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Nigeria consumed 39.66m barrels of petrol in 2013 – PPPRA

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ABUJA – The Petroleum Products Pricing Regulatory Agency (PPPRA) Thursday stated that the total amount of petrol consumed in Nigeria last year (2013) was 39.66 million barrels.

PPPRA also noted that the consumption figure was a lot different from the 60.20 million barrels consumed in 2012 and which it paid out subsidies for in line with the federal government’s petrol subsidy regime.

A statement from the agency in Abuja quoted the Executive Secretary of PPPRA, Reginald Stanley, as telling members of the House Committee on Downstream as well as the International Association of Energy Economics (IAEE) that the sharp reduction in the 2012 and 2013 figures were as a result of reform initiatives put in place by it.

Stanley informed that the reform initiatives by PPPRA have led to the elimination of inefficiencies in petroleum supply and distribution chains in the downstream sub-sector of the Nigerian economy.

“Our reform initiatives have led to the elimination of petroleum products wastages, scarcity and other malpractices in the supply chains, resulting in the reduction in quantity of petrol consumed from 60.20 million in 2012, to 39.66 million in 2013.

This effort, singularly led to the saving of about N409 billion in subsidy claims in 2012 alone. I wish to inform all Nigerians that, under the directive of the Honourable Minister of Petroleum Resources, there has been improved petrol availability nationwide and at regulated price,” Stanley said.
He further stated that: “We have also been able to achieve and sustain transparency, while deepening local content promotion in the industry through the restriction of participation to only owners of coastal discharge/depot facilities.”

The Executive Secretary equally promised that the PPPRA is committed to sustaining the tempo of the reform initiatives while guaranteeing adequate supply of products nationwide and at reasonable cost saving level to the government.

The statement, which was signed by the agency’s head of corporate communication, Lanre Oladele, also disclosed the committee’s applause to the regulatory agency, which it described as a classical example of a government agency that has succeeded in exhibiting global best practices.

Also in his response, the leader of IAEE delegation, Prof. Wumi Iledare, who is also the incumbent president of association, commended the activities of the PPPRA under the leadership of Stanley.

Iledare was quoted in the statement to have said that Stanley has been able to bring back the trust of all Nigerians on the regulatory agency.

He thus charged Stanley and his team not to rest on their oars, until the industry is free from extant debilitating factors that have hitherto hindered the growth of the sub-sector.

– THIS DAY

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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.

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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.

 

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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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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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