Nigeria censors “oil subsidy” documentary

The Nigerian government is censoring the documentary on a massive strike that paralyzed life in Nigeria. The documentary features newspaper headlines, television news footage and other information widely known about a government gasoline subsidy that saw billions of dollars stolen by greedy companies and the nation's elite.

The reason for the censorship according to Nigerian authorities is that it could spark violence and potentially threaten national security.

The 30-minute film called "Fuelling Poverty" has been online for months, but only recently Nigerian officials have refused its director permission to show it publicly in this oil-rich nation of more than 160 million people.

The film, sponsored by Soros Foundation's Open Society Justice Initiative for West Africa, focuses on the protests around Jonathan's decision to remove subsidies on gasoline in January 2012. Life in Nigeria ground to a halt before unions backed down. Later, a report by lawmakers demanded businesses and government agencies to return some $6.7 billion over the subsidy program.

Ishaya Bako, who directed the film that features civil rights activists and Nobel Prize laureate Wole Soyinka, later applied for the right to show the film publicly. However, in a letter dated April 8, Nigeria's National Film and Video Censors Board told Bako that the documentary was "prohibited for exhibition in Nigeria."

Excess crude account: States get $1bn

President Goodluck Jonathan has approved distribution of $1billion from the excess crude account among the 36 States and FCT.
This was part of decisions taken at the National Economic council at its first meeting for the year.
Governor of Rivers State Rotimi Amaechi who briefed newsmen after the meeting said there is a total balance of $9.242 billion, in the excess crude account after $1billion was spent on subsidy payments by the Federal Government.

NNPC Gets Presidential Nod on $1.5 billion Loan

President Goodluck Jonathan has given his consent to the Nigerian National Petroleum Corporation (NNPC) to secure a $1.5 billion syndicated loan from Nigerian and international lenders led by Standard Chartered Bank Plc, to enable it to settle its huge indebtedness to foreign oil traders.

To support its decision to borrow, NNPC said the law establishing the corporation authorizes it to borrow in the exercise of its functions. Sections 6 (1)(c) and 8 (1)(2) of the NNPC Act states:  “The corporation, in fulfillment of its duties can enter into contracts or partnerships with any company, firm or person, which in the opinion of the corporation will facilitate the discharge of the said duties under this Act.

“Subject to the other provisions of this section, the corporation may from time to time borrow by overdraft or otherwise howsoever such sums as it may require in the exercise of its functions under this Act and the corporation shall not, without the approval of the National Council of Ministers, borrow any sum of money whereby the amount in aggregate outstanding on any loan or loans at any time exceeds such amount as is for the time being specified by the National Council of Ministers.”

Jonathan Finally Constitutes TCN Supervisory Board

President Goodluck Ebele Jonathan through the Secretary to the Government of the Federation (SGF), Senator Anyim Pius Anyim, has announced the constitution of the supervisory board of the Transmission Company of Nigeria (TCN)

Anyim said that the constitution of a supervisory board for TCN is part of efforts by the government to reposition the transmission company towards the attainment of the goals of the power reform programme of the Federal Government. The supervisory board of TCN will be led by  Engr. Hamman Tukur as chairman, while Mr. Akinsola Akinfemiwa will assist him in the capacity of the Vice-Chairman.

Other members include the  Director of Human Resources  Management, Bureau for Public Enterprises (BPE); a representative of the Coordinating Minister for the Economy and Minister of Finance; Director of Power, Ministry of Power; and  a commissioner from the Nigerian Electricity Regulatory Commission (NERC).

The TCN board will also have the representative of the Manufacturers Association of Nigeria (MAN), representative of the generation companies (GENCOS), and a representative of the distribution companies (DISCOS) as members.

TCN: Fresh hurdle delays Manitoba management takeover

Indications have emerged that the Canadian firm may not be able to fully take over Manitoba Hydro International yet. This is because of the inability of the President to constitute a board for TCN, a requirement that is vital to the execution of the three-year management contract for the transmission company won by Manitoba.

The delay in the constitution of the TCN board by President Goodluck Jonathan, it was gathered, was a key reason delaying the management takeover of TCN by Manitoba.

Before the President ordered that the management contract initially awarded to Manitoba for $23m for a three-year period be revalidated, it was gathered that Jonathan had approved the contract in principle.

The Canadian company had in July signed the management contract with BPE for the management of TCN beginning from September 1, 2012.

Fuel Subsidy: Senate Passes N162bn Supplementary Budget

Amidst mixed feelings amongst some of its members, Senate has passed into an Act the request by President Goodluck Jonathan for an additional N161,617,364,911 as fuel subsidy payment in the 2012 budget framework.

The approval came from the upper chamber after the second reading of the bill for an Act to authorize the issue of appropriation of the request from the Consolidated Revenue Fund of the Federation to provide for the supplementary payment of fuel subsidy.

The Senate eventually passed it in view of its emergency nature, as observed by Deputy Senate Leader, Senator Abdul Ningi.