. So, even while the public is directly suffering from a variety of measures, the market is wagering that these same policies will have a good effect on the economy in the medium to long term, which explains the bullish attitudes that we have seen thus far. Moreover, we have to acknowledge that in the event that this turns out not to be the case, the market may reverse sharply.

It is also necessary to acknowledge that, despite their apparent negative impact on Main Street, rising inflation and the upcoming financial recapitalization programme have been shown to be empirically beneficial for the stock market.

According to Rotimi Fakayejo, an economist specialising in the economics and capital markets, the milestone will likely be surpassed.

“It will rise further,” he declared. Still, before the year ends, we anticipate that the ASI will reach 75,000. For the year-end results of listed firms in 2023, particularly the banks, there are high expectations. This year, there has been appreciation in several banking equities, with some of them hitting all-time highs.

The consumer, telecom, and industrial sectors account for a large portion of the market capitalization; while we have not yet witnessed any changes in these areas, we anticipate higher returns. The market will yet benefit more from the efforts of Dangote Cement, BUA Cement, Airtel, and Nestle. The ASI cannot close below 75,000 basis points while taking all of these factors into consideration. 2023’s market performance will pale in comparison to 2024’s, regardless of the state of the economy. There will be a market boom as soon as international investors start to have faith in the system and start investing their money.

The gainers’ chart was led by Transcorp, Multiverse, Infinity Trust Mortgage Bank, ETranZact and Caverton which gained 10 per cent, 10 per cent, 9.97 per cent, 9.73 per cent and 9.66 per cent respectively.
With losses of 10%, 9.86%, 9.32%, 9.23%, and 9.05%, respectively, Tantalizers Plc, Thomas Wyatt, The Initiates Plc, Juli Plc, and Chams Plc rank among the top five losers.

FG cuts external borrowing, debt soars to N88tn

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Based on the most recent statistics available, the Debt Management Office, the Federal Government is becoming less interested in taking out loans abroad.

According to the end of September, the total national debt was N87.91 trillion. As opposed to rising, as it had done in the past, the total amount of foreign debt was severely reduced. Nigeria’s total public debt increased slightly during the third quarter of 2023 from N87.38tn at the end of the second quarter to N87.91tn. This quarter, it was up 0.61 per cent.

New data on debt stock, which was made public on Wednesday by the Debt Management Office, supports this. According to the figures, domestic debt totaled N55.93 trillion over the reported period, while total external debt was N31.98 trillion.”

Speaking on the data, DMO stated that, “when compared to the June 30, 2023, figure of N87.38tn, the total public debt stock represents a marginal increase of 0.61 per cent at N87.91tn.” This pattern can be explained by the fact that the amount of external debt decreased from $43.16 billion to $41.59 billion by September 30, 2023, and the amount of domestic debt increased by a very little amount of N1.8 trillion.Because a $500 million Eurobond was redeemed and $413.859 million was paid as the first principle payment on a $3.4 billion loan taken out in 2020 during COVID-19, the amount of external debt fell.

The federal government paid N1.79 trillion for servicing domestic debt in Q3 2023, while $1.39 billion was spent on servicing overseas debt.

Following several protests concerning the nation’s debt situation and the possibility of a government default, DMO declared that the government’s recent debt service shows its resolve to fulfil its financial commitments.

As per Patience Oniha, the Director-General of the Debt Management Office, the high rates of inflation in the West are the reason behind the high rates on blue-chip securities.

She mentioned that the government has been concentrating more on the home market while speaking on the fringes of the negotiations to create the African Debt Managers Initiative Network, which is being led by the African Development Institute of the African Development Bank in Abuja.

“The US and UK governments’ rates on blue-chip securities are high on the international market due to the high rate of inflation,” the speaker stated.

The Russia-Ukraine conflict has also left a cloud of uncertainty over the entire world. Foreign investors are therefore a little more circumspect. These investments are made in securities with triple A or double A ratings, which offer them substantial yields of 4% or 5%.

