Peoples Daily Online

Page 1

www.peoplesdaily-online.com

Vol. 10 No. 8

Wednesday, January 9, 2013

. . . putting the people first

Civil rebellion imminent in Nigeria — ex-IGP >> PAGE 2

Obasanjo shuns PDP BoT chair election >> PAGE 3

Safar 23, 1434 AH

N150

Six perish in Kogi road mishap >> PAGE 3

FG admits flaws in fuel subsidy payments By Richard Ihediwa and Abdulwahab Isa

…As senate queries NNPC’s N240bn oil loan deal

he Federal Government yesterday admitted that hiccups from its end stalled prompt disbursement of the N161.6 billion supplementary budget for fuel subsidy approved by the National Assembly for free flow of products during the yuletide period. This is just as the Senate has queried the N240 billion syndicated loan taken by the

Nigeria National Petroleum Corporation (NNPC) to pay debts owed international fuel traders, saying it never at any time approved the borrowing for which the corporation has now mortgaged the nation’s 15,000 barrels of oil per day for five years. Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala yesterday at a press briefing in

T

Abuja said the release of funds for the N161.6 billion subsidy was stalled by a process that entails converting the excess crude account which is in dollars to the Naira by the Central Bank of Nigeria (CBN). The National Assembly had approved a supplementary budget request in sum of N161.6 billion by the President late December for payment of fuel subsidy to oil

marketers with the hope of facilitating transportation during the yuletide season, but Nigerians observed Christmas and New Year midst an acute fuel scarcity. Oil marketers reportedly besieged the CBN to verify their payments during the week but were shocked to discover the excess crude account at CBN was empty. Explaining the “hiccups”, Okonjo-Iweala said: “The money

was approved to take care of the oil marketers and as at 31 of December, the Ministry of Finance had approved for this money to be available in the Central Bank Account and accessed by the marketers once they have presented their papers and their Sovereign Debt Notes have been issued. “I understand what is being Contd on Page 2

OBJ advises Jonathan

Reach out to Boko Haram U.S. Congress puts Obama under pressure over sect — P3 By Abdulkadir Isa, with agency reports

F

ormer Nigerian President Olusegun Obasanjo has said more could be done to reach out to the militant Islamist group Boko Haram to find out what leads it to carry out acts of violence. In an interview with CNN, Obasanjo suggested the current government should adopt a dualtrack approach rather than just cracking down on the group. “To deal with a group like that, you need a carrot and stick. The carrot is finding out how to reach out to them. When you try to reach out to them and they are not amenable to being reached out to, you have to use the stick,” he said. He said President Goodluck Jonathan was “just using the stick” in his efforts. “He’s doing one aspect of it well, but the other aspect must not be forgotten.” The Islamist militants, who operate chiefly in Nigeria's restive north, have carried out numerous deadly attacks on mosques, churches and businesses and are suspected of having links Contd on Page 2

Borno state Governor, Alhaji Kashim Shettima, applying fertiliser to 5,000 hectares of irrigated wheat farm funded by the state government in New Marte, Marte local government area, which he visited on Monday. The farm is expected to create 20,000 jobs.


Turn static files into dynamic content formats.

Create a flipbook
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.