APA – Lagos (Nigeria)
The report that the World Bank has said that the Nigeria National Petroleum Corporation Limited is not transparent about the financial gains from fuel subsidy removal is one of the trending stories in Nigerian newspapers on Thursday.
The Punch reports that the Nigeria National Petroleum Corporation Limited is not transparent about the financial gains from fuel subsidy removal, the World Bank has disclosed.
This extends to subsidy arrears that are still being deducted and the impact of subsidy removal on federation revenues, the bank noted. The Washington-based made this call in its Nigeria Development Update, December 2023 edition titled, ‘Turning The Corner (from reforms and renewed hope, to results).
This is the Minister of Finance and Coordinating Minister of Economy, Wale Edun, revealed that the government was ready to scrutinise the revenue flow from the NNPCL.
According to the World Bank, while revenue gains from the exchange rate reforms are visible, more clarity is needed on oil revenues, including the fiscal benefits from the PMS subsidy reforms.
It declared, “nominal oil revenue gains have been evident since June; these are mostly categorised as “exchange rate gains”, suggesting that they are due to the naira depreciation.
“Except for the exchange rate-related increases, however, there is a lack of transparency regarding oil revenues, especially the financial gains of the Nigeria National Petroleum Corporation from the subsidy removal, the subsidy arrears that are still being deducted, and the impact of this on Federation revenues. It is also unclear why retail petrol prices have not changed much since August, despite fluctuations in the exchange rate and global oil prices.”
The newspaper says that the Nigeria Labour Congress (NLC) has kicked against the proposed plans by the Federal Government to restructure the Transmission Company of Nigeria.
In a communiqué signed by the President of NLC, Joe Ajaero, said that the proposed privatisation plan of TCN would portend great danger to the power sector and hold great fear and trepidation for major stakeholders within the sector.
Ajaero said, “The intended power sector policies would create the same mistakes past administrations made and it would create deeper consequences if power sector policies were not reversed by the Federal Government.
“It imperils the ability of the state to control, always regulate and guarantee the safety of the nation’s grid system.”
The PUNCH on Tuesday reported that the Federal Government through the Bureau of Public Enterprises announced plans to sell off 40 per cent shares of the government in electricity distribution companies on the capital market in 2024.
Similarly, the government also noted that it was unbundling the TCN in line with the Electricity Act.
According to the NLC president, these same stories that Nigerians have heard over the years have largely yielded no significant results except the increased suffering that the exercise caused for Nigerian people and the economy.
The Guardian reports that the Minister of Aviation and Aerospace, Festus Keyamo said he would not relent on a plan to concession the five international airports, including Lagos, Abuja, Kano, Port Harcourt and Enugu.
The minister stated this during a budget presentation to the Joint Committee on Aviation Technology. He said he has taken into consideration the concerns of the 9th Assembly regarding the non-transparent manner in which the previous concession was done and affirmed that concession is the way to go for the five international airports.
Recall that former aviation minister, Hadi Sirika, faced backlash from the aviation workers’ union over plans to concession the four major airports.
Keyamo, while presenting the budget to the committee, revealed that he had written a memo to the President on the concession of the five international airports.
He further stated that the performance of the 2023 budget is at 40 per cent based on the releases so far.
Speaking on the 2024 budget, he said about N63 billion has been appropriated for the entire ministry and its agencies.
He, however, mentioned that critical projects such as Abuja’s second runway and upgrade and rehabilitation of the old terminal building of the Lagos airport are vital projects that need urgent attention.
Keyamo said five focus areas include ensuring strict compliance with safety regulations and continuous upward movement of Nigeria’s rating by the International Civil Aviation Organisation (ICAO), support for the growth and sustenance of local airline businesses while holding them to the highest international standards.
The newspaper says that the Chairman of Dangote Cement Plc, Aliko Dangote, said the group is focused on breaking new ground with innovations and strategies that would drive businesses, while also creating value for its stakeholders.
Dangote also indicated the company’s resolve to transform and develop Nigeria’s and African economies to be self-reliant and a net exporter of manufactured goods.
This was disclosed at the induction of 81 trainees in its Graduate Trainee Programme to boost employment in the country.
The was also used to reward outstanding staff with ‘long Service Award’ and ‘Hall of Wall of Fame Employee Award’ for embracing the company’s core values – customer care, entrepreneurship, excellence and leadership quality.
“We are honouring some of our staff for their long service to the company. We are also celebrating our graduate trainees who are officially rounding up their induction programme.
“We have remained Africa’s leading cement producer with 52 million metric tonnes capacity per annum across the continent. We also have plans underway to commission our Cote D’Ivoire plants and work started for another six million tonnes in Itori, Ogun state.
“Through shared persistence, we have eliminated Nigerians’ independence on imported cement and transformed our nation into an exporter of cement to several neighbouring countries. This same development will be repeated in the energy sector as our petrochemical refinery becomes fully operational in the next few months,” Dangote said.
Group Managing Director of Dangote Cement, Arvind Pathak, said the company’s long-serving employees have displayed passion, innovation and excellence in their service delivery.
GIK/APA