The US dollar is predicted to maintain its rates in 2024, she pointed out, and stability is starting to return to these nations.

The Federal Government has increased its total new domestic borrowing to N7.04 trillion in 2023, she disclosed while making comments on domestic borrowing.

As the DMO DG said, “I’m glad to report that the new domestic borrowing in 2023 was N7.04 trillion, and it has been fully raised as of right now. Therefore, it has been raised, and I don’t need to describe how we did it. when weighed against the N3.5 trillion from the previous year. The market is indebted, which means we need to raise money.

The government is anticipated to maintain its glut in the domestic market in 2024, she noted, adding that the liquidity in the market has been encouraging.

Government revenue problems are still a major problem, and Oniha believes that these problems must be resolved. The nation won’t need to take on more debt if revenues increase.

She stated, “We expect the narrative to change to higher revenues,” in an interview with CNBC Africa. “Several governments had tried to change that narrative, improve revenue, but now we see a presidential committee on fiscal reforms and taxes.” The trajectory in that direction is visible if you look at the MTEF for 2024–2027.

Your demand for borrowing will undoubtedly decrease if your revenues rise. You are able to offer other services with your revenue. You will also have a reduced debt-to-income ratio.

The DMO echoed its DG when it said, “Nevertheless, Mr. President’s initiatives and actions towards revenue generation remain important for Nigeria’s overall fiscal balance,” in a statement released on Wednesday along with the debt data.

The nation must raise its revenue position going forward since it cannot afford to continue depending on borrowing, according to recent remarks made by Wale Edun, the Coordinating Minister for the Economy and Minister of Finance.

The Minister of Budget and Economic Planning, Abubakar Bagudu, reaffirmed the nation’s revenue position when he announced the public budget for 2024 and stated that revenue generation continued to be the biggest obstacle to the nation’s solvency.

According to him, Nigeria’s fiscal viability is still primarily hampered by revenue production. To increase income creation, the government is, nevertheless, examining its present tax and budgetary policies. Within this Administration’s current term, the goal is to raise the revenue to GDP ratio from less than 10 percent to 18 percent.

The World Bank, which supported this view, had previously predicted that, barring recent reforms and policy changes, Nigeria’s debt servicing costs would exceed 200 percent of its GDP by 2026. In the medium run, the bank thinks, however, the country’s recent reforms will increase revenues and maintain debt levels below 40% of GDP.

From roughly 101.5% of total income in 2022 to 43% in 2026, it was anticipated that debt servicing costs will decrease.

Tinubu seeks Senate’s confirmation of 11 Supreme Court justices

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President Bola Tinubu’s 2023 Yuletide season transportation discount has been praised by the National Association of Nigerian Students.

The praise was offered by NANS President Mr. Pedro Obi in a statement released on Wednesday in Enugu, along with appreciation for Tinubu’s dedication to the welfare of Nigerians.

In order to facilitate travel for residents wishing to celebrate the holidays, the Federal Government, through Chairman of the Interministerial Committee on the Presidential Intervention on Public Transportation, Dele Alake, announced intentions to subsidise all luxury buses.

Obi stated that Tinubu’s action showed his dedication to the well-being of Nigerians and represented a proactive move to lessen the difficulties experienced by tourists.

I Still Sing Secular Songs Despite My Pastoral Work…
“Undoubtedly, this discount lessens the financial burden on many Nigerians, making it more feasible for them to celebrate and reunite with loved ones,” he stated.

NANS, which advocates for the welfare of students, appreciates this kind act, but we urge President Tinubu to think about sharing this generosity with students all around the country.

“NANS urges President Tinubu to further alleviate the burden by offering free transport for students who can be identified with their student identity cards, as we recognise the financial challenges faced by students, particularly during the holiday season.”

According to Obi, NANS is aware of how important it is to help Nigerian students pursue their academic goals and is convinced that offering students a similar transportation discount will greatly ease their financial difficulties.

