FG will not spend on fuel subsidy in 2016 – Kachikwu

Emmanuel Ibe Kachikwu, minister of state for petroleum resources and group managing director of NNPC, on Thursday said that the novel price modulation mechanism currently in place will ensure that the Federal government records zero expanses on fuel subsidies in 2016. Kachikwu made this declaration while delivering the 45th convocation lecture of the University of Nigeria, Nsukka (UNN), under the theme, “The Petroleum industry and the future of the Nigerian National Oil Resource Management and the Implication for National Security and Economic Survival,” to an audience of grandaunts, management of the school and invited guests.DPR: Reps query N30.570bn overhead cost, demand 3 years audited accounts
House Committee on Petroleum Resources on Thursday queried the N30.570 billion overhead cost proposed by Department of Petroleum Resources (DPR) in the 2016 budget proposal. To this end, the committee demanded for the nominal roll of the agency as well as three years audited accounts with a view to ascertain details of revenue generated within the years under review. While responding to questions on the internally generated revenue by the agency, Wole Akinyosoye, DPR’s assistant director, budget and planning, disclosed that N587, 643,105,395.23 realised by the agency in 2015 was remitted to the Federation Account. Members of the committee also queried the N624, 742,774 proposed for acquisition of non-tangible assets; N183.294 million for purchase of firefighting equipment, N184, 820,226 for purchase of furniture and fittings, and N80.328 for construction/provision of fixed assets. The lawmakers also frowned at the N16, 856,642,764.47 proposed for benefits and allowances in 2016, and N16, 946,912,541.5 approved in 2015 Appropriation Act for the agency with 1,180 staff. According to the committee, average of N25 million is being taken by each staff per annum, while the N34 million was proposed for refreshment and meal by the agency.