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UFAA Publishes 8 Govt Institutions With Abandoned Cash

The institutions were directed to claim the funds held in a pool containing billions. ....

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PIB: RMAFC chairman tasks National Assembly on redistribution of 13% Derivation Fund

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Chairman, Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), Chief Elias Mba, has proposed the redistribution of revenue accruing into the 13 percent Derivation Fund Account by ceding 40% of the fund to Host Community Development Trust Fund in the proposed Petroleum Industry Bill (PIB) being considered by the Senate and House of Representatives.
In his paper presented to the Ad-hoc Committee on Petroleum Industry Bill (PIB), Chief Mba who frowned at the flagrant breach of the extant financial regulations observed that out of the total sum of N2.999 trillion accrued from mineral resources into the federation account, the sum of N389.418 billion was set aside as 13 percent Derivation disbursement to the oil and gas producing states for 2020 fiscal year. ....

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PIB: Rivers, host communities fault NNPC privatisation plan

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Leke Baiyewu, Abuja
The Government of Rivers State and communities in the Niger Delta region have criticised the proposal by the Federal Government to unbundle the Nigerian National Petroleum Corporation and privatise a part of it as well as oil assets without the approval of other tiers of government.
The state and the communities, in their separate written presentations to the House of Representatives on the Petroleum Industry Bill, stated that the proposal to eventually sell off a National Petroleum Company to be created from the NNPC requires a collective approval of all stakeholders.
According to them, the NNPC and petroleum assets belong to the federation and not the Federal Government alone. ....

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Nigeria to rely on oil for next 30 years ― NNPC GMD

Nigeria to rely on oil for next 30 years ― NNPC GMD
Nigeria to rely on oil for next 30 years ― NNPC GMD
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In spite of global energy transition and federal government promise to diversify the economy, the Group Managing Director (GMD) of the Nigeria National Petroleum Corporation (NNPC), Mele Kyari, said Nigeria will continue to run a monocultural economy for the next 30 years.
Kyari said this at the two days public hearing by the joint committee on Petroleum downstream, upstream and gas declared opened by the President of the Senate, Ahmad Lawan.
He said the absence of robust legislation to guide the sector has continued to bedevil it leading the nation to lose huge revenue. ....

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