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FG Will Stop Payment Of Fuel Subsidy In 2023 – Zainab Ahmed

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The Federal Government has said that it will stop the payment of fuel subsidy by the end of June 2023.

 

The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, disclosed this during the public presentation of the 2023 Federal Government budget.

Mrs Zainab disclosed that in the 2023 fiscal period, the government has made provisions of N3. 36trillion naira for fuel subsidy payment to cover the first six months of this year.

This, she stated, is in line with the 18-month extension announced in early 2022.

Breaking down the budget, the minister noted that the nation’s revenue performance as at November 2022 stood at 6. 5 trillion naira, representing an 87 percent of the set target of 7. 8 trillion naira for the year.

An analysis of the key contributors to the revenue collection according to the minister of finance and planning, includes a N586billion collection from the Federal Government, Customs – N15billion, independent revenue collection N1.3trillion as well as a N3.7trillion collection from other sources of revenue.

Top sectors that contributed to the growth of the economy in 2022 includes Agriculture at 23 percent, information and communications technology, trade, manufacturing with the oil and gas sector contributing just about 5. 6 percent.

The depreciation in the contribution of the oil and gas sector to the economy according to the minister represents the government’s resolve to diversify the economy.

As regards tax waivers, the minister of finance announced the withdrawal of the pioneer status tax waiver for companies going forward.

She stated that a total of N6trillion had been forgone between 2021 to date under its tax waiver scheme.

The plan according to her, will help shore up the federal government’s revenue.

 

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NCDMB Embarks on Emergency Preparedness Awareness Campaign

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Following the rising cases of fire incidents, building collapses and accidents across the country, the Nigerian Content Development and Monitoring Board (NCDMB) has commenced a specialised Emergency Preparedness and Fire Prevention Awareness programme aimed at sensitising Nigerians on practical response to such incidents.

Speaking during the Lagos State edition of the training, Managing Director of Matosi Nigeria Limited, Mr. Tosan Bolorunfe, the consultant for the programme, said emergency preparedness had become a serious national issue requiring deliberate attention from both public and private sector stakeholders.

According to him, “Fire incidents, workplace accidents, panic during emergencies, poor response coordination and lack of basic safety awareness continue to cause avoidable losses across homes, offices, hotels, markets, public facilities and industrial sites.”

Bolorunfe stressed that a society that waits for disaster before discussing safety is already late, noting that the first few minutes of an emergency are often the most critical.

“Many lives are not lost because help does not exist. Many lives are lost because people do not know what to do in the first few critical minutes,” he said.

“When people are safer, businesses are stronger. When workplaces are prepared, productivity is protected. When communities understand emergency response, lives are preserved.”

READ ALSO: Africa Needs More Refineries to Complement DPRP — Lokpobiri

He observed that many Nigerians are often forced into panic and prayer during emergencies, not because they do not care about safety, but because they have not been adequately exposed to practical emergency response training.

“In many emergency situations, people resort to prayer because they genuinely do not know the next practical step to take. Prayer is important, but preparedness is also a responsibility. People need to know who should act, what to switch off, where to go, who to call, and how to evacuate safely,” he said.

Bolorunfe added that emergency preparedness training must go beyond classroom presentations, stressing that practical demonstrations and real-life scenarios are essential to effective learning.

“Training adults, especially on emergency subjects, requires more than reading slides. It requires experience, clarity, discipline and the ability to connect knowledge to real-life situations,” he said.

He commended NCDMB for supporting the initiative, describing the programme as a practical capacity-building intervention that aligns with the Board’s broader commitment to human capital development and safety awareness.

He also advised organisations and institutions not to wait for accidents before investing in emergency readiness.

“To government agencies, private sector operators and community leaders, safety training should not be optional. It should be deliberate, repeated and practical. All stakeholders must begin to treat emergency preparedness as a national productivity issue, a community protection issue, and a human responsibility,” Bolorunfe said.

The Lagos training featured classroom sessions, interactive discussions, practical demonstrations, controlled fire response exercises, fire extinguisher handling, first aid awareness and emergency response sensitisation for nominated participants.

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Africa Needs More Refineries to Complement DPRP — Lokpobiri

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It has been observed that the Dangote Petroleum Refinery and Petrochemicals (DPRP) alone cannot meet Africa’s growing demand for refined petroleum products.

Nigeria’s Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, expressed the view, urging local and international investors to pour more capital into Nigeria’s refining, midstream and downstream sectors.

He maintained that Nigeria must build on the success of the DPRP and attract additional investments, to demonstrate eagerness to move beyond supplying the West African market and become a major refined petroleum products hub for the African continent.

Lokpobiri spoke on Tuesday at the second West Africa Refined Fuel Market Conference in Abuja, where regulators, refiners, traders, financiers and other energy industry stakeholders gathered to advance plans for a transparent regional pricing system for refined petroleum products.

