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Christopher Kolade may head Govt Panel to
manage fuel subsidy funds
amid anxiety over FG’s N6.3bn
loan to Labour
By Danlami Nmodu
Newsdiaryonline Sat Dec 3,2011
Dr Kolade
Fresh insight has emerged into the moves by
the Federal government toward
the removal
fuel subsidy. Newsdiaryonline has learnt that
while the
government on the one hand claims it is embarking
on
consultation on the issue,it is on the other hand taking
steps towards managing
the proceeds from removal of subsidy.It is clear to insiders now
that the subsidy will in fact be
removed.
What still
appears hazy is whether or not
the funds
accruing from the removal of subsidy
will be managed by
a body like the
Petroleum Trust Fund,PTF
headed by General Muhammadu Buhari under late General Abacha.One
insider said the new panel being constituted by the FG may not
quite be like the PTF.But everything still seems to be
in the works.
Newsdiaryonline learnt that the president has already
identified some credible Nigerians who will
be named as members of
the panel to manage the proceeds from the removal of fuel
subsidy.Contacts,
it was learnt, have been made with those to be on the committee
or panel .
Sources in
the presidency
told
Newsdiaryonline that Dr
Christopher Kolade
will head the panel to be set up by President Goodluck Jonathan
to manage the proceeds of subsidy removal.The choice of Kolade,
former
Nigerian High Commissioner to the United Kingdom,
renowned
broadcaster and a long -standing player in the nation’s economy
is meant to enhance the
credibility and the acceptability
of government’s
moves.
But the fuel subsidy issue remains a hot
potato of some sort.Organized labour
and the House of Representatives have already urged the
government to drop the plan.Many
stakeholders say removal of
fuel subsidy
now will be a miscalculation.
However the extent of organized Labour’s
resolve to challenge FG’s planned removal of subsidy was a
subject of anxiety in some circles today following a report by
Saturday
Punch titled:’FG
Banks on N6.3Bn Loan Deal to Break Labour.’Though NLC and TUC
argued in the report
that it is just a loan to be paid with interest, many worry- as
correctly reflected in the story- that this development may
compromise labour.
Newsdiaryonline also learnt that Labour’s
claim that it is a loan that will be repaid with interest is
already drawing some sneering remarks from government
officials.One source told Newsdiaryonline that Labour’s claim
that it is a loan with interest is incorrect.Punch reported Owei
Lakemfa,acting national secretary of NLC as saying rethorically
that “if you get a loan from a bank are you,are you not supposed
to pay back with an
interest? And how does that translate to colouring your position
on issues?” Reports said the loan s to help labour buy buses to
cushion the effects of the envisaged
hike in
fares.
A presidency source however told
Newsdiaryonline this evening that Labour was telling a lie when
it claimed that it is a loan which interest will be paid.”They
are not telling the truth.It is an interest free loan”, a source
said strictly under condition of anonymity.
Perhaps the
way Labour will convince Nigerians is by letting the
public know through full
disclosure , quickly, the terms of this questionable loan.Many
will doubt whether it was necessary to take such a loan at this
critical time.If indeed the process of the loan had commenced
before Jonathan became president as one labour official said
,questions will continue
to be raised about the propriety of
continuing to acquire this loan in the face of Labour’s
avowed opposition to government’s planned removal of
fuel subsidy.
Th
This is the document referred to in the Witness
Statement on Oath of Clifford O. Kokogho as
“Exhibit
COK.2”
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