The Nation Newspaper

Tag: Reps

  • Reps praise Coker’s tourism drive

    Reps praise Coker’s tourism drive

    THE House of Representatives has commended the domestic tourism agenda promotion and development drive of the Director-General Nigerian Tourism Development Corporation (NTDC), Mr. Folorusho Coker.

    Chairman House Committee on Tourism, Culture and Information, Hon. Ogbeide-Ihama Omoregie, said with the clear-cut vision of NTDC boss and his focus on domestic tourism, Nigeria will soon correct the anomalies in the tourism sector.

    Speaking at 2018 budget defence, Hon. Omoregie charged the Minister of Information and Culture, Alhaji Lai Muhammed to take the campaign for better attention and funding for tourism to the Federal Executive Council meeting in order to actualise the progressive plans for the industry.

    Hon. Omoregie, who described tourism as a veritable tool for enhancing national unity, generating huge revenue for government, creating jobs and drastically eradicates poverty in the nation, declared the support of the House for NTDC.

    “We will support and partner with NTDC to ensure tourism growth in Nigeria, to explore it’s potentialities in infusing unity among Nigerians, generate good revenue for government, create employment for our people, and put money in their pockets,” Omoregiesaid.

    He, however, disclosed the decision of the House to kick against the sale of the National Theatre, while calling on the Minister of Information and Culture to wade into it and resolve the internal crisis in the establishment.

    The committee made a case for an intense focus on domestic tourism, saying: “We have to develop our tourism assets, destinations, cultural heritage and festivals. Mambilla Plateau, Ojude-Oba and National Parks, among innumerable others, are there for us to develop and explore to woo foreign tourists and better the lots of our dear nation and her good people.”

    Coker while defending the corporation’s budget for 2018, described tourism as big business, disclosing his intention to focus on domestic tourism, “to make the best use of what we have and consume more of Nigeria, while using technology as a pivotal tool.”

    Putting global tourism revenue at over $8trillion and employment at over 300million, the NTDC boss revealed that over the years, Nigeria has been fortunate to develop new forms of cultural expression, “like our music, which is huge around the world; our Nollywood is number two in the world; our fashion is simply superb, with our fashion designers competing at international level; our food, our religion enjoy good attention globally. These show how rich we are in tourism assets.

    It is now for us to decide what we want and the ingredients needed, then put them together to prepare a sumptuous tourism meal to be enjoyed by our nation.”

     

     

  • Reps pledge improved funding to tackle human trafficking

    The House of Representatives has pledged to improve funding to the National Agency for the Prohibition of Trafficking in Persons (NAPTIP) to enhance the fight against human trafficking in the country.

    Chairman, House of Representatives Committee on Human Rights, Edward Gyang Pwajok, said this during NAPTIP’s budget defence at the National Assembly.

    The Senate President, Dr Bukola Saraki, had pledged improved funding when he hosted NAPTIP Director-General Julie Okah-Donli.

    Speaking after a presentation by Okah-Donli, who was represented by the Director, Finance and Account, Dr Hassan Ndanusa, the lawmaker said he was impressed with the prudent utilisation of the resources allocated to the Agency in the previous year. He pointed out that the fiscal allocation to the agency was quite inadequate, considering the huge task ahead of it.

    Pwajok, who scored NAPTIP high in awareness creation, rescue and rehabilitation of victims of human trafficking and irregular migration as well as prosecution of traffickers, said NAPTIP as the Federal Government’s agency for counter- trafficking, deserved the government’s support and the private sector, hence, the need for a balanced financial stand and adequate funding of its activities.

    Similarly, the European Union (EU) delegation to Nigeria has lauded the Agency for its roles in the on-going evacuation of stranded Nigerians in Libya and assured the agency of its assistance.

    Meanwhile, Mrs Okah-Donli has advocated a customised rehabilitation package for victims of human trafficking and irregular migration across the world in other to tackle the phenomenon effectively.

    She said this while receiving a delegation from the Norwegian Ministry of Foreign Affairs and Ministry of Justice, who visited her at the NAPTIP headquarters.

    The visit was a follow up to the bilateral talks on migration-related issues, which held during the Federal Government delegation’s visit to Oslo last May.

    According to her, such package, which will be developed with input from victims and focal counter trafficking institutions, such as NAPTIP, would be implemented in accordance with the agreed modalities to ensure that victims are not re-trafficked while at the same time reduce the vulnerability of other segments of the society.

