Oil
$5bn missing from Excess Crude Account – Amaechi
SOKOTO – Chairman of the Nigeria Governors’ Forum (NGF), Mr. Chibuike Amaechi, is alleging the disappearance of $5 billion from the Excess Crude Account and asked for explanations from relevant government agencies.
The Rivers State governor spoke at a retreat organised by the NGF at Giginya Hotel, Sokoto and attended by many governors.
Besides about 15 governors present at the retreat, the speaker of the House of Representatives, Aminu Tambuwal, National Chairman of the breakaway faction of the Peoples Democratic Party (PDP), aka nPDP, Alhaji Abubakar Kawu Baraje, former Kwara State governor, Dr Bukola Saraki, Nobel laureate, Prof Wole Soyinka, and former Chief Justice of Nigeria, Mohammed Uwais, also attended and spoke at the event hosted by the Sokoto State governor, Alhaji Aliyu Wamakko.
The governor asked Nigerians to rise up and ask questions on how the nations resources are being managed by the NNPC and the Finance Ministry in a bid to prevent the a Federal Government from short changing the other tiers of government in revenue allocation.
Amaechi said it was shocking to discover that the ECA, which had a balance of $9 billion in January, had inexplicably dwindled to $4billion without explanation by the Federal Government.
The NGF chairman said, “The Excess Crude Account in January was N9billion. That account belongs to the federal, states and local governments. Today it is N4billion. We don’t know who took the N5billion.
“Nigerians need to ask where the money has gone and why their money is being used as private funds.”
Amaechi chided the Finance Minister, Dr Ngozi Okonjo-Iweala, for refusing to sign a loan agreement with the African Development Bank to free $200 million for the provision of water in Rivers State because of alleged disagreement between him and the President.
According to the governor, the ADB and the state government had already signed the appropriate documents for the loan only for Okonjo-Iweala to develop cold feet.
He said, “The ADB and Rivers government met and negotiated and they agreed to give us a loan of $200 million to improve water supply in the state.
“We have all signed our own side of the loan agreement but the Finance Minister, who is highly recognised globally, has refused to sign the document to enable us to draw down the loan to provide water for the people of Rivers State on the allegation that Amaechi has some political disagreement with the President.”
Speaker of the House of Representatives, Tambuwal, lamented the imbalance inherent in the Nigerian presidential system, which has given too much powers to the centre at the expense of other tiers of government and weakened democracy and good governance.
Tambuwal said that the enormous powers vested on the Federal Government under the presidential system has turned the country into a unitary system, thereby deleting the essence of federalism.
“Nigerian’s federalism is peculiar as no other presidential system in the world has practised the type that is being run by Nigeria. It is unfortunate that the basic tenets of federalism, which we copied from the United States, are not being implemented in Nigeria.”
He said the centre should give certain functions to the states and local governments as is the case in the presidential system operated by many countries around the world.
Also speaking, Ekiti State Governor, Dr. Kayode Fayemi, said the unitary system of government in Nigeria had robbed Nigerians of their creativity and innovations and called for a change of the system so as to deepen democracy and good governance.
Governor Babatunde Fashola of Lagos State called for a system of government that promotes good governance, merit and competition and eliminate corruption and underdevelopment.
The host governor, Wamakko, explained that the meeting was to examine the myriad of challenges facing the nation and to explore solutions to them in the interest of the people.
Wamakko said that it was time for Nigerians to move above political sentiments and face the real challenges facing the nation.
Meanwhile, the governors demanded an urgent end to the opaqueness in the operations of the nation’s oil industry to give room for more transparency in the sector.
The demand is contained in the communique issued by the governors at the end of the retreat.
In the communique signed by Amaechi, the NGF Chairman, the governors noted with dismay the continued conduct of the operations of the NNPC in darkness and the loss of huge revenue by states.
They also asked Nigerians to eschew docility in the face of mounting impunity and demand and better accountability and responsibility from their leaders.
The state CEOs reiterated their demand for state police as guaranteed under a federal system of government in order to strengthen security in the country.
Other governors present at the retreat were those of Zamfara, Nasarawa, Adamawa, Borno, Niger, Jigawa, Osun, Oyo, Kano and Kwara.
– VANGUARD
In a strategic move to revitalize Nigeria’s oil and gas sector, the Federal Government has unveiled two key fiscal incentives aimed at attracting investment and enhancing energy security.
