News
Nigerian Government to Hire External Auditor for N2.7 Trillion Fuel Subsidy Review
The Nigerian government has unveiled plans to hire an external auditor to review the N2.7 trillion fuel subsidy claims made by the Nigerian National Petroleum Company Limited (NNPCL).
The goal is to assist the Office of the Auditor-General of the Federation (OAuGF) in determining the actual amount owed by the government to NNPCL for fuel subsidies.
According to official records, a forensic audit will focus on NNPCL’s claims from 2015 to 2021.
It aims to verify the N2.7 trillion withheld by NNPCL, with the Director of Home Finance stating that the OAuGF is still working on the matter.
Additionally, the Ministry of Finance’s Procurement Department has already put measures in place to hire an external auditor, who will support the OAuGF in conducting the review.
In the same meeting, the Chairman of the Commissioners’ Forum and Head of Finance from Ekiti State recommended that the audit period be extended to December 2023, given that the audit process has yet to begin.
This suggestion followed the initial proposal to launch the audit four months earlier during the Federation Allocation Accounts Committee’s April 2024 meeting.
Initially, NNPCL claimed that the government owed a total of N6 trillion for fuel subsidies. However, this amount was reduced to N2.7 trillion after a previous audit conducted by KPMG.
The forthcoming audit will cover six years to ensure accuracy and transparency in reconciling the subsidy claims.
This latest development follows the “subsidy is gone” declaration made by President Bola Ahmed Tinubu on May 30, 2023.
Shortly after this announcement, NNPCL’s Group Chief Executive Officer, Mele Kyari, informed reporters that the Federal Government still owed the company N2.8 trillion in outstanding subsidy payments.
According to Kyari, NNPCL has been covering the cost of petrol subsidies through its cash flow, as the government has been unable to make payments.
He highlighted that despite budgetary provisions of N6 trillion in 2022 and N3.7 trillion in 2023 for fuel subsidies, the Federal Government has not made any payments to NNPCL.
The company has had to absorb the cost, which is now an unsustainable financial burden.
Kyari emphasized that the government still owes NNPCL around N2.8 trillion and that the company cannot continue to carry the financial strain of the subsidy regime much longer.
The decision to engage an external auditor is seen as a crucial step towards resolving these financial discrepancies and determining the accurate amount of subsidy claims owed to NNPCL.
The audit is expected to shed light on the actual amount of debt and could potentially influence future subsidy policies and financial arrangements between NNPCL and the government.
News
Kidnapped Rector of Immaculate Conception Seminary, Fr. Oyode, Rescued After Two Weeks
Rev. Father Thomas Oyode, the kidnapped Rector of Immaculate Conception Seminary in Agenebode, Edo State, has regained his freedom nearly two weeks after being abducted by gunmen.
The priest was abandoned in a bush in Kogi State following coordinated efforts by security forces, including police, who carried out air surveillance over the forest where he was held.
The kidnappers had demanded a ransom of N200 million, but while negotiations were underway, security agencies tracked Fr. Oyode’s location. It remains unclear if any ransom was paid for his release.
The rescue was confirmed by AIG Arungwa Nwazue, Assistant Inspector General of Police, Zone 5, Benin. Fr. Oyode was abducted on October 27 during a prayer session at the seminary in Ivhianokpodi, Etsako East LGA, Edo State.
News
Equatorial Guinea Government Responds to Digital Privacy Scandal Affecting Women’s Dignity
In response to a digital privacy scandal, Mrs. Constancia Mangue Obiang, First Lady of Equatorial Guinea, called for immediate government action to protect the dignity and privacy of Guineo-Ecuadorian women.
On November 6, 2024, the First Lady’s Press Office shared her concerns about the harm caused to women’s image by the growing issue of inappropriate online content.
Mrs. Obiang urged the government to not only address incidents like these but also take proactive measures to ensure women’s safety and respect in the digital age.
Prime Minister Osa Nsue echoed her concerns, acknowledging the need for stronger privacy laws and emphasizing the importance of safeguarding individual rights and the nation’s public image.
The government is considering stricter laws related to privacy and personal data protection to prevent future violations.
Additionally, discussions are underway to implement a comprehensive approach, including education, legislation, and social awareness, to curb the spread of inappropriate online content.
The First Lady and the Prime Minister committed to working together to restore public trust and ensure the protection of Equatoguinean women’s reputation.
News
The Nigerian Defence HQ Confirms New Terror Group ‘Lukarawas’ in Northwest Nigeria
The Nigerian Defence Headquarters has confirmed the emergence of a new terrorist group known as ‘Lukarawas’ in northwestern Nigeria. The Director of Defence Media Operations, Maj.-Gen. Edward Buba, disclosed this during a briefing in Abuja on Thursday, November 7.
According to Buba, the group originated in Niger following the recent coup, which led to a breakdown of military cooperation between Nigeria and Niger.
This disruption allowed Lukarawas fighters to infiltrate northern parts of Sokoto and Kebbi States, using difficult terrains and remote areas to evade detection.
Buba noted that some locals initially welcomed the group, unaware of its intentions, and failed to alert security forces.
He assured Nigerians that the military has intensified intelligence and surveillance efforts to counter the group, emphasizing that troops are tracking and working to eliminate the threat posed by Lukarawas.
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