NEWS
Audit Query: Reps panel investigates NIPC Over N1.19bn Extra Budgetary Expenditure
The Nigeria Investment Promotion Commission, (NIPC), a Federal Government agency under the Federal Ministry of Industry, Trade and Investment is under probe by the House of Representatives panel on Public accounts for engaging in extra budgetary expenditure of N1.19 billion in the 2018 and 2019 financial years.
A report from the office of the Auditor General of the Federation, indicated that the NIPC had a budget of N194 million in 2018, and NN180.6 million in 2019, but spent N700 million and N871 million respectively.
Consequently, the Committee chaired by Hon Whole Oke, (PDP-Osun) ordered the management of the Agency to provide full explanations on why the agency would spend government money at their disposal without the approval of the National Assembly in form of appropriation.
In addition, the Committee is also investigating why the Commission would re-award a contract for the supply and installation of 50 units of complete computer sets and UPS at the cost of N28.9 million when an upward review of the same contract demanded by the original contractor was N27.6 million.
A brief from the Public Accounts Committee on the query revealed that “N180.6 million was budgeted for overhead cost in the year 2019, but NIPC ended in spending N871 million excluding depreciation without the approval of the National Assembly.
According to panel, “There was extra budgetary spending on overhead in the year 2018 without supplementary approval from the National Assembly. N194 million appropriated but NIPC spent over N700 million.”
The Committee therefore directed the Commission to provide the National Assembly’s approval for extra budgetary spending of N690 million.
The query alleged that the contract for the supply and installation of 50 units of complete computer sets and UPS to Digital Communication Konsult at the cost of N22.5 million in 2020, but repudiated the contract on account that the contractor requested for upward review to N27.6 million citing unstable exchange rate as an excuse, but the contract was later re-awarded to Dotmac Technologies Limited at the cost of N28.9 million.
The committee also wanted the Executive Secretary of the NIPC to explain why the Commission was not implementing the provisions of the Pensions Reform Act which stipulate 18 percent contribution, while the agency is implementing 15 percent.
A close study of the 223 paged document presented to the Committee by the Commission showed a line item suggesting that the Commission may have spent its internally generated revenue for 2019 to service its recurrent and capital budget.
For example, the statement indicated that comparison between budget and actual transaction as at 31st December, 2019 shows under Internally Generated Revenue, a recurrent item which states that there was a personnel cost budget of N500 million and actual of N349,750,700.50, overhead budget of N966 million and actual of N749,811,184.32 as well as capital budget of N149 million and actual of N91,123,865.07.
It was also discovered that the NIPC with a staff strength of about 210 with 63 of them being management staff, 137 as senior staff with only 10 junior staff spent about N38.5 million on overseas and local training and a whooping N81.7 million on travels alone in 2019.
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The Committee had earlier rejected the submission made to it on the query saying that the supporting documents were neither signed nor authenticated by any authority which made the submission invalid in the eyes of the law..
Consequently, the Committee stepped down all its queries and directed its new Executive Secretary, Mrs Saratu Umàr to go back with the Submission to enable her to familiarise herself with it and come back to defend it by next week Wednesday
The Director of Finance of the Commission, Mr Akwada James had stunned the Committee members while defending the submission as he said that he was at loss while preparing the submission and that he did not know how to explain the item by item in the queries as demanded by the Committee.
The Committee members one after the other pointed out several flaws in the submission which they said looked like forged document that would not stand the test of time before the law.
In his remarks on the development, the Chairman of the Committee, Hon Oke said,” Madam New Executive Secretary, in line with the principle of fair hearing they operate, the Committee should allow them to pick a date, so that they can go and familiarise themselves with the submission and the relevant documents and come back to defend the query since they just assumed office and those on ground before them are not helping the matter”
Mrs Umar while appreciating the gesture extended to her promised to appear before the Committee for proper defence in the second week of September this year.
NEWS
Fuel Pricing: PETROAN Accuses Dangote Refinery Of Monopoly
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has raised concerns over alleged monopolistic practices by Dangote Refinery, following a public dispute about fuel pricing in the downstream petroleum sector.
Recall that the refinery, Africa’s largest, recently disclosed its petrol pricing at N990 per litre in trucks and N960 per litre into ships, a move it justifies as being in line with international rates.
READ MORE: Nigeria’s Debt Service Ratio Falls To 65% As Tinubu Tackles Economic Woes
PETROAN, however, sees this as an attempt to suppress competitors and dominate the Nigerian market.
The rift began when Dangote Refinery claimed that complaints from marketers regarding its pricing were fueled by intentions to import cheaper, potentially substandard products.
In response, PETROAN strongly rejected these allegations, suggesting that Dangote’s claims are tactics designed to maintain a monopoly in the sector.
