Oil
NNPC Challenges Gov. Adams Oshiomole
…denies owing FAAC N2.3 trillion
ABUJA – The Management of the Nigerian National Petroleum Corporation, NNPC , has refuted a statement credited to Edo State Governor, Comrade Adams Aliyu Oshiomhole, that the Corporation owes the Federation Accounts N2.3 trillion and challenge the Comrade Governor to come up with proof of such claims if any exists.
In a Press Release issued by Tumini Green, the Acting Group General Manager, Group Public Affairs Division of the Corporation yesterday expressed dismay at the increasing unwarranted and unfounded accusations against it by otherwise informed persons in the polity – persons, who, by virtue of their positions in Government should know better.
Green said that Oshiomhole’s unfortunate attack is part of a sustained campaign against the Corporation and its leadership in recent times, which is aimed at distracting it from the dogged pursuit of the transformation of the oil and gas industry for the general good of the nation, noting that NNPC will not be distracted by any campaign of calumny from any quarters.
”We wish to state without any equivocation that we do not owe the Federation Accounts any money as at today, taking into account outstanding subsidies and other associated costs of operations and loses. We have consistently paid all monies due to the FA into its Central Bank of Nigeria account as we receive them”,Green posited.
She noted that not all revenues collected by NNPC are paid directly into the accounts of FA with the Central Bank of Nigeria. Some are paid into the accounts of the relevant government agencies, like the Federal Inland Revenue Service and the Department of Petroleum Resources, with the CBN. But eventually all these payments are credited to the accounts of the FAAC.
Green stated that another importantissue which is not taken into account by critics who reel out figures without cross-checking, is the outstanding debts owed NNPC by the Federal Government, especially from subsidy.
“Nigerians may wish to recall that in the wake of January 2012 subsidy saga, there was no budgetary provison for subsidy to NNPC and again in 2013 there was no budgetary provision for subsidy to the Corporation. NNPC has not received one kobo from the Federal Government in the name of fuel subsidy.
Yet, Nigerians also know that NNPC has been the major supplier of petroleum products to the nation during this period and before. Indeed, for the whole period that the subsidy saga continued, NNPC was the sole supplier of PMS across the country, and we never failed to ensure that every nook and corner of Nigeria was wet with PMS”,Green revealed.
She expressed the determination of the Corporation to ensure that petroleum products were available to move people and goods from one place to the other thus contributing to national economic growth.
She said in addition to these outstanding payments are material loses that the Corporation incurs on almost daily basis from crude oil theft, products theft, pipeline vandalism and other acts of sabotage stressing that these sad developments are beyond the control of the NNPC.
“It is therefore imperative for all state government ,local government and authorities at all levels to join the NNPC to stem the incessant tide of crude oil theft,pipeline vandalism and other economic sabotage against the nation. That way, more funds will be available toFAAC,”Green appealed.
The NNPC spokesperson reiterated that the Corporation is unwilling to join issues with anyone and will remain resolute in addressing the series of accusation for the purpose of establishing facts for the Nigeria public.
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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