02 Dec

Daily Watch – Petrol subsidy forces rise in supplementary budget, Finally, Dasuki picked up

  • The Federal Ministries of Petroleum Resources, Budget and National Planning and Finance have been asked to include an additional N108 billion in the N465.3 billion supplementary budget submitted to the National Assembly by President Muhammadu Buhari two weeks ago. This request was made by the Senate Committee on Appropriation in order for the budget to adequately provide for the petrol subsidy. The Minister of Budget and National Planning, Senator Udoma Udoma, who was with other ministers to a budget defence meeting with the Senate Appropriations Committee, admitted that a total of N108 billion meant for the payment of the petrol subsidy to oil marketers for the months of October, November and December, was not captured in the N413 billion initially voted for subsidy claims.
  • The Department of State Security has arrested former National Security Adviser, Sambo Dasuki. Dasuki was taken to the DSS headquarters for interrogation in connection with a $2 billion arms deals. The ex-NSA’s arrest came barely 14 hours after a former Minister of State for Finance, Bashir Yuguda and 20 others were picked up by the EFCC in connection with the deal. Dasuki’s arrest ended a month-long siege on his residence, and legal tussle, between him and the DSS.
  • The CBN has threatened to close down any bank that connives with government officials to steal public funds or aid in the finance of terrorism. Deputy Governor of the CBN, Dr. Okwu Nnanna, said that the regulator will go beyond fines and blacklisting to ensure that erring banks were prevented from operating in the nation’s financial system. Financial institutions are required by the CBN to adopt policies that will mitigate the risk of money laundering and terrorist financing which is currently an addition to Nigeria’s list of challenges.
  • Protesters from the Indigenous People of Biafra movement blocked the Niger Bridge at Onitsha in protest over the continuous detention of their leader, Nnamdi Kanu. Kanu was arrested on October 19, 2015 by the Federal government, and is being charged with terrorism.
  • Ode-Aye Refinery Limited has concluded plan to establish greenfield and modular refineries in the country in the next 18 months. The company’s Director, Bayo Otulana, said that the refineries will be located in Ondo and Lagos states. Otulana explained that the modular refinery would be completed within 18 months of January 2016, while the greenfield refinery will take 36 months to be completed. When it comes on stream, the greenfield refinery is expected to refine 200,000 barrels of crude oil per day, while the modular refinery will have three units, each with a capacity for 3,000 barrels per day.