Oil
Kerosene Subsidy – Absence of Minister, NNPC, PPMC Stalls Probe
ABUJA – The absence of the Minister of Petroleum Resources, Mrs. Deziani Alison-Madueke, the Nigerian National Petroleum Corporation (NNPC) and Pipeline Products Marketing Company (PPMC) Monday stalled a probe into the management of kerosene subsidy.
Only Central Bank of Nigeria (CBN) Governor, Mallam Sanusi Lamido Sanusi, who was represented by one of his deputies, turned up for the public hearing, to be conducted by the House of Representatives Committee on Petroleum (Downstream).
The House, through a resolution, had mandated the committee to investigate issues surrounding kerosene supply, distribution and subsidy payments from 2010 to 2013.
Chairman of the committee, Hon. Dakuku Peterside, told stakeholders who were seated before 10 a.m. that the committee could not go ahead with the task due to the absence of officials of the three agencies who are critical stakeholders in the investigation.
He therefore announced the postponement of the hearing until February 18. He expressed displeasure that the minister and the NNPC Group Managing Director, Mr. Andrew Yakubu, ignored a letter of reminder sent to them on January 18 and only responded to the first letter sent to them on January 6.
Peterside said: “We put on an advertorial in four national dailies, first on the January 13, and January 18. There was a follow-up of publication in the same national dailies putting off the public hearing which was supposed to hold on January 28. We sent them additional letters reminding them that the hearing had been rescheduled to hold on February 10.
“On February 10, the permanent secretary of the ministry sent to us another letter on behalf of the minister, and in the letter, he indicated that the minister was participating in a summit on power financing and therefore would not be able to honour our invitation. We also got a similar letter from the GMD of NNPC, sign by a general manager on behalf of the GMD that he was outside the country attending an international summit and that he would not be able to honour the invitation.”
“We understand the seriousness that is attached to the issue of kerosene supply and distribution and more importantly the issue of kerosene subsidy. We are now compelled to put off this investigative hearing because of the central role the minister, GMD and the PPMC play in the issue of kerosene subsidy. Therefore, we decided to reschedule the hearing to February 18 to allow all stakeholders to participate.”
However, it was learnt that the minister cited her participation in an international summit on power financing for her absence.
Meanwhile, Lagos State Governor, Mr. Babatunde Fashola (SAN), yesterday asked the federal government to account for $20 billion, which Sanusi said was not remitted to the Federation Account as required by the 1999 Constitution.
The governor equally tasked operators in the private sector in the state to install their own closed circuit television (CCTV) cameras on their premises due to what he ascribed to the inability of the state government to cover everywhere.
Fashola spoke in Ikeja after receiving N80 million from the Lebanese community, donated to the Lagos State Security Trust Fund (LSSTF).
The governor said the tragedy of our nation “is that while we are debating whether we have accounted for $20 billion or $10 billion, ordinary citizens are contributing to fund the responsibility of government.”
“It hurts me because one could only wonder and imagine what $10 billion will do for the police. What it will do in terms of vehicles, trucks and equipment? We hope things get better. The issue of account for that money must be resolved publicly in the interest of the citizens of this great country.
“It is a debate that all of us must participate in peacefully. We will resolve it whether $20 billion or $10 billion. We must know where that money ended up. Everyone who has a duty, including the Minister of Petroleum Resources, must speak up at the moment now. We want to know what happened to that money,” he said.
Consul-general of Lebanon, Mr. Dima Haddad, explained the rationale behind the donation, saying that it was made in the name of the Lebanese business community in Lagos.
He said the donation “is an appreciation the Lebanese community has towards Nigeria. This country has allowed our Lebanese citizens to establish businesses which afford them the opportunity to contribute to the country’s economy.”
– THIS DAY
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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