He claimed that the students will be allowed to travel to their different homes without having to worry about unjustified financial burdens.

He declared, “NANS is steadfast in its commitment to fighting for the rights and welfare of Nigerian students and excitedly awaits more constructive initiatives that put the country’s youth and students’ welfare first.”

The Minister of Solid Minerals Development, Alake, stated that Tinubu’s acceptance of a 50% reduction in land transport rates will apply nationwide from December 21 to January 4, 2024, to accommodate the country’s Christmas and New Year celebrations.

In addition, Alake stated that during the same time frame, the president has authorised $0 train prices in every state in the Federation, emphasising that “this presidential initiative is to give succour to the masses.”

The transport minister, the transport unions, and the owners of luxury buses had worked out all the implementation’s logistics, the minister revealed while briefing reporters at the Presidential Villa in Abuja.

Enugu, SMEDAN work together to provide N1 billion in support for MSMEs, businesses

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The governor of Enugu State, Peter Mbah, has announced a partnership between the state government and the Small and Medium Enterprises Development Agency of Nigeria with the aim of providing a N1 billion matching fund to promote large, small, and medium-sized enterprises in the state.

Mbah disclosed this in a message on his verified X (formerly Twitter) handle, @PNMbah.

According to Mbah, who reiterated his administration’s commitment to fostering a thriving SME ecosystem to foster economic growth objectives in the state, the groundbreaking “N1Billion Matching Fund Programme” will empower small and medium-sized businesses in Enugu State and pave the way for their growth and success.

Mbah asserted that the scheme would provide 5,000 MSMEs with Conditional Cash Grants, providing them with the essential financial support they need to thrive and expand their businesses.

 

He went on to say that among other critical tasks, the connection between Enugu State and SMEDAN includes a number of significant projects like talent development, initiating finance, and the creation of modular industrial estates.

Mbah promised that his administration would continue collaborating with SMEDAN in the pursuit of economic development and progress.

“I’m thrilled to announce our collaboration on a groundbreaking project – a N1 Billion Matching Fund Programme – with the Small and Medium Enterprises Development Agency of Nigeria,” he said.

“This commendable initiative is set to empower Nano, Macro, Small and Medium-sized Enterprises in Enugu State, paving the way for their growth and success.”

We are also launching Conditional Cash Grants for 5,000 MSMEs. These awards are meant to provide MSMEs with the vital financial support they need to thrive.

furthermore, “among other initiatives, our collaboration with SMEDAN encompasses a number of impactful programmes, such as skill acquisition, startup loans, and the development of modular industrial estates.”

But he maintained that Enugu State was committed to creating a prosperous future for its small and medium-sized businesses and the people as a whole.

Governor Mbah commended SMEDAN’s Director General, Charles Odii, for his commitment, foresight, and tenacity in assisting SMEs.

The animated speaker went on, “We also appreciate him taking the time to come to our state on Thursday to formally seal the agreement.” In order to achieve our goal of economic expansion and advancement, we will keep collaborating.

Minister of Water Resources flagged off dry season farming in Benue State

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Prof. Joseph Utsev, the Minister of Water Resources and Sanitation, officially opened Benue State’s 2023–2024 dry season farming on Wednesday.

The Federal Government aims to have 500,000 hectares of arable land in Mbaku, Makurdi, by 2024, according to the minister who conducted the ceremony there.

According to Utsev, President Bola Tinubu gave the ministry instructions to make sure that 500,000 hectares of arable land were used as efficiently as possible in 2024.

The minister claims that in accordance with the president’s well-known hope agenda, all 12 of the nation’s river basins will be completely exploited by 2024.

 

In order to strengthen the nation’s food production and economy, he added, the majority of the basins had been partially commercialised.

According to the minister, there won’t be enough land for irrigated farming in 2024 on the 1,500 hectares of land at the Lower Benue River Basin Development Authority Makurdi farm in the Mbaku community.