  • Reps adopt amendment to Electoral Act without dissent 

    Reps adopt amendment to Electoral Act without dissent 

    The House of Representatives yesterday adopted the conference committee report on the amendments to the Electoral Act 2010 and 2015 without a debate.

    At the committee of the whole house chaired by Speaker Yakubu Dogara, Edward Pwajok (APC, Plateau), who led his colleagues to the conference committee, said seven areas of disagreement between both chambers were addressed and resolved.

    They are Sections 36 (3), 49(2), 53(2), 63(4) and 78(4), among others.

    He said the conference agreed to adopt the Senate’s version on Section 36 (3) on death of candidates, which states that a political party whose candidate dies after commencement of an election and before the declaration of the result of that election has a 14-day window to conduct a fresh primary in order for INEC to conduct a fresh election within 21 days of the death of the party’s candidate.

    The House recommended seven days but the Senate’s version was adopted by the conference.

    Pwajok said the conference also resolved the issue of voter’s card in Section 49 (2) while the Senate’s recommendation on Section 78 (4) was also adopted.

    The conference also agreed on the issue of votes exceeding the number of the voters in the register by adopting the Senate’s version, while on announcement of result of election, it was also agreed that it must be transmitted immediately.

    The conference also agreed on the sequence of elections whereby the presidential poll would be conducted last, according to Pwajok, who also explained that INEC must fix election dates.

    He said the conference also empowered INEC to fix election timetable for the Federal Capital Territory (FCT).

    The Speaker recalled that the bill has been adopted earlier, adding that there was no need for debates at this stage since it was a conference report where all the grey areas have been addressed.

    He put the question and the report was unanimously adopted in a voice vote.

  • NERFUND’s collapse: Reps summon CBN, NDIC, BoI chiefs

    NERFUND’s collapse: Reps summon CBN, NDIC, BoI chiefs

    Three Chief Executive Officers of financial institutions, including the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, are to appear before the House of Representatives ad hoc Committee investigating the status of the N17billion non-performing loans of the defunct National Economic Reconstruction  Fund (NERFUND).

    The invitation, involving Umaru Ibrahim of the Nigeria Deposit Insurance Corporation (NDIC),  and Olukayode Pitan of the Bank of Industry  (BoI), as well as the Executive Officers of participating Money Deposit Banks, followed the closure of the premises of NERFUND despite the mandate of the House that the planned closure of the Fund be put on hold until the conclusion of the House’s investigation.

    While Emefiele is expected to explain why it failed to recover the N17billion loans despite the provisions of the law, the BoI chief, is to explain the roles ascribed to it on the activities of NERFUND by the law.

    The Minister of Finance, Mrs. Kemi Adeosun, who appeared before the Ayodele Oladimeji – led committee yesterday however insisted that NERFUND was not merged with BoI.

    At the hearing, Oladimeji expressed fears over the fate of the newly inaugurated Development Bank of Nigeria (DBN), BoI, Bank of Agriculture  (BoA) and others, if NERFUND could be ran aground by its operators.

    He said the House of Representatives will not allow the fate of NERFUND to befall DBN and the others, wondering why the Fund, with an initial capital of N300m could not survive, while share capital for commercial banks was N12.5million (citing Zenith Bank among others) when NERFUND was founded in 1989.

    Oladimeji said following the resolution of the House on the need to investigate the Fund, it was alleged that loans were given to acolytes of management staff of the agency which contributed largely to its collapse.

    The lawmaker also sought explaination to allegations of a N500million facility extended to staff of the agency at one per cent interest for a 20 year tenure.

    He expressed regret that NERFUND’s premises was locked when his Committee went on a fact-finding mission to the agency on 5th December, 2017 with its assets allegedly  transfered to BoI in contravention of the law.

    He sort for explanation behind the resignation of the entire workforce of the agency and why the 49 junior workers pleaded with the Ministry of Finance to explore means of being reabsorbed into other agencies of government.

    The Committee also expressed skepticism over the role of BoI in the recovery of the non-performing loans, while the Act setting NERFUND up has clear provisions on how the CBN should debit the account of participating banks on any loan default.

    “With all the precautions taken by the Act, NERFUND was not supposed to be distressed, what has the CBN done to recover the loans through the participating banks as prescribed by the Act.