The announcement was made by Mr. Wale Edun, the Minister of Finance and Coordinating Minister of the Economy on Wednesday.
The first initiative, the Value Added Tax (VAT) Modification Order 2024, introduces critical exemptions for essential energy products and infrastructure, including Diesel, Feed Gas, Liquefied Petroleum Gas (LPG), Compressed Natural Gas (CNG), Electric Vehicles, Liquefied Natural Gas (LNG) infrastructure, and Clean Cooking Equipment.
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These exemptions are designed to reduce living costs for Nigerians, promote energy security, and accelerate the transition to cleaner energy alternatives.
The second initiative, the Notice of Tax Incentives for Deep Offshore Oil & Gas Production, offers new tax relief options for deep offshore exploration projects.
This measure aims to position Nigeria’s deep offshore basin as a premier destination for international oil and gas investments, boosting the country’s appeal to foreign investors.
These reforms are part of a broader set of policy initiatives, known as Policy Directives 40-42, endorsed by President Bola Ahmed Tinubu.
The directives reflect the administration’s commitment to fostering sustainable development in the energy sector and enhancing Nigeria’s competitive edge in the global oil and gas market.
By Yemie Adeoye
NIGERIA’s President Bola Tinubu has announced that the protracted ExxonMobil-Seplat upstream oil divestment will be formally approved by the Minister of petroleum within a matter of days, just as he announced his government’s intention to expand the Compress natural Gas, CNG buses initiative.
The President who stated this during his Independence day nationwide broadcast stated that the move is in line with his administration’s commitment to free enterprise, free entry and free exit in investments which is the hallmark of his administration investment policy.
“Fellow compatriots, our administration is committed to free enterprise, free entry, and free exit in investments while maintaining the sanctity and efficacy of our regulatory processes. This principle guides the divestment transactions in our upstream petroleum sector, where we are committed to changing the fortune positively. As such, the ExxonMobil Seplat divestment will receive ministerial approval in a matter of days, having been concluded by the regulator, NUPRC, in line with the Petroleum Industry Act, PIA. This was done in the same manner as other qualified divestments approved in the sector.”
The President also seized the opportunity to plead with Nigerians to be patient with his administration’s reform policies. “As your President, I assure you that we are committed to finding sustainable solutions to alleviate the suffering of our citizens. Once again, I plead for your patience as the reforms we are implementing show positive signs, and we are beginning to see light at the end of the tunnel”.
“Our energy transition programme is on course. We are expanding the adoption of the Presidential Initiative on Compressed Natural Gas for mass transit with private sector players. The Federal Government is ready to assist the thirty-six States and FCT in acquiring CNG buses for cheaper public transportation.
Fellow Nigerians, while we are working to stabilise the economy and secure the country, we also seek to foster national unity and build social harmony and cohesion. Our economy can only thrive when there is peace”. he enthused.
As part of the administration’s push to improve Ease of Doing Business (EoDB), Nigeria’s Vice President Kashim Shettima has expressed support for ExxonMobil’s plan to invest $10 billion in the country’s deep-water oil sector.
Speaking on Wednesday, September 25, 2024, during a meeting with ExxonMobil executives at the 79th United Nations General Assembly (UNGA) in New York, Shettima called the investment “a clear testament to the administration’s economic reforms and investor-friendly policies.”
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This announcement follows news that international maritime company DP World intends to develop a multibillion-dollar port project in Nigeria.
Stanley Nkwocha, Senior Special Assistant to the President on Media and Communications, shared the development in a statement on Wednesday. He quoted Shettima as saying: “ExxonMobil’s potential investment aligns with the vision of President Bola Ahmed Tinubu’s administration for a more investment-friendly Nigeria.
We are committed to fostering an environment that supports such transformative projects.”Shettima also discussed the administration’s broader efforts to improve the ease of doing business, highlighting the “Renewed Hope Agenda,” which aims to simplify bureaucratic processes, enhance transparency, and offer fiscal incentives to attract global investors.
“Our administration has taken bold steps to unify the exchange rate, remove fuel subsidies, and implement tax reforms. These measures, though challenging in the short term, are intended to create a stable and predictable business environment in the long term,” he added.
On the oil and gas sector, Shettima mentioned that the government is revising the fiscal framework for deep-water operations to attract investment while ensuring fair returns for the Nigerian people.
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