Oil
NANS back petroleum sector reforms
….Pass Vote of Confidence on Petroleum Minister
…says sacked GED’s are corrupt
ABUJA – The National Association of Nigerian Students (NANS) on Wednesday backed Federal Government’s effort to reform the petroleum sector, and urged the National Assembly to pass the Petroleum Industry Bill (PIB) even as it pronounces the recently sacked Group Executive Directors (GED) of the Corporation as corrupt.
The leadership and members of the student body who held a peaceful rally in Abuja also supported the ongoing forensic audit of the operations of the Nigerian National Petroleum Corporation (NNPC).
The group noted that the audit of the petroleum sector must be just and objective given the critical role petroleum plays in the nation’s economic and social wellbeing.
Armed with placards some of which read: “NANS Support Petroleum Sector Reform”; “Oil Sector Reform in Line”; “We must be fair to Petroleum Minister”’; the students marched from Eagles Square to the National Assembly where a position paper was handed over for onward transmission to the legislators.
The march also took them to gate of the Presidential Villa and the main gate of the NNPC headquarters.
Speaking at the rally, NANS’ national senate president, Maxwell Soye said the association was worried by the uncertainty created in the polity with the allegedly missing proceeds from crude oil production and its possible impact on the Nigerian economy.
Soye alleged that various political cynics of the government had latched on the development to create hostilities within the country.
While welcoming the forensic audit, he said the group was in support of recent changes at the NNPC by Mrs. Alison-Madueke in which five Group Executive Directors (GEDs) were sacked.
According to him, “For long, Nigerian students have been used as thugs by politicians but we have decided not to support everything that is bad in this country. We are not fighting against government, we are here to appreciate and encourage the thing that government is doing that is transformational.
“We support President Jonathan’s transformation agenda but we are greatly concerned and our concern is based on what is happening currently in the petroleum sector which happens to be the mainstay of the Nigerian economy but political detractors are using what is happening there to distract the peace of Nigeria”, he said.
Soye added that the students were in Abuja “to make a point, that we support the president’s sack of the five executive directors of NNPC that were seen to be corrupt and equally support the ongoing forensic audit at the national assembly to probe whatever corrupt activities in the sector but we will not be carried away by the phantasmagoria of political detractors and we are therefore here to let the national assembly know that while we support them, we do not want them to be pre-empted”.
He urged Nigerians to wait for the outcome of the various probes of the sector by the National Assembly before drawing conclusions on the matter.
“We want Nigerians to wait for the outcome of the probe currently going on at the national assembly before castigating anybody and the minister that is working assiduously for the betterment of the sector at large.
“NANS is a major stakeholder in nation building and a factor in determining the path that the country follows; some detractors in government are trying to derail the transformation agenda of the president.”
“We are passing a vote of confidence on the petroleum minister and say all those calling for her sack are sycophants because in her regime we have recorded successes. We have not had fuel queues until these sycophants took to undermine the economic development of our society”, he added.
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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