    The committee queried if the fate that befell NERFUND will not happen to other agencies like DBN and BoI, saying merging NERFUND with BoI was illegal.  Oladimeji assured that the committee will not allow DBN, BoI and the others to collapse  like NERFUND did..

    Director (Home Finance ) Olubunmi Siyanbola represented the Permanent Secretary (PS), who was supposed to represent the Minister said NERFUND was not merged with BoI, though the process to wound down the agency began in 2013.

    She explained that BoI’s role was to recover the non-performing loans, adding that its involvement was due to the resignation of the entire workers of the agency.

    She said: “NERFUND had 82 workers but the entire 33 senoir management staff resigned in August 2016 on the verge of the presentation of the report of the Presidential Committee that investigated the Fund.

    “Because the agency has no board, the Federal government constituted an Interim Management Committee (IMV) to oversee its affairs and by  October 2017, the entire 49 junior workers also resigned after which they pleaded that we assist in their absorption into other Federal government agencies.

    “The IMC was only involved in debt recoveries because loan disbursement stopped long ago”.

    The Committee however mandated the Minister to make her formal presentation on the subject matter to it as soon as possible while adding that key participants in the NERFUND saga must appear before it to explain their roles in the collapse of the agency.

  • Reps begin probe of $5b under-remittance by CBN

    Reps begin probe of $5b under-remittance by CBN

    THE ad hoc committee constituted by the House of Representations to investigate the Central Bank of Nigeria (CBN) for alleged under-remittance of over $5 billion to the Federation Account began work at the weekend.

    The committee headed by James Faleke (APC Lagos) met to fashion out a work plan on which ministries, departments and agencies (MDAs) will be invited for the investigative hearing.

    Faleke is also the Chairman, House Committee on Customs & Excise.

    A motion of urgent public importance by Ayo Omidiran (APC, Osun) had alleged that the CBN as banker of government has not been disclosing the true state of the financial flows into the Federation Account on a monthly basis.

    The motion also indicted the office of the Accountant General of the Federation for not reporting the alleged infractions by the CBN.

    House Speaker Yakubu Dogara announced the constitution of the ad hoc committee last week at plenary.

    The committee has begun work in earnest, inviting the CBN governor and  the Accountant General of the federation as the principal witnesses in the investigation among others.

    Moving the motion on the floor, Ayo Omidiran (APC Osun) had  expressed regret that the apex bank has not been forthright on the  issue.

    Her words:  “The CBN takes advantage of this all important function of warehousing funds for the three tiers of government and preparation of the Federation Account statement to manipulate the system by opening various accounts not known to the three tiers of government, where funds are remitted, hidden, diverted and spent without authorisation.

    “The CBN in 2006, opened various accounts with JP Morgan Chase Bank in New York, USA, in which International Oil Companies (IOCs) remit all revenues for the federation.

    “The CBN still operates an account with Federal Reserve Bank of New York, USA, alongside that of JP Morgan Chase Bank from 2006 till date.

    “The CBN’s responsibility of receiving revenue in foreign currencies and converting same to Naira for the benefit of the three tiers of government has led to substantial loss in the amounts remitted to the Federation Account.

    “About the substantial difference between the official exchange rate of dollar to naira, and that at which the Bureau De Change sell in the parallel market, whereas it is the CBN that sells dollars to the Bureau De Change operators on a weekly basis as well as regulate the financial market.

    “In the recent past, FAAC meetings have been postponed due to irregularities observed in the Federation Account by the states.”

    According to her,  CBN violated Section 80 (2) of the 1999 constitution as amended by spending funds not appropriated by the National Assembly.

    “The CBN takes 0.25 per cent of all foreign denominated revenue as exchange commission (for converting dollars to naira). But even after deducting this commission, the balance credited to the Federation Account at various times have been in negative difference (against expectations), running into billions of naira per year.

    “It is worrisome  that the office of the Accountant General of the Federation has not reported these infractions of under remittance of millions of dollars and trillions of naira into the Federation Account by the CBN,” she had said.

     

  • Reps urge President to sack IGP

    Reps urge President to sack IGP

    •Six members distance selves from removal

    THE House of Representatives yesterday told President Muhammadu Buhari to replace Inspector General Ibrahim Idris with a more professional officer.

