Oil
Kerosene price soars, Nigerians lament
LAGOS – Despite claims by the Federal Government that the price of kerosene has been subsidized, the masses cannot get the product at the subsidised price. Saturday Vanguard sought the views of Nigerians, as they bare their minds on the issue.
Some homes Are resorting to coal already — Funmi Gaji(School Teacher)
“Kerosene is spiritual. We keep consuming and consuming it, and it keeps vanishing .It’s also expensive. Some homes are resorting to the use of coal already. A litre is barely enough for a family in a day. In my home, we use our hot plate pot more, when there is electricity.”
Govt should not deprive the public of kerosene – Akinyemi Femi(Civil Engineer)
“Almost every household in Nigeria uses kerosene for one thing or the other. It is a vital commodity that the government should not deprive the public of. We do not get kerosene at our filling stations again and it was never like this in time past. Selling kerosene at a price of almost N130 per litre from retailers is only increasing the suffering of the masses.”
No subsidy on kerosene -Taiyese Ebunlomo(Civil Servant)
” For me the alleged benefit of kerosene subsidy to Nigerians is simply not real. In as much as the masses who use it more don’t have option, it can be said that the masses are not beneficiaries of the subsidy on kerosene .If NNPC keeps selling at N50 per litre and the effect can’t be felt by the people, it’s of no use.”
The cost is outrageous – Lara Yusuf (Make-Up Artiste)
“Everybody cannot afford other means of cooking and power supply is bad. Kerosene being on the high side isn’t favorable at all. A large number of Nigerians use it. Government should cut down their budget on frivolities and make things favourable for the people. Democracy is about the people.”
Kerosene subsidy is only on paper – Olugbemi Olufemi (Entrepreneur)
“I have never heard of kerosene subsidy in Nigeria until this recent controversial $10.8 billion scandal between Central Bank of Nigeria and Nigerian National Petroleum
Corporation, NNPC. I want to say there has never been any subsidy on kerosene in Nigeria.
Let the two parties come out to tell Nigerians where they kept the money. Also, if there was any subsidy on kerosene it was only on paper because I cannot recall buying kerosene as low as N50 in Nigeria and even in NNPC filling stations.”
Is Govt fooling Nigerians? -Titilayo Oyekan (Business Manager)
“As far as I am concerned, the federal government and her agencies are playing on the intelligence of Nigerians again. What amazes me is that they always do this at the beginning of the year. It is only a plot to increase the price of kerosene. That was the result of the petroleum subsidy saga we experienced two years back. ”
No subsidy for Nigerians – Agbolade Omowole-(I.T. Professional)
“Nigeria is one of the major exporters of petroleum products including kerosene. If Nigerians cannot enjoy kerosene at a subsidized rate, then the government needs to go back to the drawing board. The price has to be reduced and other distribution networks revamped. One of the basic human needs is food and more than 40 million Nigerians use this commodity to cook. Productivity is limited in the presence of hunger.”
Govt needs to open up sales of kerosene — Wale Odunsi (Public Affairs Commen-tator)
“The government needs to give license to more capable dealers. They need to call a stakeholders meeting to brainstorm on this issue.”
Reactivate indigenous refineries—Dr Chris Nwaokobia– (Human Rights Activist)
“The government needs to repair our refineries and reactivate indigenous refining of petroleum products. They need to clip the wings of the cabal that profits from this error and do things rightly.”
– VANGUARD
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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