Tag Archives: Fund

Reps To Investigate 500m Naira Fund For Chibok Secondary School

Posted on by
Reply

The House of Representatives is to investigate why the Girls’ Secondary School, Chibok, Borno state has not being reconstructed despite 500 million naira being earmarked for the project in the 2016 budget.

 

This resolution followed a motion sponsored by Rep Raphael Igbokwe who reminded the House that the former Minister of Finance, Ngozi Okonjo-Iweala had flagged off the reconstruction project.

 

Lawmakers wondered if the funds have been diverted and called for a proper investigation to be done in the matter.

 

The House also resolved that all schools destroyed in the course of fighting insurgency should also be reconstructed.

 

Source: Channels TV

Corruption: Senate To Probe N213bn Power Intervention Fund

Posted on by
543

Senate President, Dr. Abubakar Bukola Saraki has urged the Senate Committee on Power, Steel Development and Metallurgy to conduct a public hearing into declining electricity generation in the country that currently stands at 3000 megawatts capacity.

Also, the public hearing is expected to verify the claims and counter claims of non-remittance of revenues between the Nigeria Bulk Electricity Trading Company (NBET), Electricity Distribution Companies (Discos) and Generation Companies (Gencos) as well as uncover how the Central Bank of Nigeria (CBN) disbursed the N213 billion intervention fund to the power sector.

Saraki who spoke at the weekend during a special stakeholders meeting to proffer solutions to the worsening  electricity generation in the country said the public hearing should look at the role of the Bureau of Public Enterprises (BPE) which serves as Board members in the Discos and Gencos, thereby making it difficult for the BPE to effectively supervise and audit the electricity generation and distribution companies.

He had in his opening comments lamented the poor electricity supply in Nigeria and the consequences of the negative development in the efforts to move Nigeria out of the present economic recession.

He told the stakeholders in the power sector led by the Permanent Secretary of the Federal Ministry of Power, Works and Housing, Mr. Louis Edozien that the essence of the meeting was to proffer solutions to an imminent collapse of the electricity system  in the country.

Briefing the meeting, the Permanent Secretary, Edozien, lamented that power generation has gone down to 3000MW/H from a 7000MW/H generating capacity with a 12000MW/H connected load.

Edozien also said there was poor and declining revenue collection capacity as the Discos are remitting about 45 per cent of collectable revenue instead of the performance agreement target of 65 per cent.

Read More: dailytrust

World Celebrities Stand For Syria, Campaign To Raise Relief Fund

Posted on by
355

Many world celebrities have stood up in unison to not just raise awareness regarding events unfolding in Syria, but to also raise fund for children who are unfortunately the most affected in the troubled region.

 Most of the celebrities are campaigning on their social media platform and pleading for assistance for the embattled kids in Syria. Below are some of their instagram posts soliciting for support and prayer for Syria.

https://www.instagram.com/p/BOB_mEChYEb/?taken-by=isthatjessiej

https://www.instagram.com/p/BOC-LqXhrnK/?taken-by=tarajiphenson

 

https://www.instagram.com/p/BOEJ_kXDNQN/?taken-by=mstinalawson

https://www.instagram.com/p/BODekRQAp1P/?taken-by=michellewilliams

https://www.instagram.com/p/BOC7t22BawX/?taken-by=khloekardashian

 

Nigeria To Allocate New Oil Licenses To Fund 2017 Budget

Posted on by
9

The Federal Government will issue new oil licences as part of efforts to explore new streams of revenues to fund the 2017 budget, an official has said.

The Minister of Budget and National Planning, Udoma Udoma, stated this when he appeared before the Senate Joint Committee on Appropriation and Finance to defend the revised Medium Term Expenditure Framework (MTEF) and the Fiscal Strategy Paper (FSP).

He said the Federal Government would also review the current joint venture arrangements with oil companies, marginal oil fields as well as mount pressure on revenue generating agencies to surpass expected targets.

Mr. Udoma said a total of N10 trillion was being targeted by the Federal Government as revenue for the 2017 fiscal year.

According to him, out of this amount, about N5 trillion is expected to be generated from the sale of crude oil.

“Non-oil revenues will rake in about N5.06 trillion.

“These revenues are expected to come from corporate and company taxes, Nigeria Liquefied Natural Gas, Stamp Duties, capital gains tax and value added tax.

“Others are Customs, excise, fees, surcharges on luxury items, special levies and Federal Government independent revenue,” he said.

Read More:

http://www.premiumtimesng.com/news/headlines/217833-nigeria-allocate-new-oil-licenses-fund-2017-budget.html

Airports: Concessioning To Wait Until N120bn Fund Probe Over – Reps

Posted on by
1

The House of Representatives has called on the minister of state for aviation, Sen. Hadi Sirika, to suspend plans on the proposed concession of airports until he is able to brief the House as well as Nigerians, the benefits of the concession as well as how it will tackle the challenges the aviation sector faces.

It also called for the probe of the former minister of aviation, Sen. Stella Oduah, over the diversion of the N120 billion aviation intervention fund provided by the Central Bank of Nigeria (CBN) in 2012.

These were part of recommendations of the report of the House Committee on Aviation on the investigation into how to rescue the airline industry from imminent collapse, which was considered yesterday.

The House is also to invite Sen. Sirika to brief it on his plans and programmes for the aviation sector, including the current status of the ongoing remodelling of international airports, the reasons behind the scope and design of the remodelling. He is also to provide detailed drawings and specifications of current design in order to enable the ascertainment of the action cost of ongoing work compared to the loan received.

