Reps want virement of N373m NASS E-Library, dashboard finance to Library Trust Fund

Library Trust Fund was established by the National Assembly Library Trust Fund Act, 2022 for the provision of library equipment, and for the provision of state-of-theart library equipment and other related facilities for the retraining of legislators, amongst others.

He said all things have been set in place for the take-off and running of the National Assembly Library Trust Fund such as the constitution of the Board of Trustees, the appointment of an Executive Secretary for the Trust Fund amongst others.

The lawmaker said in the Appropriation Act, 2022, the sum of N255 million and N118 million was appropriated for the National Assembly E-library and Dashboard respectively while no sum was appropriated for the National Assembly Library Trust Fund.

The said the House was; “Aware that the management of the E-Library and the provision of electronic library facilities thereto falls within the exclusive mandate of the National Assembly Library Trust Fund, and forms the basis for the establishment of the Trust Fund by this House.

“Concerned that any further delay in the in the virement of the sums appropriated for the National Assembly E-Library and Dashboard respectively will impede the smooth takeoff of the Trust Fund and

Subsidy: FG owing NNPLC N2.8trn, says Kyari

By Egena Sunday Ode

The federal government is owing the Nigerian National Petroleum Company Linmited (NNPCL) N2.8 trillion of cash flow from the fuel subsidy regime, its Group Chief Executive Officer (GCEO), Mele Kyari, disclosed on Tuesday.

Briefing newsmen after he met with President Bola Tinubu at the Presidential Villa, Abuja, Kyari while stressing that the federation can no longer pay NNPCL for the burden of subsidy that it was carrying, said it intends to recover from the market.

“Our position is we are a supplier of last resort to the federation, we are a commercial company, supplying to the federation during the subsidy regime. Now I’m also aware that government will act to bring succour and relief to our country people. I know this government is very sensitive and they will do this.

“So, there are engagements that are ongoing to bring into effect that component of it. So, NNPCL will not do anything because we are a commercial company. It will not come from NNPC. But I’m aware that government will do something around this. But the reality is that you cannot give what you don’t have. So, today the country doesn’t have the money to pay for subsidy.

He further explained that “there’s incremental value that will come from it. But it is not an issue of whether you can do it or not because today we can afford it and they are not able to pay our bill. That comes to how much is the federation owing NNPC now? Today, we are waiting for them to settle up to N2.8 trillion of NNPC cash flow from the subsidy regime. And we can continue to do this.”

On subsidy removal effective takes off date, Kyari explained: “First of all, the Petroleum Industry Act, said that six months after the enactment of the Petroleum Industry Act, Petroleum motor spirit will be priced at its commercial value. So there will be no subsidies six months after the enactment on the PIA. That means by February 17th, 2022, there should have been no subsidy on PMS.

“Now the National Assembly and

Government, in its wisdom provided for soft city in 2022, despite the fact that the provision of the PIA said terminated by 17th of February.

“So, government can decide to spend its money anywhere it wants and it can bring succor and relief to its citizen. This is very typical. It happens all over the world. However, that provision in 2022 and also 2023 has not been funded by government.

“A greater part of it is supported by the cash flow from NNPC’s other businesses. And therefore, even though there is provision to the end of June, there is no financing even from the start. And therefore since you can’t pay, you cannot expect NNPC to continue to carry it. And this has been the position that the NNPC has taken and what the President simply say is obeying the law and also the realities that the federation can no longer pay NNPC for the burden of subsidy that we are carrying.”

On why fuel queues suddenly resurfaced after President Tinubu’s address, the NNPLC helmsman, said “All of us must have seen importance of what exactly this means. And typically consumers will rush the fuel station to fill their tanks. And that is why you’re seeing these queues. And also for marketers, they would like to see what exactly this means in the sense that, you know, so how are we going to sell the product if subsidy on PMs is removed and the combination of two is what you are seeing, the obvious dislocation of invariably affect the attainment of the objectives of the Act in the 2022/2023 financial year.” distribution. And we believe that this will go away very, very quickly as you’re aware also.

Adopting the motion, the House resolved that the N255 million and N118 million appropriated for the National Assembly E-Library and Dashboard respectively, in the Appropriation Act, 2022/2023 be vired to the recurrent account of the National Assembly Library Trust Fund as part of the initial take off grant.

“So, the Petroleum Industry Act has made it very clear that price of petroleum must be priced at market. That means there must be commercial price for petroleum six months and that time, six months after bringing into law of the petroleum industry at that are central, the Petroleum Industry Bill now the law that is August, 2021.

Fuel Scarcity resurface in the Federal Capital Territory, yesterday in Abuja, after the President Bola Ahmed Tinubu announce removal of fuel subsidy. Photo: Mahmud Isa