Joseph Obele, PETROAN’s spokesperson, stated that the association remains committed to importing high-quality products at more competitive rates to ensure affordability for Nigerian consumers.
According to PETROAN, competition in the market is essential for achieving fair pricing, and any attempt to stifle it would be detrimental to consumers.
They argue that Dangote Refinery’s pricing should reflect production costs and fair margins rather than international benchmarks, especially given concessions granted by the government for the refinery’s establishment.
PETROAN also announced its plans to partner with foreign refineries and financial backers to import premium-quality petroleum products at prices below current rates.
The association aims to enter the market by December 2024, pending necessary regulatory approvals.
“The allegations that PETROAN will import substandard products are unfounded and aimed at creating an unfair playing field,” the statement read.
PETROAN warned that similar claims in the past had led to significant price hikes when competitors were pushed out, emphasizing that the entry of new players into the market would lead to more competitive pricing and ultimately benefit Nigerian consumers.
PETROAN expressed appreciation for President Bola Tinubu’s commitment to revitalizing Nigeria’s state-owned refineries and urged the government to consider privatizing the Port Harcourt and Warri refineries once rehabilitation is complete.
The association believes a transparent privatization process will help strengthen Nigeria’s downstream sector and counter monopolistic tendencies.
To address the ongoing pricing challenges in the sector, PETROAN called on the government to convene a comprehensive meeting of industry stakeholders, including major associations like IPMAN, DAPPMAN, MEMAN, NUPENG, and PENGASSAN.
PETROAN believes that collaboration among these groups will be instrumental in establishing a sustainable and competitive pricing framework for petroleum products in Nigeria.
NEWS
Hardship: Let Us Intensify Prayers For Our Leaders – Sultan Of Sokoto Tells Nigerians
Sultan of Sokoto, Sa’ad Mohammad Abubakar II, has called on Nigerians to avoid publicly criticizing their leaders, instead urging citizens to place their trust in God to address leadership concerns as He deems fit.
Speaking at the Regional Conference on Climate Change-Induced Conflicts in Northern Nigeria, organized by the Kaduna State Bureau of Interfaith in collaboration with International Alert, the Sultan emphasized faith and patience in navigating the country’s challenges.
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Acknowledging Nigeria’s current economic and social hardships, the Sultan encouraged continuous prayer, not only for the nation but for its leaders as well.
“Even though many feel times are particularly hard, we believe relief will come. Let’s increase our prayers for our leaders, trusting God to address them in His way,” he said, expressing hope that divine intervention could bring stability and prosperity.
The Sultan reminded political leaders of their ultimate accountability to God, cautioning that they will stand alone on the Day of Resurrection, with only their deeds to support them.
“On that day, every leader will stand alone. Governors, advisers—none will have support except their own deeds. Let us act with a deep sense of responsibility and fear of God,” he stated.
Addressing religious leaders, he warned against misleading their followers for personal gain, underscoring the trust many place in their religious guidance.
“Only God can save any human being,” he said, encouraging Nigerians to remain faithful and discerning in their spiritual beliefs. “Focus on worshiping Allah and leave the rest to Him. Don’t follow those who might lead you astray.”
With leaders from various religious communities, including the President of the Christian Association of Nigeria (CAN), in attendance, the Sultan called for unity, resilience, and communal effort to tackle pressing issues such as climate change, poverty, and insecurity in the northern region.
He praised the North’s history of unity and resilience, warning against divisive narratives that threaten communal harmony. “When we are united, we can face any challenge and build a prosperous community,” he asserted.
The Sultan’s remarks come amid ongoing social and environmental issues in the region, including a recent surge in climate-related challenges that have exacerbated poverty and security threats.
In light of these issues, he called on both Muslims and Christians to intensify their prayers, saying, “Our country faces many challenges, and we must turn to God in prayer. Let us intensify prayers in our mosques and churches.”
NEWS
#EndBadGovernance Protests: Tinubu Orders Release Of Detained Minors
In a decisive move, President Bola Tinubu has ordered the immediate release of all minors detained by police during the recent #EndBadGovernance protests.
The directive, announced by Minister of Information and National Orientation, Mohammed Idris on Monday, underscores the government’s commitment to protecting children’s rights and ensuring justice.
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Idris confirmed that President Tinubu’s directive prioritizes the welfare of detained minors, instructing the Ministry of Humanitarian Affairs to facilitate their safe reunification with their families.
A committee led by the Ministry of Humanitarian Affairs will be established to oversee the welfare of the released minors and ensure compliance with the president’s orders.
Additionally, President Tinubu has directed a formal investigation into the actions of law enforcement agencies involved in the arrests.
The president emphasized that any misconduct uncovered during the investigation will result in disciplinary action, affirming his administration’s dedication to accountability within law enforcement.