Economy
Finance minister reiterates that subsidy will end in June 2023
Finance minister reiterates that subsidy will end in June 2023
Minister of Finance, Budget and National Planning, Zainab Ahmed, has said that petroleum subsidy will be completely phased out by June 2023.
Speaking on Tuesday, November 15, in Abuja during a press conference to mark the end of the 28th National Economic Summit, Ahmed revealed that while the removal of fuel subsidy is part of the FG’s medium-term plan in 2023 budget, how to go about it has been the challenge.
She said;
“First, we have to engage. We have already engaged with the states and the public before it was approved as part of the medium-term plan.
“We have to do it by systematically informing the citizens about the size and the quantum of the fuel subsidy.
“We also have to educate them about the opportunity cost of what we are unable to do because of the fuel subsidy.”
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The Minister noted that the fuel subsidy, in addition to budget deficit, is putting enormous pressure on the “fiscals”.
Ahmed added;
“It is not money that we have; it is money that we have to borrow to maintain the fuel subsidy.
“Some countries introduced subsidy during the COVID-19, and because of the Russia-Ukraine conflict, but they are using their money to fund such subsidy.
“In our case, we are borrowing to pay the subsidy; that is double jeopardy. It is something that has to stop
“We are glad that majority of people in decision-making positions, including the political parties, have agreed that subsidy is not sustainable.
”The plan is, by June 2023, we must have completely exited subsidy, and it has to be a gradual process.”
Finance minister reiterates that subsidy will end in June 2023
Business
NNPC Denies $6.8 Billion Debt Allegation and Defends Federation Account Remittances
NNPC Denies $6.8 Billion Debt Allegation and Defends Federation Account Remittances
On Sunday, the Nigerian National Petroleum Company Limited (NNPC Ltd) refuted claims of a $6.8 billion debt to international traders. In a statement, Olufemi Soneye, Chief Corporate Communications Officer, clarified that the company does not owe the reported sum.
The NNPC Ltd’s response followed allegations that it has not contributed any funds to the Federation Account since January. Soneye emphasized that such claims are false, asserting that the company and its subsidiaries consistently remit taxes to the Federal Inland Revenue Service (FIRS).
Soneye explained that while NNPC Ltd manages numerous open trade credit lines, it adheres to a first-in-first-out payment approach for its obligations. He also highlighted that the company is a major contributor to the Federation Account Allocation Committee (FAAC) through its tax contributions.
Regarding the quality and quantity of imported petroleum products, Soneye clarified that NNPC Ltd does not oversee these matters, as this falls under the purview of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), an independent body.
The statement reinforced NNPC Ltd’s commitment to transparency and accountability, in line with the company’s TAPE (Transparency, Accountability, and Performance Excellence) philosophy.
Economy
Revenue Commission Discloses Senators’ N1M Monthly Salary, N12M Allowances; Highlights Disparity with N70,000 Minimum Wage
Revenue Commission Discloses Senators’ N1M Monthly Salary, N12M Allowances; Highlights Disparity with N70,000 Minimum Wage
The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has revealed that each of the 109 senators in the National Assembly earns N1,063,860 million salary and allowances per month.
RMAFC chairman, Mohammed Bello Shehu made the clarification in a statement on Tuesday.
He said the clarification was necessary in view of the recent statement made by Senator Shehu Sani, who was reported to have disclosed to the public that each senator collects monthly running cost of N13.5 million in addition to the monthly N750, 000.00 prescribed by RMAFC.
The commission gave the breakdown of the salary and allowances of each senator as: Basic Salary – ₦168,866:70; Motor Vehicle Fuelling and Maintenance Allowance – ₦126,650:00; Personal Assistant – ₦42,216:66; Domestic Staff -₦126,650:00; Entertainment – ₦50,660:00; Utilities – ₦50,660:00; Newspapers/Periodicals – ₦25,330:00; Wardrobe – ₦42,216,66:00; House Maintenance – ₦8,443.33:00 and Constituency Allowance – ₦422,166:66; respectively.
Shehu said RMAFC does not have the constitutional powers to enforce compliance with the proper implementation of the remuneration package of lawmakers.
“This lacuna is, however, being addressed by the National Assembly,” he said.
The RMAFC chief also said some allowances are regular while others are non-regular.
“Regular allowances are paid regularly with basic salary while non-regular allowances are paid as when due.
“For instance, Furniture allowance (₦6,079,200:00) and Severance Gratuity (₦6,079,200:00) are paid once in every tenure and Vehicle allowance (₦8,105,600:00) which is optional is a loan which the beneficiary has to pay before leaving office,” he added.
Economy
FirstBank Recognized for Excellence in ESG Investments with Euromoney Award
FirstBank Recognized for Excellence in ESG Investments with Euromoney Award
FirstBank has been awarded the 2024 Euromoney Award for its outstanding commitment to Environmental, Social, and Governance (ESG) investments in Nigeria, through innovative financial solutions and initiatives.
In a statement released Sunday, FirstBank announced that Euromoney recognized its significant progress in implementing an ESG management system, screening N4.2 trillion in new transactions for ESG risks in 2024.
FirstBank’s notable projects include a $10 million solar energy initiative to expand off-grid solar solutions in Africa and Asia via a pay-as-you-go model, aiding Nigeria’s green transition. Additionally, the bank invested N16 billion to develop four modular independent power plants for a major beer manufacturer, reducing reliance on diesel generators and lowering production costs.
The bank also launched a tree-planting campaign with the Nigeria Conservation Foundation, planting over 50,000 trees in 2024, underscoring its ESG commitment.
Mrs. Folake Ani-Mumuney, Group Head of Marketing and Corporate Communications, expressed the bank’s excitement over the award, stating, “This recognition is a testament to our commitment to enabling success in our employees, businesses, and communities. Sustainability drives our growth and innovation.”
Euromoney’s “Awards for Excellence” honor top banks and bankers who demonstrate exceptional differentiation in the global banking industry.
FirstBank has also recently received accolades as Best SME Bank in Nigeria, Best Bank in Africa, Best Private Bank in Nigeria, and Best Private Bank for Sustainable Investment in Africa by Global Finance.
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