Fidelity bank banner Bayelsa State banner
Senate approves Buhari’s N348bn subsidy fund

By Musa Abdullahi Krish on 19/07/2018

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 481

•Senate plenary
•Senate plenary

The Senate has approved request by President Muhammadu Buhari for the promissory note programme and bond issuance to settle inherited local debts and contractual obligations to Oil Marketing Companies (OMCs) to the tune of N348 billion as an interim measure.

The Senate also directed that the amount should be paid to 74 OMCs for the time being in order to stem the threat of fuel scarcity, increase economic activities and promote more harmonious relationship between government and companies.

The resolution was reached after the adoption of the interim report of the committee on petroleum (downstream).

Out of the amount to be given to the OMCs, the Senate said N275.7bn should go to 55 companies, whose actual debt figures were verified, while N73.4bn should be given to 19 companies with contentious claims.

The amount to be paid to those with contentious claims represents 65 per cent of their claims, pending when all issues would be resolved.

The committee in its report observed that the Federal Ministry of Finance verified the sum of N429bn as the amount being owed based on the computation done by the Petroleum Products Pricing Regulatory Agency (PPPRA).

But after another verification exercise by the Presidential Initiative on Continuous Audit (PICA), the amount became N407.5bn as the final figure due to the OMCs as at June 30, 2017.

However, the report noted that the oil companies claimed that they were being owed the sum of N670.4bn.

Culled from Daily Trust

Source News Express

Posted 19/07/2018 12:56:30 PM

 

Share on facebook Yahoo mail icon Gmail icon Share on Google+


 

CLASSIFIED ADS

 

You may also like...
Last chance for World Cup shirts (or almost)...

Ayade receives Bakassi Deep Seaport concept design

Navy nabs suspected sea robbers in Rivers

Airforce Chief inspects operational facilities for counter-terrorism, commissions...

Buhari treating Nigerians like animals —Intersociety

Why Big Brother Naija is shot in South...

NiMet predicts cloudy weather conditions for today

We didn’t pay any ransom for the release...

Of Trump, Hitler and world history, By Ogbonna...

World Court dismisses Charles Taylor’s appeal, upholds 50-year...

CISLAC, CDD mourn erudite scholar and Electoral Institute...

State burial for football legend Onyeanwuna

 

Latest News Operation Python Dance: IPOB discovers site where slain members were secretly buried •Alerts International Community Woman collapses at Benin Airport while awaiting Atiku We are working with some PDP Senators to remove Saraki — APC Kidnapper dies from drug taken at crime scene Army uncovers Boko Haram recruitment link on social media Nigeria’s democracy must not fail, Turaki warns Nigeria ranked among dangerous countries for aid workers How Kwankwaso stashed Kano's $1million in Ukraine — Ganduje Food insecurity: 3.7m Nigerians in danger– Sen. Abdullahi Bayelsa community bemoans distortion of creeks near Shell’s oilfields Alleged contempt: Court insists IGP must arrest INEC boss 500 PDP members defect to APC in Jigawa

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (376,542 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (365,943 views) Shameless Genevieve Nnaji exposes breasts in public (295,640 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (241,384 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (221,976 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (216,805 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (192,119 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (174,281 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (159,383 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (157,831 views) Lagos plane crash: Journalist releases victims’ names (152,339 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (142,745 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (56) Business & Economy (3,445) Business Verdict (48) Columnists (907) Complaints & Requests (95) Enterprise & Opportunities (207) Entertainment (526) Features (632) Global Business Monitor (294) International (2,265) Interview (161) Live Commentary (28) Love Matters (134) News (37,998) Opinion (1,056) Pidgin (11) Politics (6,031) Religion (814) Sports (1,643) Stock Watch (33) AMA & Al Jazeera Global Update

 

CBN banner

Firstmobile banner

 

 

NEWS EXPRESS TV

Liverpool Destroying West Ham 4-0 - Highlights

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement