Highlights of the Fuel Subsidy Report

We shall not waver.
My fellow colleagues,
You will recall that on Sunday January 8 we had to cut short our recess in response to a national crisis as a result of the sudden removal of fuel subsidy by the Executive Arm of Government. The commitment and patriotism shown by members during that period of emergency finally led to the gradual resolution of that crisis.
Today, we are here to consider the product of that sacrifice. Before you is the report of the Ad-hoc Committee on the monitoring of fuel subsidy regime which was set up to verify and determine actual subsidy requirements.
And I must commend the Chairman of the Committee, Hon Farouk Lawan and the rest of his Committee Members, for their courage, dedication and professionalism.
They were given a crucial assignment and they handled it with the integrity and patriotism it deserved. Read more >>

The 2012 Approved Budget as signed by President Goodluck Jonathan on April 13, 2012. Get a copy here (2012 Approved Budget).

Implications:

1. CBN provided more reliable data that assisted the Committee
2. CBN created through its forex policy, avenue for easy falsification of records of quantity of petroleum products discharged.
3. With annual average ship traffic of 4,000 vessels, Nigeria accounts for over 65% in volume and value of the total maritime traffic in West and Central Africa. Thus, the country suffered significant los of employmentand revenue which would otherwise have accrued to agencies of Government such as NPA, NIMASA and businesses in the maritime sector.
4. Other relevant agencies that had a role in monitoring and verification of products were denied that opportunity and the associated revenues because those agencies did not have authority beyond Nigerian shores or legally designated areas.
5. This encouraged round tripping as some vessels were making, as it were, two trips in three days between off shore Cotonou/Lome and Lagos.
6. The falsification of Form M and letters of Credit could have been avoided if this policy were not in existence.

The Sovereign Wealth Fund (SWF) is a state–owned investment fund composed of financial assets such as stocks, property, bonds, precious metals or other financial instruments. Essentially, it is a state owned pool of money invested in various assets .The purpose of an SWF, the world over is to channel a nation’s budgetary surplus back into the country through investments. The essence of the fund which is traceable to Kuwait is to invest excess oil revenues thus generating revenue for future generation and also to act as a buffer for the economy against oil-price fluctuations risk (for countries that are oil-revenue driven economies).

Members of the Lagos State Executive Council

NAME	PORTFOLIO	PHONE	E-MAIL
Mr Babatunde Raji Fasola (SAN)	Governor	08034301122	brfgov@lagosstate.gov.ng
Mrs Adegoke Orelope Adefulire	Dep. Governor	08027780244	jorelope_adefulire@lagosstate.gov.ng
Mr Rahman Adeola Ipaye	Justice	08023002499	anipeye@lagosstate.gov.ng
Mr M. Olarewaju Babalola	Chief of Staff	08023010300	babalola@lagosstate.gov.ng
Mrs Oluranti Adebule	Secretary to the State Government	08033317265	adebulesao@gmail.com
Mr Adesegun Ogunlewe	Head of Service	08033074360	aogunlewe@lagosstate.gov.ng

Read more...

BREAKDOWN OF TAX REVENUE GENERATED BY THE FEDERAL INLAND REVENUE IN 2011