Reiterating the ministry’s determination to fulfil its mandate, he urged investors to put money into the nation’s water sector.

“We have all the equipment set up to make sure there is no justification for us to not increase agriculture in this nation.

“We have started to partially commercialise the nation’s twelve river basins. Investors are now being invited to join forces with us.

We’re going to provide farmers with some incentives today, like water pumps, to help and inspire them in their farming.

“Today, as we plant symbolic crops, I want to reassure the famers that we are prepared to stand by them, collaborate with them, and assist them in overcoming obstacles so that food will be accessible to all Nigerians,” he added.

According to the minister, farmers would also receive better seedlings and technical assistance from the government.

Prior to this, the host community was thanked for their cooperation by Engr. Mohammed Addra, Managing Director of the Lower Benue River Basin Development Authority, Makurdi, who also pledged to keep working with them.

The minister opened the Lessel Dam basin’s Geographic Information System and Soil Laboratory during his tour, according to the News Agency of Nigeria.

As part of the Federal Government’s Graduates/Youths Empowerment Programme, he also gave starter packs and certificates to the fifth batch of graduates.

Along with seeing Songhai Model Farm, the rice mill, the minister also gave some farmers water pumps and other inputs to the graduates.

NSCDC boss assures officers of regular promotion

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On Wednesday, Ahmed Audi, the Commandant General of the Nigeria Security and Civil Defence Corps, stated that low morale was caused by the staff members’ delayed advancement.

But he asserted that he could reverse the trend and promised his men steady advancement.

Speaking during the Federal Government’s recent promotion of newly promoted Assistant Commandants General and Commandants of Corps, Audi made this revelation at the NSCDC headquarters in Abuja.

He observed that staff morale has been lowered and indiscipline has resulted from sluggish promotion.

Before he joined the company, he stated, “It was documented that stagnation, which affects all levels of the service, has lowered employee morale, increased indiscipline, and also resulted in a loss of faith in the system due to feelings of unfairness and an uncontrolled advancement process.

Furthermore, there were no established criteria in the Corps for evaluating work output or advancing a career. I therefore made the decision to seize the opportunity to rectify this anomaly by guaranteeing frequent promotions in order to raise employee morale at the lowest point and rebuild worker confidence.

“For eight, ten, or even twelve years, there remained stagnation; one deputy commandant served for thirteen years throughout that time. It’s incredibly unjust. It’s not like they haven’t been passing exams—that is a huge injustice.

According to Audi, there have been instances where juniors have been assigned higher positions than seniors because of “some special CG lists,” which he quickly annulled upon joining the team.

In response to this challenge, he said, “I pledged to solve the irregularities that I saw, particularly with regard to the promotion of officers and men as well as the matter of career advancement, and I can say with a sense of pride, responsibility, and dignity that I have adhered to my word.

“Our dedication to putting words into action is exemplified by the recent promotion exercise, from which over 21,000 staff benefited. The drill was unlike anything the Service had ever done before and a significant change from previous encounters.

Audi promised everyone that the Corps’ period of stagnation was over and vowed to keep things moving at the same pace in order to provide employees a strong sense of motivation, positive morale, and job satisfaction.

He urged every officer receiving a decoration to view their promotion as an opportunity for greater responsibility and to be more dedicated and productive.

He continued, “It is equally expected to reflect in job effectiveness, efficiency, and dedication as well as increased loyalty.”
The NSCDC CG promised to maintain impartiality, equity, consistency, and uniformity in staff promotions determined by merit.

Olusosun: Defying the odds, Lagos slum rises above filth, produces Africa’s football king

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Victor Osimhen, who was recently crowned CAF African Footballer of the Year, has a truly remarkable story. He came from Olusosun, a community in Lagos known for its health hazards and dumpsite, to become one of the best football players in the world through his exceptional performances. ABIODUN ADEWALE reports on this.

As you enter Lagos from the Lagos-Ibadan motorway, immediately after the 7up Bus Stop at Oregun, you’ll be met with a mountainous dumpsite on your right.

