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Fuel Scarcity: Gen. Buhari condemns FG

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LAGOS-Nigeria’s opposition Presidential candidate of the All Progressives Congress, Maj. Gen. Muhammadu Buhari (retd.), has condemned the hardship faced by Nigerians in the search for petrol, saying the citizens were wasting productive hours queuing at filling stations.

Gen. Muhammadu Buhari

Gen. Muhammadu Buhari

“The countless number of man hours that will be spent at petrol stations will reduce our productivity as a nation. This should not be so,” Buhari said in a tweet on Tuesday.

The former head of state, who took to tweeter to react to the scarcity of the product, called on Nigerians to reject a system that had turned the country, which he described as the world’s largest crude exporter, into an importer of petrol.

The APC presidential candidate recalled that domestic consumption of petrol was taken care of when he was the Chairman of the Nigerian National Petroleum Corporation and Minister of Petroleum in 1970.

He added that two of the country’s four refineries were built while he was the petroleum minister.

The APC presidential candidate expressed concern that Nigerians had been put at the mercy of importers as a result of the failure to meet domestic needs of the people by the refineries.

“But over the last several years, our refineries have declined and we are at the mercy of imports,” Buhari said.

Scarcity of premium motor spirit, popularly called petrol, worsened across the country on Tuesday with a litre of the product selling between N140 and N160 in Kogi State.

Investigation by one of our correspondents on Tuesday revealed acute shortage of petroleum products in the state with the few stations with fuel selling as high as 100 per cent over the official N87 per litre pump price.

Our correspondent noticed long queues in two filling stations that sold fuel at the Abuja bye-pass in Felele, in Lokoja.

Other filling stations along the road closed their gates to customers, dis[playing the “no fuel” signal.

Meanwhile, Speaker of the Kwara State House of Assembly, Mr. Razak Atunwa, on Tuesday described as sad the allegation by the National Chairman of the Peoples Democratic Party, Alhaji Adamu Mu’azu, that the ongoing fuel scarcity was caused by the APC.

Mu’azu reportedly said the APC had bribed oil marketers to hoard petroleum products nationwide.

The Speaker, in a statement by his media aide, Mr. Olawale Rotimi, decried the poor state of the nation’s economy.

He called on President Goodluck Jonathan to stop politicising the welfare of Nigerians, urging the President to re-position the nation’s economy to make it possible for Nigerians to embark on their daily activities.

Atunwa said, “Mu’azu has blamed the fuel scarcity on the opposition party, another flimsy excuse. No serious government will blame everything on the opposition; a serious government must take responsibility for whatever happens in the country.

“The Federal Government has spent trillions of Naira on so-called subsidy without accountability. Under Jonathan, over $8bn is lost annually to oil theft, the biggest Nigeria has ever experienced.

“Unfortunately, United States, who is the major importer of Nigerian oil since 1973, has announced that it will not import oil from Nigeria anymore, yet President Goodluck is not diversifying our economy.

“APC has no power to ignite scarcity of fuel in the nation; hence, Jonathan should take responsibility and stop politicising the wellbeing of Nigerians.”

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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.

Read Also: Atiku Calls For Rotational Presidency Across Nigeria’s Geopolitical Zones

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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Business

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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Oil

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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