The Nation January 16, 2012

Page 1

Nigeria’s widest circulating newspaper

THE BIG PROTEST

Babangida seeks restructuring of Nigeria Oyo warns hoodlums Atiku urges govt, labour to resolve dispute Analysis PAGES Subsidy stifles private investment, says ambassador SEE 2-3 & 5-9 ACN decries ‘sectionalisation’ of subsidy protests Traders, artisans want end to strike ‘Economy’s growth is stalled’

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TR UTH IN DEFENCE OF FREEDOM TRUTH

VOL. 7, NO. 2006 MONDAY, JANUARY 16, 2012

N150.00

EFCC to probe fuel subsidy payments

D

•Mrs Alison-Madueke

ETECTIVES are to probe all import subsidy payments, it was announced yesterday. The Economic and Financial Crimes Commission (EFCC) is to do the job, which includes payment on kerosene. The time frame to be covered is not, however, stated.

From Vincent Ikuomola, Abuja

The letter inviting the antigraft agency, signed by the Minister of Petroleum Resources, Mrs. Diezani AlisonMadueke, is dated 12th January, 2012. It was received by the EFCC on 13th January, 2012. According to the letter,

EFCC is to immediately investigate all payments made in respect of subsidies against actual importation. This action, according to the minister, is needed to deepen reforms and ensure that all forms of corruption and abuses within the subsidy regime are rooted out. “To now deepen my re-

forms and ensure that we root out all forms of corruption and abuse within the subsidy regime, I have sought and obtained the approval of President Goodluck Jonathan to formally invite the EFCC to immediately review and investigate all payments made in respect of subsidies checked against actual

importation and to take all necessary steps to prosecute any person(s) involved in any incident of malfeasance, fraud, overpayments and related illegalities. “Please be assured of the full cooperation of my office with this investigation, as I Continued on page 4

Government will continue to pursue full deregulation of the downstream petroleum sector. However, given the hardships being suffered by Nigerians, and after due consideration and consultations with state governors and the leadership of the National Assembly, government has approved the reduction of the pump price of petrol to N97 per litre. The Petroleum Products Pricing Regulatory Agency (PPPRA) has been directed to ensure compliance with this new pump price.

Petrol is N97 per litre Jonathan directs PPPRA to reduce price after talks Labour suspends street protests but strike continues

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ETROL price was this morning fixed at N97 per litre by the Federal Government. President Goodluck Jonathan announced the price in a national broadcast. “Given the hardships being suffered by Nigerians and after due consideration and consultations with state governors and the leadership of the National Assembly, government has approved the reduction of the pump price of petrol to N97 per litre.

mentation of the deregulation policy would cause initial hardships. He commended Nigerians “The Petroleum Products Pricing “who have put forth suggestions Regulatory Agency (PPPRA) has and credible alternatives in this rebeen directed to ensure compliance gard.” Jonathan also saluted “Nigerians with this new pump price,” the who by and President said. He added that “govern- TEXT OF SPEECH large, conducted themment will continue to purON PAGE 4 selves peacesue full deregulation of the fully while expressing their grievdownstream petroleum sector.” The President said the govern- ances.” He said the government would ment appreciated that the impleFrom John Ofikhenua, Vincent Ikuomola, Abuja and Dupe Olaoye-Osinkolu

continue to respect the people’s right to express themselves “within the confines of the law and in accordance with the dictates of our democratic space.” He promised to reduce the government’s recurrent expenditure, in line with current realities and to cut down on the cost of governance. Besides, there will be more transparency in the oil sector and corruption will be fought. The President urged Nigerians “to show understanding for the

imperatives of the adjustment in the pump price of petrol and give government your full support to ensure its successful implementation. I further appeal to Nigerians to go back to work and go about their normal duties as government has made adequate arrangements for the protection of life and property throughout the federation.” He warned that the government would “not condone brazen acts of Continued on page 4

•JOBS P17 •SPORTS P23 •POLTICS P25 •CITYBEATS P31 •CEO P47


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