    The lawmakers alleged that the IGP, due to his utterances, actions and inactions, could no longer be trusted to conduct his job in a professional manner.

    Two motions of urgent national importance presented by two members of the House of Representatives culminated in the vote of no confidence on the number one cop.

    The first was by Mark Gbillah (APC Benue) titled: “Motion in the derogatory statement by the Police PRO against an executive Governor of a state and the seeming unwillingness of the Inspector General of Police to recognise and enforce a constitutionally enacted law by an executive arm of government”.

    The second motion was by Abubakar Dannuram titled: “Motion on need to curb thuggery development in political activities in Kano and Nigeria in general”.

    Gbillah’s motion chronicled the inaction of the police boss in the wake of the killing of 73 indigenes of Benue State and his utterance before a Senate committee that the Open Grazing Prohibition Law by the Benue State House of Assembly was responsible for the killings by Fulani herdsmen and that the state government should scrap the law.

    The motion also spoke of the alleged derogatory statement made by the Police Public Relations Officer, Jimoh Moshood, who called the Benue State governor “a drowning man” on television.

    The lawmaker called on the House to call on the IGP to apologise to the Benue State Governor over the derogatory statement of the Force PRO and relieve him of his duties immediately.

    Gbillah urged the House to mandate the relevant committee to investigate the  alleged statements made by the IG and the implications to his ability to superintend the resolution of the killings in Benue and other parts of the country, if found to be true.

    But Danburam’s motion, which alleged that the police and other security agencies have turned blind eyes to illegal acts of terror being perpetuated in Kano and other parts of Nigeria, was the turning-point in yesterday’s critical resolution of the House.

    His own prayers were to the House to invite the IG and Commissioner of Police in Kano State to give account for what happened and directs them both to provide measure against thuggery in the state.

    But this quickly changed when John Dyegh (APC Benue) moved an amendment that it was evident from the slant of arguments, discussions and presentation on the floor that members have lost confidence in the Inspector-General.

    This, he said, should be one of the prayers of Danburam’s motion.

    The Speaker, Yakubu Dogara, thereafter asked the members if that was what they wanted and all members on the floor responded in the affirmative.

    He subsequently put this to a vote and the House overwhelmingly passed a vote of no confidence in the Inspector-General.

    But Johnson Agbonayinma (APC, Edo), Abdullahi Mahmud Gaya (APC, Kano), Muhammad Sani Abdul (APC, Bauchi), Ayuba Bello (APC, Borno), Abubakar Chika Adamu (APC, Niger) and Basir Babale (APC, Kano) later disagreed with their colleagues.

    They said the decision of the House did not follow due process.

    The lawmakers promised to move for the rescission of the resolution, adding that most members played to the gallery at the resolution, thereby denying the IGP a fair hearing.

    At a news briefing, the six lawmakers said their position against the resolution of the House will be presented to the House in form of a motion.

    Agbonayinma, who spoke on behalf of the others said, “The motion on Kano did not go down well with some of us. The Speaker has always guided the House and tried his best, but all of us played to the gallery. We should be fair to all.

    “On the issue that IGP should be replaced, I  think we were too in a rush, the motion should have been referred to a committee.”

    “Every Nigerian has a right to fair hearing. The issue should have been investigated. Not only me but some of our colleagues were not too happy with the resolution.

    “Some of us are going forward to rescind the decision. We were not fair to the IGP.”

     

  • Reps to probe 19 lottery firms

    The House of Representatives yesterday mandated its Committee on Governmental Affairs to investigate the activities of licensed lottery operators from 2000 to date with a view to ensuring that tax defaulters among them are made to pay promptly.

    This was sequel to the adoption of a motion by Hon. Abdulrazak Namdas  (APC, Adamawa), who noted that out of the 21 licensed lottery operators in the country, only about two or three have successfully paid their fees and other taxes to the Federal Government over the last few years, thus leading to the country losing millions of naira in revenue from lottery operations.

    “All over the world, tax evasion is deemed a very serious offence as most advanced countries sustain their economies through effective and transparent taxation system where operators of businesses pay their taxes promptly.

    “The Nigerian Lottery Commission can become one of the revenue generating agencies if the operators of lottery are made to pay taxes to the Government as and when due, as the government needs the money to execute various projects rather than borrowing to fund the annual budget.

