PRESIDENT TINUBU ON A THREE-STATE VISIT; TO SPEND THE END-OF-YEAR HOLIDAY IN LAGOS. (PHOTO). #PRESS RELEASE.

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 STATEHOUSE PRESS RELEASE PRESIDENT TINUBU ON A THREE-STATE VISIT; TO SPEND THE END-OF-YEAR HOLIDAY IN LAGOS President Bola Ahmed Tinubu will depart Abuja on Saturday to visit Borno, Bauchi and Lagos States.   While in Borno State, President Tinubu will commission some projects undertaken by Governor Babagana Zulum and the Federal Government.   He will also attend the wedding ceremony of Sadeeq Sheriff, son of the former Governor of the State, Senator Ali Modu Sheriff, and his heartthrob, Hadiza Kam Salem.   From Maiduguri, the President will move to Bauchi to condole with the Government of Bauchi State and the family of Sheikh Dahiru Bauchi, the late renowned Muslim cleric and leader of the Tijjaniyya Muslim Brotherhood.   The Sheikh died on November 27.   After the condolence visit, President Bola Tinubu will leave for Lagos, where he will spend the upcoming end-of-year holidays.   He is expected to be the guest of honour at the Eyo Festival schedule...
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OIL COMPANIES UNREMITTED REVENUE HITS $8.3BN- NEITI. (PHOTO).

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Oil companies unremitted revenue hits $8.3bn – NEITI

Over $8.3 billion revenue has not been remitted to the Federation Account by some privately owned oil companies and federal governments agencies since 2011.

Executive Secretary/CEO of the Nigeria Extractive Industries Transparency Initiative (NEITI), Dr Ogbonnaya Orji made the disclosure to the House of Representatives Committee on Public Accounts.

Dr Orji was before the lawmakers to present a report on the $74.386 billion spent on fuel subsidies by successive administrations since 2011, as the agency compiled the actual amount paid as subsidy on a yearly basis.

According to him, Nigeria has also lost N16.25 trillion to unabated crude oil theft, based on data collated and signed off by the operators and other stakeholders from 2011.

The Executive Secretary stated that the agency is working with various enforcement institutions, including the Economic and Financial Crimes Commission (EFCC), the Independent Corrupt Practices and Related Offences Commission (ICPC), and the Nigeria Financial Intelligence Unit (NFIU), to recover the funds.

“I have here, for instance, revenues we have earned from oil and gas since 1999. We also have here all the subsidy payments made. Since 2005, when it became a scandal, we have begun to collect the data. We began to ask questions about subsidies, and as of 2021, the country had paid $74.386 billion in subsidies.


 

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