Oil
Nigeria’s President Buhari to name oil thieves soon
ABUJA-PRESIDENT Muhammadu Buhari has assured Nigerians that his administration is close to ending the sharp practices in the oil and gas sector. The perpetrators will be named, he said. He also spoke of his ongoing search for “decent”, “patriotic” and “selfless” politicians and technocrats who will be ministers. The President has promised to name his ministers in September.
President Muhammadu Buhari
Buhari, who spoke on his vision for a greater Nigeria on “Good Morning Nigeria”, a Nigeria Television Authority (NTA), Abuja, pragramme, said oil was still being illegally exported by July 3. He said the Federal Government was working assiduously to expose those behind the reported under-dealings in the oil sector, promising to update members of the public on the government’s investigation into the matter.
According to him, the government’s aim is to identify and prosecute all those found culpable. Shipping documents are being compiled for onward submission to countries of destination of stolen crude oil from Nigeria. His words: “The search continues; up to the third of this month (July 3), our crude was still being illegally lifted by people who are in government. We are trying to get these documents.
We are getting the cooperation of the international community. “We are going to make sure that those who perpetrated this theft against Nigeria are faced with facts very soon and are taken to our courts. “We’ve got the cooperation of some of the countries of the destinations of our crude (oil) and we are discussing with them.
“We have to maintain high confidentiality so that we don’t risk some of the loyal Nigerians that are helping us to trace the destinations of this stolen crude and then the accounts into which the monies are being paid instead of the Federal Governments account.”
Buhari said his administration was studying the recommendations on how the Nigeria National Petroleum Corporation (NNPC) should be reorganised. He described his recent trip to the United States (U.S.) as very successful as he was able to extract the commitment of President Barack Obama to assist and support the country in tackling its economic and security challenges.
He said the U.S. and European countries had also pledged to assist Nigeria by putting in place a security mechanism in the Gulf of Guinea to check oil theft. Responding to a question on the quality of his Federal Executive Council (FEC), the President politicians and technocrats would make the list of nominees for ministerial appointments. He said: “From what I have seen so far, we need really patriotic Nigerians – Nigerians that can work very hard, knowledgeable, experienced, committed Nigerians – to be in charge of ministries. “A lot of the institutions of Nigeria – important institutions – were compromised. Everybody was for himself and God for all of us; it’s most unfortunate.
“We have the people, educated people, experienced people but everybody seemed to be working for himself – how much he could get as much and as quickly as possible. “We have to look for technocrats and we have to look for politicians and certainly we have to look for decent people in this class to give them the responsibility of being in charge of ministries and important parastatals (agencies).”
On the leadership tussle in the National Assembly, Buhari urged those behind the dispute to search their conscience and abide by the party’s decisions. He urged Nigerians to cooperate with his administration to develop the country and warned that no part of Nigeria would be allowed to operate on its own. The President added that Nigeria “must remain one”.
Nation-
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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