Tag Archives: N500bn

Reps Probe Oil Firms Over N500bn Debt To PPMC

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The House of Representatives yesterday commenced the probe of Oando Oil and Total Oil over N500 billion debts the two companies and many others owe the Petroleum Products Marketing Company (PPMC).

The probe also covers companies such as Forte Oil, Conoil, Mobil Oil, Masters Energy Oil and Gas Limited, MRS Oil and Gas, Heyden Petroleum, Rahamaniyya Petroleum, Amicable Petroleum, Aiteo Petroleum, Honeywell Oil, Capital Oil, Felande Petroleum, Sharon Oil and Zamson Petroleum among others.

Inaugurating the ad-hoc panel on the probe in Abuja, Speaker Yakubu Dogara said the committee was expected to make findings that would lead to plugging loopholes in existing laws and practices in the downstream sector of the Nigerian economy.

“We expect that in no distant future, the committee will be inviting some companies and individuals to provide answers to questions as to what happened to the downstream sector. We hope that this committee will conduct its affairs in a serious and corrupt-free manner as the house will not tolerate any evidence of undue influence or improper conduct,” the speaker said.

Chairman of the panel, Abdullahi Gaya (APC, Kano) said “The economy in the present time calls for our concerted efforts to move it forward in the right direction. In numerous ways, members of the present National Assembly have carefully thought out solutions to this challenge and have risen to the occasion.”

Credit: dailytrust

FG Votes N500bn To Tackle Unemployment– Ngige

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Dr Chris Ngige, the Minister of Labour and Employment, said the Federal Government voted N500 billion to tackle unemployment and provide care for the vulnerable.

The minister said this during a courtesy visit by the Rwanda High Commissioner to Nigeria, Mr Stanislas Kamanzi in Abuja.

He said the Federal Government was determined to face the menace of unemployment squarely, especially among youths in the country.

Ngige said the government would fight spiritedly to solve the unemployment problem totally in the country.

Ngige said the government was also poised to engage the over 500,000 that graduate yearly from the nation’s institutions, adding that this would prevent them from engaging in untoward activities.

Credit: Nation

FG Votes N500bn For Unemployed Graduates, School Feeding

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President Muhammadu Buhari yesterday sent the Medium Term Expenditure Frame- work (MTEF) and Fiscal Strategy Paper (FSP) to the National Assembly with N500 billion voted to pay unemployed Nigerian graduates and feed school children amongst other social welfare programmes in the N6.07 trillion budget for 2016.

Buhari said “phased” social welfare programmes will be created to cater for a large population of the poorest and most vulnerable Nigerians upon the evidence of children’s enrolment in school and evidence of immunization.

In other 2016 votes, N63.29 billion was voted for subsidy (including N150 billion for 2015 arrears); N20 billion for the Presidential Amnesty Programme in 2016, down from N47.39 billion voted in 2015, and N39.88 billion voted for Frontier Exploration Services – to prospect for oil in the Chad Basin.

The National Assembly budget was slashed from N120 billion in 2015 to N115 billion in 2016.

In new borrowings, the federal government proposed N1.2 trillion (domestic) and N635 billion (foreign) borrowing, totalling N1.835.88 trillion in 2016.

According to the MTEF/FSP, the federal government recovered N350.33 billion in misappropriated funds which will be injected into the 2016 budget.

The recoveries include N137.90 billion (refunds/recoveries from Strategic Alliance Contracts); N162.43 billion (NNPC/CBN) and other recoveries which amount to N50 billion.

The MTEF/FSP is the precursor to the budget itself, as provided in the Fiscal Responsibility Act (FRA).

Credit: Leadership