READ ALSO: Nigeria Can’t Achieve Electoral Reforms Without Effective Democracy Communication

The conference was jointly hosted by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), S&P Global Commodity Insights and the West Africa Regulators Forum (WARF).

It was themed, “Funding West Africa Infrastructure & Distribution to Create a Transparent Market for Regional Price Benchmarks.”

The minister described the conference as a turning point in Africa’s pursuit of greater energy sovereignty, saying Nigeria must now build on the progress recorded in its refining and midstream sectors.

He said the DPRP had demonstrated what could be achieved through private-sector investment but stressed that its growing capacity would still not be sufficient.

“The Dangote Refinery is not enough. Despite the fact that the refinery is increasing its refining capacity to 1.4 million barrels. But it is not enough for the African continent.

“It’s the final capacity to open for middle buyers to be able to sell this entire African continent on top of the entire world,” Lokpobiri said.

The minister called on investors with capital to seize the opportunity presented by Nigeria’s expanding energy market, saying the country was strategically positioned to serve both regional and international markets.

He said Nigeria’s location also offered an advantage because the country was not directly dependent on the Strait of Hormuz for its crude and petroleum product supply routes.

The minister added, “It’s the best time for us to attract as many investors as we can. Not just into the upstream, but into the midstream, and then the downstream.”

He said Nigeria must move beyond the traditional model of exporting raw commodities and importing processed products, arguing that the country’s growing refining capacity provided an opportunity to change the pattern.

Lokpobiri urged stakeholders to replicate the success recorded by the DPRP by attracting more investment into domestic processing.

He said Nigeria should not be content with capturing the West African market but should position to serve the wider African market.

Lokpobiri recalled that European demand for the DPRP’s jet fuel had affected local market conditions, pointing out that the development is a great example of the need to deepen domestic refining capacity and develop pricing structures that could respond appropriately to market forces.

He assured stakeholders that the Federal Government would continue to support the development of a regional petroleum market and the institutions required to make it work.

He said the objective was not merely to increase Nigeria’s refining output but to develop the infrastructure, regulatory framework and pricing system required to turn the country into a major African energy hub.

Also speaking, the Special Adviser to the President on Energy, Olu Verheijen, said West Africa was not short of energy resources or demand but was constrained by fragmented markets and inadequate infrastructure.

She said Nigeria’s growing refining capacity and declining dependence on imported petrol had created an opportunity for the country to serve as an anchor for a more integrated regional petroleum market.

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Dangote, CNN Seal Multi-Year Partnership, Launch New ‘Africa Inc.’ Show

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Dangote Industries Limited and CNN International Commercial (CNNIC) have entered into a multi-year global partnership to showcase African businesses, innovation and industrial development to audiences around the world.

A key part of the partnership is Dangote’s sponsorship of Africa Inc., a new half-hour programme on CNN International that will highlight African companies competing and expanding on the global stage.

SEE ALSO: Tanzania Eyes Expanded Dangote Investments in Fertiliser, Energy, Infrastructure

Hosted by Adefemi Akinsanya, Africa Inc. will examine businesses across sectors including technology, hospitality, manufacturing and entertainment, while exploring Africa’s growing influence on global commerce, innovation and consumer trends.

The programme is scheduled to premiere on CNN International on August 29, 2026, with four additional episodes planned for the remainder of 2026 and into 2027.

Bespoke Africa Inc. segments will also air every two months on CNN International, supported by digital and social media content.

The partnership will further feature branded content produced by CNNIC’s in-house studio, Create, under the Africa First series.

The series will focus on Africa’s drive towards energy independence and economic transformation through films, data-driven articles and social media content highlighting the continent’s industrial development.

Dangote Industries will be featured as one example of Africa’s industrial transformation.

The campaign will run across CNN International, CNN.com and CNN Arabic, as well as CNN Business platforms on Facebook, Instagram and LinkedIn. The Africa First content will also feature across CNN’s US television and digital platforms.

Beyond television and digital media, Dangote Industries will sponsor three editions of CNN’s new Global Perspectives events franchise over the next 12 months.

CNN International Commercial Senior Vice President for Advertising Sales, Cathy Ibal, said the partnership would help bring stories of African innovation, resilience and leadership to CNN’s international audience.

“We are pleased to once again be working with Dangote Industries Limited to tell the stories of a self-sufficient Africa,” Ibal said.

Dangote Industries Group Chief Branding and Communications Officer, Anthony Chiejina, said the collaboration was part of the conglomerate’s global brand positioning strategy.

He added that the partnership would provide a platform to showcase Dangote Industries’ Vision 2030 economic blueprint and industrialisation drive to a global audience.

The Africa First branded content is expected to launch this week, ahead of the August 29 premiere of Africa Inc. on CNN International.

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