Wednesday 28th September 2016

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FG, States’ Revenue to Dip Further as NNPC Seeks to Use Royalties,Taxes to Fund JVs Chineme Okafor in Abuja In a move certain to raise eyebrows reminiscent of the outcry over the proposal on the sale of the country’s strategic oil and gas assets, the Nigerian National

Petroleum Corporation (NNPC) has said that it is working on new modalities that would allow it to fund its joint venture (JV) cash call obligations in the future, as well as pay off the arrears on the JVs from oil and gas

royalties and taxes. It said under the planned model, such payments would be deducted through a first line charge, implying that this will leave less funds to the three tiers of government to share.

It disclosed this yesterday in a statement from its Group General Manager, Public Affairs, Mallam Garuba Deen Muhammad in Abuja. NNPC quoted its Group Managing Director (GMD), Dr. Maikanti Baru, as speaking

on the new modalities at a one-day working visit to the National Petroleum Investment Management Services (NAPIMS), a corporate service unit (CSU) of the NNPC responsible for the management of the

federal government’s oil and gas portfolios in the upstream sector. Baru said that the current JV payment structure requires an urgent review, noting that Continued on page 8

Senate Starts Probe of Enelamah, MTN’s Alleged Illicit Repatriation of $14bn… Page 10 Wednesday 28 September, 2016 Vol 21. No 7826. Price: N250

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Obasanjo: FG Needs to Spend Less, Earn More, Borrow Way out of Recession Backs asset sale through IPOs as Senate rejects proposal

Omololu Ogunmade in Abuja andSheriff Balogun inAbeokuta

Former President Olusegun Obasanjo yesterday made a number of recommendations to

the federal government as the surest way of getting out of the current economic downturn, saying that the government needs to spend less, earn more, and borrow its way out of the

recession. Obasanjo spoke in Abeokuta, the Ogun State capital, yesterday at the National Council on Finance and Economic Development

(NACOFED) conference with the theme: “Enhancing Revenue Generation and Obtaining Best Value for Money in Expenditure”. The former president said:

“We are spending more than what we earn, so we must borrow as quickly as possible. Let us meet with those who can lend us under reasonable interests rates.”

He said that what the country was witnessing was not unexpected, adding: “I foresaw it two years go. So let Continued on page 8

Edo Decides: All Set as Security Agencies Deploy 26,900 Personnel Accreditation, voting to take place simultaneously, says INEC APC, PDP continue to trade accusations over plot to rig poll Electoral body: Falsifying results not possible Iyobosa Uwugiaren, Onyebuchi Ezigbo in Abuja and Adibe Emenyonu in Benin City

STRENGTHS

STRENGTHS

As registered voters head to the polls in Edo State today to elect a new governor, a total of 26,900 army and police personnel have been deployed statewide to ensure adequate security before, during and after the election. A breakdown showed that the army will deploy 1,900 officers and soldiers while the police have moved 25,000 of its personnel in the state for the election. In addition, two drones are to be deployed in each of the three senatorial districts and six gunboats in the riverine areas.

WEAKNESSES

WEAKNESSES

Continued on page 8

Has the backing of federal, state and ruling party machinery Deep pockets to prosecute the election Better grasp of economic issues due to his financial sector background and having superintended the state’s economy for eight years

APC candidate, Godwin Obaseki

Seen as a political novice tied to Adams Oshiomhole’s apron strings Could suffer a backlash from a disenchanted and hungry electorate over the economic recession and APC’s mixed performance at the federal level

A grassroots politician and deeply rooted in Edo politics Has experience in governance having held the post of chief of staff and SSG to former Governor Lucky Igbinedion Served in Igbinedion’s government widely considered to have underperformed Limited war chest

PDP candidate, Osagie Ize-Iyamu


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