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NNPC reiterates commitment to crash kerosene prices across Nigeria

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By Yemie ADEOYE
ABUJA-THE Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr Joseph Dawha, has declared the commitment of the Corporation to eliminating the arbitrage system in the distribution and sale of kerosene that has created a kerosene black market.
The NNPC boss who stated this at the flag-off ceremony of the Kero-Correct scheme at the NNPC Mega Station in Abuja at the weekend said the Kero-Correct scheme was in “response to the yearnings of deserving Nigerian consumers, particularly our mothers, sisters, fathers and brothers who constitute the good people of Nigeria” in keeping with the aspirations of the Transformation Agenda of the Federal Government.
“The Kero-Correct scheme is aimed at making kerosene available, accessible and affordable in all NNPC Mega and Affiliate Stations across the country. It is our expectation that this Scheme will enable Nigerians access this essential commodity at the Right Price, Right Quality, Right Quantity and at all times”, Dr. Dawha stated.
Speaking on the objectives of the scheme, the GMD said: “We are committed to ensuring the elimination of the Kerosene ‘Black Market’ so that Nigerians can buy kerosene at the correct price of N50 per litre. We know this will be challenging, but with the unwavering support and assurance of Government through the able leadership of the Honourable Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, CON, we are confident that the objectives of this laudable scheme will be achieved”.
He said the NNPC Management was aware of the daunting challenge posed by the arbitrage system in kerosene distribution and has taken the step to engage some stakeholders and non-governmental organizations to help in grassroots sensitization and monitoring to ensure transparency and sustainability in the distribution and sales of the product across the country.
“I am delighted that the Coalition of Grassroots NGOs (CGN), the umbrella NGO that will facilitate and ensure compliance and transparency in the distribution and sales of the product is here with us today. I am confident that their

Kerosene

Kerosene

commitment to making a difference in the welfare of our fellow Nigerians will accelerate the pace of success and ease the hardship experienced by Nigerians in procuring kerosene”, he enthused.

He said the NNPC Mega and Affiliate Stations across the country will ensure that “our mothers and sisters who daily struggle for this product have easy access to kerosene going forward”.
While thanking President Goodluck Jonathan and the Minister of Petroleum Resources, Mrs. Diezani Aliso-Madueke, for graciously approving the Kero-Correct initiative, he assured of the NNPC’s commitment to making it a resounding success so as to reduce the hardship on the average Nigerian and also to help alleviate poverty in the country.
Speaking earlier in her welcome address, the Group Executive Director, Commercial and Investment, Hajia Mata Abdurrahman, said the Kero-Correct scheme was aimed at touching “lives in many positive ways” in keeping with the NNPC slogan.
The high-point of the flag-off ceremony was the sale of kerosene to some members of the public by the GMD and other members of NNPC Top Management.
 

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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