The report’s recommendations include: “Urge the minister of state, aviation, to stay action on the proposed concession of airports until the minister has been able to brief the House and Nigerians on how the proposed concession will remedy the challenges facing the sector and benefit consumer.

“Refrain from taking any action on the concession agreement between FAAN, and Bi-Courtney till the case is determined by the Supreme Court.

“Invite the governor of Central Bank of Nigeria and airline operators (Domestic and International) to deliberate on the possibilities of CBN’s intervention in the crisis of foreign exchange for the airline industry.

“Call on the Economic and Financial Crimes Commission (EFCC) to investigate the diversion of the N120 billion aviation intervention fund provided by the CBN in 2012.

“Meet with the management of Aviation Regulatory Agencies (FAAN, NCAA, NAMA, AIB, etc) to deliberate on the possibilities of denominating the aviation sector in local currency (Naira).

“Urge the management of Arik Air to reconcile its accounts with FAAN with a view to paying off its debts”.

The committee also recommended that the House invite Asset Management of Nigeria (AMCON) to appear before the it and fully brief the House of its plan of action to resuscitate the airline, Aero Contractors.

It further urged the Nigerian National Petroleum Corporation (NNPC) to, as a matter of urgency, make aviation fuel available regularly at affordable prices and make effort  to refine aviation fuel (Jet 1) locally.

Credit:

http://leadership.ng/news/cover-stories/560921/airports-concessioning-to-wait-until-n120bn-fund-probe-over-reps

Nigeria No Longer Has Resources To Fund Oil Industry- FG

Posted on by
2

The Federal Government stated, yesterday, that the country no longer has the resources to fund the oil and gas industry, and is therefore, considering and developing new models of financing the industry in the days ahead.

Speaking at a town hall meeting in Abuja, Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, said in January 2016 the final decision on the fate of the country’s refineries would likely be made, while it had also concluded arrangement to adopt a price modulation mechanism that would see it setting a price ceiling of between N87 and N97 per litre for Premium Motor Spirit, PMS, also known as petrol.

Kachikwu, who doubles as the Group Managing Director of the Nigerian National Petroleum Corporation, NNPC, also disclosed that he had received the Presidency’s approval to commence the final phase of the restructuring of the NNPC, which would see the corporation unbundled into four components, while about 1,100 of NNPC headquarters’ staff would be disengaged.

On the issue of paucity of funds, Kachikwu said: “Financing is going to be a key component of our goal, because new models of financing would have to emerge. The country does not have the sort of resources to continue to fund the oil industry. As we go upstream, we are going to begin to see a lot of innovative financing mechanism to provide funding for the oil industry.

“My dream, if I achieve it, is that by the end of 2016, we would completely exit cash calls and be able to find ways to help support our business and get a lot more autonomy in terms of running the industry and report, basically, profit to the Federal Government.”

Credit: Vanguard

FG To Fund Unemployment Allowance, School Feeding With TSA

Posted on by
Reply

The Federal Government plans to fund the N5,000 monthly allowance for 25 million unemployed youths and the free school feeding programme from the Treasury Single Account.

It was learnt that despite dwindling oil revenue, the government believed that some money that would have gone into private pockets because of the uncoordinated and multiple bank accounts operated by government agencies, would be saved through the TSA and be spent on the purpose.

A source in the Presidency said on Tuesday that funds that would be freed through the gains that would be derived from the TSA, domiciled in the Central Bank of Nigeria, would be used for the well-being of Nigerians and the social safety net would be one of such programmes.

“This government is saving funds that, in the past, ended up in personal pockets through the TSA. These funds will come handy for this programme,” the source said.

Credit: Punch

Jonathan’s $200 Million Nollywood Fund Likely To Be Probed

Posted on by
Reply

A veteran thespian, Lari Williams, on Tuesday urged the government to inquire into the current state of the grant the Goodluck Jonathan’s administration gave to the entertainment sector. Williams told pressmen on Tuesday that he and others needed to know what had been disbursed and what had yet to be disbursed.

Williams added that a proper management of the sectors’ resources would help to keep it dynamic with the provision of requisite infrastructure and training schools for stage and movie performance. “There was a cash grant for the development of arts in Nigeria disbursed to the sector by the immediate past president but the practitioners do not know how the grant is being disbursed…”

Read More: vanguardngr

FG To Introduce Fund For Road Repair

Posted on by
Reply

A fund to cater for the construction and maintenance of roads in the country is in the works, the Federal Ministry of Works has said.

The Director, Federal Highway Services in the ministry, Alhaji Shehu Dankano, said this at the inauguration of the headquarters of the National Association of Road Transport Owners in Abuja on Tuesday.

Dankano said the National Roads Fund Bill was already in the National Assembly and expressed confidence that the 8th legislature would expedite action on the bill to provide systematic funding for the repair and construction of roads in the country.

Speaking with journalists at the event, the National President of NARTO, Alhaji Kassim Bataiya, denied that the association was frustrating the rehabilitation of the railways, adding that Nigerian roads were collapsing due to overuse.

He said, “NARTO as an organisation is not against the operation of railways in the country. We have actually been pleading with the government to put our railways in order so that our roads will be less busy.

“Why our roads fail today is because of overuse. Goods that are supposed to be conveyed by rail, especially plants and equipment, are being carried on the roads. Goods that are supposed to go through the pipelines are now being transported by tanker trucks.

“So, the roads are overused. NARTO will be pleased to see our rail system working perfectly. We are not against the coming back of the railway transportation system in Nigeria.”

Read More: punchng