Mismanagement: NNPC Can’t Account For ₦500bn Subsidy Fund – Senate

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The Senate on Tuesday lamented that officials of the Nigerian National Petroleum Corporation failed to honour its invitation to give account of how they managed the  N32.00 removed as subsidy on each of the litre of petrol sold in the country between January 2012 and September 2013

Members of the  Senate Ad-hoc Committee on the Subsidy Reinvestment and Empowerment Programme raised the alarm while addressing journalists, two hours after officials of the NNPC and the Central Bank of Nigeria failed to honour an appointment with them.

IFC to fund Nigeria's $5bn gas direction project

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The Federal Government is in talks with the International Finance Corporation to greatly help to fund a national gas-pipeline network for the way to obtain power stations and industries.  Bloomberg on Thursday quoted the Minister of Petroleum, Mrs. Diezani Alison-Madueke, as saying the IFC was thinking about financing the 40-inch 683-kilometer (424-mile) Ajaokuta-Kaduna-Kano northern link, the principal network for the proposed trans-Saharan pipeline to Europe.

“We called for a mixed basket of debt and equity financing. Over the following half a year, when the front-end issues are sorted out, mobilisation and implementation of the financial support and the job, as well as project advisories and project support, will begin.”

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Pension Fund Administrators to invest ₦3.4tn in infrastructure from part of the growing pension funds

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Acting Director-General, PenCom, Mrs. Chinelo Anohu-Amazu

Culled From Punch Nigeria

Pension Fund Administrators will invest part of the growing pension funds in infrastructure after the Pension Reform Act 2004 must have been replaced with a new act.

This was contained in a memorandum submitted by the National Pension Commission to the Senate Committee on Establishment and Public Service and the House Committee on Pensions at the joint public hearing for the proposed enactment of the Pension Reform Act 2013.  Acting Director-General, PenCom, Mrs. Chinelo Anohu-Amazu, said the commission proposed that the funds should be utilised for national development.

The bill states, “There is a consensus among stakeholders that the PRA should facilitate the optimal utilisation of pool of funds generated by the Contributory Pension Scheme towards national development.” It added that provisions had been made in the bill for the expansion of permissible investment instruments to accommodate initiatives for national development, such as investment in the real sector.

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Electronic fund transactions to hit ₦2.48tn monthly

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The Nigerian Electronic Fund Transfer and Instant Payment transactions on the Nigeria Inter-Bank Settlement are likely to hit N2.48tn on a monthly basis. The projection is based on the revelation by the Central Bank of Nigeria that NEFT and NIP transactions, processed by the NIBSS, had reached N80bn daily, which will translate into about N2.48tn monthly. The Deputy Governor, Operations, CBN, Mr. Tunde Lemo, recently disclosed that the NEFT and NIP transactions were already in the range of N80bn daily.

Lemo explained that the NIP was recording over N20bn in daily transaction value, while NEFT was conducting about N60bn transactions daily. The NIP and NEFT are e-Payment channels used to make payments for huge transactions electronically. The NIBSS provides the infrastructure for automated processing, settlement of payments and fund transfer instructions between banks, discount houses and card companies in the country.