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NNPC, CBN Meet Monday over Missing $49.8bn

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ABUJA -CBN Governor, Lamido Sanusi and GMD, NNPC, Andrew Yakubu The Nigerian National Petroleum Corporation, the Central Bank of Nigeria and the Federal Ministry of Finance will on Monday meet over $49.8bn, which the CBN alleged NNPC failed to remit to the federation account.

The NNPC’s Executive Director, Explorations and Production, Mr. Abiye Membere, and the Director, Department of Petroleum Resources, Gerorge Osahon, disclosed this on Saturday at a media briefing in Abuja.

Osahon said, “The agencies are meeting on Monday to straighten the record.” Corroborating Osahon, Membere said, “All the agencies will meet on Monday: the CBN, NNPC, FIRS (Federal Inland Revenue Service), the ministry of finance and the budget office.

NNPC, CBN Meet Monday over Missing $49.8bn“The ministry of finance and the budget office has to be there because they give us the target.”
Membere stated that the NNPC was ready to defend what it had done. The CBN Governor, Mallam Lamido Sanusi, had in a letter to President Goodluck Jonathan, alleged that the NNPC failed to remit $49.8bn to the federation account from January, 2012 to July 2013.

But Membere, at the media briefing, said that the figure could not be justified. He said the NNPC was surprised because the letter, which was written in September 2013 was leaked to the public to heat up the polity.

He said, “The letter was written in September. The NNPC responded immediately through the channel it came. It was really surprising that a confidential letter of this nature will also go out and heat up the polity.

“This is actually why we are worried, considering where it is coming from. It is coming from the top. It is taking a political dimension, which is not good for the country at all. It has come to a point where the NNPC and other agencies have no choice but to keep the record straight.”

He said the NNPC remitted $18.48bn to the federation account and not the $15bn claimed by the CBN. Membere stated, “The CBN governor’s letter indicated an amount that was remitted: $15bn. But our record indicated that we remitted $18.48bn within the same period.”

The executive director said the CBN ought to check accounts for royalty and tax before making the claim about the missing $49.8bn. He stated that the NNPC would not collect revenue on behalf of the Federal Government and not remit it.

According to him, expectations on revenue should be lower compared to previous years because of incessant pipeline vandalism.

– DAILY TIMES

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Oil

FG Introduces New Incentives To Revitalize Nigeria’s Oil & Gas Industry

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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.

 

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Tinubu set to approve ExxonMobil-Seplat oil deal, expands CNG bus initiative

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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.

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ExxonMobil To Invest $10bn In Nigeria’s Deep-Water Oil Operations

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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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