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TR UTH IN DEFENCE OF FREEDOM TRUTH
VOL. 7, NO. 1918 WEDNESDAY, OCTOBER 19, 2011
Salami’s suit gets December 6 date
Sovereign Fund takes off •Budget 2012 oil benchmark now $70
G
OVERNORS have dropped their opposition to the establishment of the Sovereign Wealth Fund (SWF), Minister of Finance Dr. Ngozi Okonjo-Iweala said yesterday. The governors had opposed the establishment of
From Nduka Chiejina, Abuja
the Fund on the grounds that it was illegal and unconstitutional. They also argued that it was out of place for the federal government to dictate to them how to spend their resources. Yesterday, Dr. Okonjo-
A
Iweala announced the commencement of the operation of the fund after the governors reversed their position. She said already, $1billion has been taken out of the $6 billion in the excess crude account, for the take off of the Fund. Continued on page 4
N150.00
•Dr. Okonjo-Iweala
FEDERAL High Court sitting in Abuja has fixed December 6 to hear the consolidated preliminary objection to the suit filed by the suspended President of Court of Appeal (PCA), Justice Isa Ayo Salami against the National Judicial Council (NJC) and others.
From Kamarudeen Ogundele, Abuja
Co-defendants in the suit include the immediate past Chief Justice of Nigeria (CJN) Justice Aloysius Katsina-Alu, the CJN and Chairman of NJC, Justice Dahiru Musdapher; members of the NJC’s FactContinued on page 4
FOR REGIONAL PEACE
•President Goodluck Jonathan of Nigeria (centre) flanked by (from left) Ghanaian Vice President John Mahama; Togolese President Faure Gnassingbe; Guinean President Alpha Conde; Benin President Boni Yayi; Liberian President Ellen Johnson-Sirleaf; Sierra Leonean President Ernest Koroma; and Nigerien President Mahamadou Issoufou, during the extra ordinary ECOWAS summit in Abuja ... yesterday. Story on page 10.
States walk out on panel over N250b subsidy T
HERE was no cash to share among the three tiers of government yesterday. The meeting of the Federation Account Allocation Committee (FAAC) was stalemated. Commissioners of Finance stormed out of the meeting in Abuja protesting Federal Government’s deduction of N250 billion from the Federation Account to fund oil subsidy. The FAAC meets monthly to work modalities for the sharing of the cash in the Federation Account.
FAAC meeting fails President may sideline National Assembly to share Sept cash From Nduka Chiejine and John Ofikhenua, Abuja
Yesterday’s meeting was for the sharing of the September allocation which was put at about N1 trillion. Sources at the meeting said a row broke out as soon as the commissioners were informed of the “unilateral deduction” of N250 billion to
fund oil subsidy. Section 162 (3) of the 1999 Constitution states: “Any amount standing to the credit of the Federation Account shall be distributed among the Federal and State governments and the local government councils in each state in such terms and in such manners as may be pre-
scribed by the National Assembly”. Acting Chairman of the Committee of Finance Commissioners Mr Eze Echesi told reporters after the aborted meeting that Nigeria National Petroleum Corporation (NNPC)’s deduction of N100 billion and Petroleum Products Pricing Regulatory
Agency (PPPRA)’s deduction of N150 billion were in total violation of the law. Echesi, who is the Anambra State Commissioner for Finance, said the deduction was responsible for the stalemate at the meeting. He confirmed that there was no disbursement of the September allocation to the three tiers of
government. Invitation to the meeting had been sent to media houses. It was slated for the usual venue at Sheraton Hotel, Abuja. At about 1pm, the commissioners staged a walkout. States’ Accountants General had earlier been sent out. Indication of what was happening behind closed doors started filtering out when some state Accountant Generals said their govContinued on page 4
•MONEY P17 •SPORT P24 •LIFE P29 •POLITICS P43 •INVESTORS P49