     

     

  • Reps to investigate 19 lottery operators

    Reps to investigate 19 lottery operators

    The House of Representatives on Wednesday mandated its Committee on Governmental Affairs to investigate the activities of licensed lottery operators from 2000 to date with a view to ensuring that tax defaulters among them are made to pay promptly.

    This followed the adoption of a motion by Hon. Abdulrazak Namdas, who noted that out of the 21 licensed lottery operators in the country, only two or three have successfully paid their dues and other taxes to the Federal Government over the last few years.

    He said: “All over the world, tax evasion is deemed a very serious offence as most advanced countries sustain their economies through effective and transparent taxation system where operators of businesses pay their taxes promptly.

    “The Nigerian Lottery Commission can become one of the revenue generating agencies if the operators of lottery are made to pay taxes to the government as and when due, as the government needs the money to execute various projects rather than borrowing to fund the annual budget.

    “These lottery operators have been defaulting in payments of all their fees to the Commission for more than 10 years now, including the nature and type of games being played, the list of winners and total amount generated.

    “For emphasis, the Acting Director General of the Commission even stated that since his assumption of office about four months ago, the operators have not been meeting their obligations.”

    When the Speaker, Yakubu Dogara, called for a voice vote, the motion was supported by majority of members of the House.

    The investigating committee is expected to report back to the House within six weeks for further legislative action.

  • Minister, Reps disagree over TCN probe

    Minister, Reps disagree over TCN probe

    WORKS, Power & Housing Minister Babatunde Fashola has demanded the rationale behind the hiring Ron Van Arnault by the House of Representatives as consultant to probe the Transition Company of Nigeria’s (TCN) over the $1.5 billion World Bank loan secured to improve power supply nationwide.

    The minister wondered the propriety of hiring a firm, which according to him, was responsible for crisis that rocked the agency under the previous management.

    He spoke yesterday at the investigative hearing organised by the House of Representatives Committee on Power on the interim management of TCN for the apparent delay in the execution of the National Electricity and Gas Improvement Project (NEGIP).

    The minister pleaded with the lawmakers to streamline their invitation of public officers to allow them enough time for their official duties.

    Fashola wondered why Ron Van Arnault was hired as consultant by the Power Committee, noting that the firm, while working with Manitoba, was behind the management breakdown suffered by the TCN under the previous administration.

    Manitoba Hydro International Nigeria Ltd, a Canadian company, was awarded the management contract for TCN in 2012 but the contract was terminated in 2016 for its failure to revive the company.

    Asked to explain why he questioned the involvement of the Van Arnault, Fashola said that the consultant apart from having worked for Manitoba, also benefited from contracts awarded without procurement approval in the Ministry.

    According to him, the consultant cannot be totally professional in providing advice to the committee.

    Chairman of the Committee, Dan Asuquo, however reminded the minister that he was not in a position to condemn the Committee’s decision to hire Van Arnault as a consultant to the Committee.

    Asuquo claimed he was privy to text messages exchanged between Fashola and the consultant wherein the minister solicited for the consultant’s professional advice.

    The committee chair said: “Just as you have your reasons for taking decisions, I also have my reasons for hiring Mr. Ron and it’s not up to you to question our decision.

    “Today, Mr. Eugene Edozie is seated here as Permanent Secretary of your Ministry, but I could remember in the Seventh Assembly, I served on a panel that investigated him on an allegation that he didn’t have NYSC certificate, and we recommended that he be removed from the post he was holding at the National Integrated Power Project (NIPP), but he’s your Perm Sec and you have not questioned his qualifications.”

    On the management of time and multiple invitations to the National Assembly, Fashola complained that the initiations are taking a toll on the productivity of public officers.

    He pleaded that the lawmakers to synegize and streamline ýthe number of hearings involving the TCN since the subject matter was related.

    His words:  “Like the representative of the Speaker rightly pointed out, we closed here last week, and we are resuming this week with this committee.

    “Committees of the House also will be asking us of our budget performance, and we just need to work in the office so that we can also perform.

    “So, I think there’s a sense here that I respectfully ask you to sufficiently use this time so we can also work to serve the Nigerian people.”

    Fashola said his ministry got a letter issued on December 20 by committee Clerk Nnamdi D. Onuigwe,  stating that the House has constituted an ad hoc committee on the need to investigate the Fiscal Responsibility and Procurement Acts by the TCN, in pursuant to House resolution 114/ADHOT/TCN2 of the 20 December.

