Oil
Punish oil thieves, Northern govs tell govt
ABUJA — Governors of the 19 Northern states, yesterday regretted that President Goodluck Jonathan has not punished those who allegedly stole the nation’s oil money, warning that the situation portends danger for the country.
Speaking when the Ambassador Ibrahim Zakari-led Committee on reconciliation, healing and Security set up by the Northern governors to find out the causes of insecurity in the region, submitted its final report, the Chairman of the Northern States Governors Forum and Niger State Governor, Babangida Aliyu also asked the Federal Government to explain what it was doing with the oil subsidy money against the backdrop that there were no marked improvements at the petrol stations.
“Where is the subsidy money going into; we have been told that people collected money and go free? Today there is more thievery in the oil sector. If you catch one thief and you do not punish him, others will think that if they do the same thing, they will go scotfree,” he said.
Aliyu further decried the level of insecurity in the North, pointing out that the economy of the area had been crippled following incessant killings and wanton destruction of property in the zone and the problem was increasing because, “we have taken many things for granted.”
Aliyu then appealed to members of the Boko Haram sect to take the advantage of the Federal Government’s readiness for dialogue by accepting the peace initiative in the interest of the zone.
He said: “Members of the insurgent group are called upon for immediate ceasefire, accept the offer made by the federal government and come forward for dialogue and eventual submission of arms.”
He also hailed the committee members for showing the courage to visit Borno and Yobe states, as part of its fact-finding efforts. He added: “It was after your committee visited that other groups were emboldened to go.” The governor who warned that governors as Chief Security Officers of their respective states must ensure that there was peace to enable them stay with the people after they must have served their various terms in office, assured the team that the 19 Northern governors as chief security officers of their states, “would look at your report, dissect it and implement your recommendations.”
The problem with the North
Meanwhile, the Northern States Governors’ Forum Committee on Reconciliation, Healing and Security, NSCRHS, in its report submitted to the governors yesterday identified poverty, economic inequality, narrowing opportunities; illiteracy; ignorance; widespread impunity; injustice; disregard to rule of law; unequal access to political power, among identified groups, as some of the reasons for insecurity in the Northern states.
Other reasons include ownership and access to resources (land and territory), conflicts and unhealthy competition around ethnic and religious identities, among others.
Speaking while presenting the report, Ambassador Ibrahim who noted that the Committee was inaugurated August 22, 2012, disclosed that 140 memoranda, reports, White papers and position papers were received, stressed that the feeling of lack of respect, issues around appointments into traditional headship positions, the deterioration in personal and inter group relationships and widespread impunity also contributed to insecurity in the region.
Present at the presentation were governors of Niger, Bauchi,Adamawa, Katsina, Kwara, Kebbi, Kogi, Kaduna, Gombe, Acting Governor of Taraba and Deputy governor of Jigawa, as governors of Benue, Nasarawa and Plateau were absent.
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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