Nothing in the dumpsite beyond the landfill points to the existence of a community or settlement.

Situated along the Kudirat Abiola Way, Oregun, is the 100-acre Olusosun dumpsite, which is the largest dumpsite in Africa.

Up to 10,000 tonnes of trash are sent to Olusosun every day, with electronic debris from container ships making up a sizable amount of this rubbish. Chemicals are absorbed into the ground and toxic vapours are discharged from the location.

But there are a thousand or so houses close to the location. Some of the locals scrounge scraps from the garbage and recycle, burn, and sort what they can to make ends meet.

Due of health risks, the Olusosun landfill was initially situated outside of the city when it was constructed in the 1950s. However, since Lagos has experienced exponential urban growth, residential, commercial, and industrial structures have subsequently sprouted up all around the landfill.

Newly won CAF Player of the Year Victor Osimhen was born and reared in one of the homes in the Olusosun neighbourhood.

Football fans all throughout the world are familiar with Napoli striker Osimhen’s humble beginnings; the striker, who was raised by impoverished parents, has never hidden his hardships as a young child.

Olusosun, the community where the striker was born on December 29, 1998, has gained a lot of popularity for the right reasons since he shot to prominence in 2015, when his record-breaking ten goals helped Nigeria win their fifth FIFA U-17 World Cup in Chile. This is in contrast to the community’s reputation as an eyesore and dumpsite.

Osimhen is liked, revered, and regarded as a hero in Olusosun.

Despite not living there anymore, Olusosun, the great football player, lights up the pitch everytime he scores or wins a trophy. In the last eight years, he has won eight awards, the most recent of which was African Player of the Year, which he won in Marrakesh, Morocco on December 11th, 1999, making him the first Nigerian to win the trophy since Nwankwo Kanu.

Back in the town, people cancelled their sleep to celebrate their golden kid, who had persevered in turning adversity into opportunity during his ascent to the top of the world football rankings.

The Super Eagles striker’s former home was easy to find, as neighbours easily described the narrow pathway and sharp bends that led to Anisere Street. However, the road narrowed as our correspondent visited the community on Tuesday, December 12, the morning after Osimhen’s CAF award.

Congratulatory banners from when he won the Scudetto with Napoli the previous season still lined the street a short distance from the house.

Adesoye Adeyemi, one of Osimhen’s childhood pals, appeared to be suffering from a hangover, suggesting that the night after Osimhen’s CAF award was not easy for the young people in the neighbourhood.

With a hazy voice, Adeyemi said to our correspondent, “It was a night to remember for everyone; we did not sleep until about 2am.”

He had a lot of confidence going into the CAF POTY since he had finished seventh in the 2023 Ballon d’Or. His friends back home never questioned his chances of winning.

“We have been anticipating him to be the best in Africa, and I was never any doubt about that. In light of this, we were all excited to see the event,” Fatai Bello, who resides across from Osimhen’s former home, also informed our correspondent.

Olusosun’s most visited location is unquestionably Osimhen’s former home. Jamiu Sanni, the landlord and Chairman of Olusosun Council Development Area, is a proud guy since the one-story building where the striker was born in 1998 has turned into a sort of tourist attraction.

“When he was in my living room upstairs the last time he was home, the entire village came out to see him. Here, he is adored, Sanni remarked.

Osimhen is my son, I boast everywhere I go, having been raised in my father’s home from birth. He also feels like everyone in this community’s brother and son.

During his childhood, Osimhen’s impoverished family could only afford to live in the well-known landfill, which was notorious for its strong odour, frequent fires, and thick smoke emissions.

The youngest of seven children saw the loss of his mother at a young age, along with his father’s job loss, placing him and his siblings in a world of uncertainty.

His family was faced with poverty, insecurity, and the constant worry that they might be evicted by the Lagos State Government.

Similar to his unwavering perseverance on the pitch, he never gave up.