    Fashola said: “ýNow, we were waiting to be invited by the ad hoc committee when we got this letter asking us to come today, signed by Ibrahim Sidi, Committee Clerk pursuant to House resolution 189 of 5th December 2017.

    “Although, it’s headed as ‘Need To facilitate Swift action on management of TCN Electric Power Reforms’, it goes in the body to ask us to come and explain to this investigative committee the interim management of TCN on the delay in the implementation of projects such as the Nigerian Electricity Gas Improvement project that will improve power sector in Nigeria.

    “So, I seek clarification in order to assist the committee in its work and if it’s possible to harmonise all of what we want to do together, bearing in mind that this House substantially is handling some possibly over-lapping issues.”

    But Asuquo denied any contradiction or ambiguity in the letters, even as he assured  that the leadership would seek ways of harmonising the terms of reference of both committees with the regards to the TCN probes.

    In his opening remarks, Speaker Yakubu Dogara, who restated the House commitment to tackle the challenges bedeviling the power sector, expressed concern over the delay in the implementation of such projects with the potential to improve electricity supply in the country.

    Dogara said: We cannot emphasize enough the pride of place that electricity occupies in the life of any modern nation. Indeed, electricity is the lifeblood of our national economy.

    “This is why any issue that affects the power sector always receives priority attention from the House of Representatives in particular and the National Assembly in general.

    “We will continue to revisit the challenges that confront the power sector as that is the only way to fix the sector and get our country firmly on her way to unleashing her enormous industrial and developmental potentials.”

    He said the intervention of the House on the matter should not be misconstrued as interference in the job of the executive.

    “However, there is a corollary to this doctrine which is that there is the need for the arms of government to apply some checks on each other in order to create a balance in the system. Today’s hearing is one of the ways that the National Assembly exercises its checks on the executive arm of government.”

    According to him, the aim of public hearings is to give room for fair hearing and citizen participation in legislative processes, and called on all stakeholders present to cooperate with the committee.

     

  • Reps summon Kachukwu, Baru over subsidy payment

    Reps summon Kachukwu, Baru over subsidy payment

    The House Representatives on Wednesday invited the Minister of State for Petroleum Resources, Dr. Ibe Kachukwu, the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru and the Executive Secretary of the Petroleum Products Pricing Regulatory Agency (PPPRA), Abdulkadir Umar, to appear before its committees over alleged fuel subsidy payment by NNPC.

    The trio will appear before the House Committees on Finance and Petroleum Resources (Downstream) to explain the current subsidy payment on Premium Motor Spirit (PMS) by the Corporation.

    The lawmakers also advised the Federal Government to make provision for subsidy payment in the 2018 Appropriation Bill, should it deem it neccesary to continue subsidy payment under any guise whatsoever.

    The decision followed the adoption of a motion of urgent national importance presented by Sunday Karimi (PDP, Kogi).

    He noted that despite the announcement of the removal of fuel subsidy by the federal government, NNPC still makes subsidy payment.

    Karimi said there is a need to ascertain the recipients of the latest subsidy payment since NNPC is the sole importer of fuel into the country.

    He said: “In December 2017, the Vice President, Prof. Yemi Osinbajo and Petroleum Minister (State), Kachukwu both admitted that the current landing cost of petrol is N171 per litre despite the fact that the federal government has pegged official rate at N145 per litre at the moment.

    “What this means is that it is the NNPC that is paying for the cost or deferential of N26 per litre, despite the fact that the Federal Executive Council has posited that it has removed petroleum subsidy and there is no parliamentary appropriation for subsidy payment in the 2017 Appropriation Act.

    “It should be noted that earlier in January 2017, NNPC conceded that fuel subsidy has returned because between January and March 2017 alone, NNPC recorded as ‘under recovery’ of N46.86 billion.

    “This trend continued at an increasing rate all through 2017. As at 2017 December, over N300 billion has been expended on petrol subsidy for 2017 alone, this trend continues to date.

    “We are all aware that ‘under recovery’ in downstream petroleum marketing implies that expected open market price of PMS, which includes the cost of importation and distribution of the commodity such as marketers margins, landing costs and freight cost is below the approved retail price.”