In addition to playing football on the streets of his area and joining the young team Ultimate Strikers Academy, he kept an eye on football while selling sachet water on Lagos’s always congested roadways.

“Despite coming from a place where a lot of dreams have died, I’m the kind of person who perseveres no matter what.” I had to go out and get a life for myself as a result,” Osimhen remarked.

The family’s hardships were related by a former neighbour of the Osimhens, who went by the name Abosede.

“They were feeding from hand to mouth before Victor’s mother passed away; she was a cleaner,” Abosede stated. Though she had purchased food products on credit, she was nonetheless a very kind woman who made sure at the end of each month to pay off all the obligations she had accrued. In order to survive, Osimhen and his siblings occasionally sold sachet or table water to drivers at Ojota.

Additionally, Sanni, the footballer’s former landlord, described how the family struggled to make ends meet.

I was aware of his father’s desire for him to attend school at all costs while they were residents. He continued to play football even after his mother passed away. They were having so much trouble, Sanni added, that they were having trouble even making ends meet.

Osimhen, however, was so modest that he did errands for the majority of us. Another seller, Mama Chichi, offers food items. Osimhen did various tasks for her, such as carrying her goods and cutting the shafts out of the beans, the vendor continued.

Reps investigate loss of $60bn to NNPCL joint venture agreements

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In response to the Nigerian National Petroleum Company Limited Joint Venture Agreements’ overstated cash calls, the House of Representatives has indicated its willingness to look into the loss of approximately $60 billion in revenue.

As a result, the House directed the pertinent committees to carry out an exhaustive investigation into all NNPCL Joint Venture operations in order to ascertain whether due process and diligence were followed, as well as the income and cash call expenses owed to each partner, particularly the Federation.

The vote on a resolution that Chika Okafor had sponsored during Wednesday’s plenary was the precursor to this outcome.

By moving the resolution, Okafor stated that NNPCL, acting on behalf of the Federal Government, manages joint ventures and associated contracts with private oil firms in the gas and oil sectors with the goal of generating sustainable revenue production and advancing the country’s economic development.

As representatives of the Federal government and Federation, the legislator pointed out that the NNPCL holds roughly 60% of the shares, with the remaining 40% coming from other partners.

A “Joint Operating Agreement” that outlines the obligations of each participant in the enterprises is supposed to govern how the joint ventures are run, according to him.

The legislator stated that the NNPCL Upstream Investment Management Services, a division within the NNPCL responsible for cost negotiation (both Capex and Opex), have generated enormous losses in the neighbourhood of $60 billion over the years as a result of bloated cash call expenses.

Even while NUIMS is conscious of the need to maintain probity, openness, and value for money in the NNPCL Joint Venture operations, its actions have resulted in significant revenue losses, fiscal deficits, and a worrisome debt profile.

The House has, however, demanded that the Federal Roads Maintenance Agency, or FERMA, be given the accumulated five percent users’ tax on petrol pump prices and diesel so that it can carry out its duties.

This happened after a motion by Aderemi Oseni was adopted, requesting that the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Ministry of Petroleum Resources, NNPCL, Ministry of Finance, and Office of the Account General of the Federation make sure that the user’s charge is sent to FERMA right away in accordance with Section 4(1) of the Agency’s (Amendment) Act, 2007.

“The fund of the agency shall consist of 5% users’ charge on pump price of petrol, diesel and of which 40% will accrue to FERMA,” stated Oseni, leading the debate on the motion, to highlight the significance of funding for road management and maintenance. This is stated in Section 4(1) of the Federal Roads Maintenance Agency (Amendment) Act, 2007.

He expressed the House’s “disturbation that the perpetual non-remittance of N900 billion in user charges on petrol and diesel pumps negatively impacts the FERMA’s finances and performance consequently affecting the state of federal roads” over the Users’ Charge not being remitted to the Agency since the start of the Federal Roads Maintenance Agency (Amendment) Act, 2007, which embodies this provision. According to him, this has accumulated to about N900 billion.