Oil
Oil slump: NLC asks FG to reduce fuel price
NIGERIA Labour Congress, NLC, has called on the Federal Government to reduce the pump price of petroleum products in line with falling crude prices in the international market as has been done by other importers of refined petroleum products.
Congress also warned that the socio-economic and political happenings in the country are not only frightening, but getting to a situation that may undermine the nation’s democracy.
At an interactive meeting with journalists, General Secretary of NLC, Dr Peter Oso-Eson, said NLC was worried that though the nation was actually at war, the body language of the country’s political leaders did not suggest so, lamenting that Nigeria was increasingly witnessing wanton and arbitrary exercise of power by political leaders.
According to him, ”The area that worries us very seriously is that crude prices are falling. In order countries, what that is immediately translating to, is that the price of petroleum products and pump head is coming down. In the United States, in the last one month, the price of a gallon of petrol, has come down from $3 to $2, in response to this price adjustment. In our country, we are not allowed to enjoy that benefit. What government is doing is that in order to shore up its naira revenue, it has gone to devalue excessively, the naira; $13 devaluation in one day, and then a continuous process of depreciation.
“What that does, is that, because we import petroleum products largely, the gains from the falling price of crude which ought to translate to consumers, is prevented by that devaluation; because, by devaluing the cost of the head price, it might even increase.
”We say that that is wrong and the benefits of the falling price of crude, must be translated to Nigerians. Therefore, going forward, we want a situation in which the pump of petrol and other petroleum products should actually be adjusted downwards.”
On the situation in the country, he said “We have become very worried about the socio-economic and political situations in the country. The socio-political problems in our country today frighten us.
”Apart from press releases, we have addressed a formal letter on the situation in the country to the President Goodluck Jonathan. We have not released that letter to the media. We will take decision soon whether to release it base on the type of response that we get. But we think that there are now very weighty issues of concern in the country today.
“Number one is the security situation in our country in which we find a band of insurgents able to take territories in the country and we look at our military, they are unable to cope with the situation. For a military that we used to project as the pride of Africa in the various missions that we went to, we are at a loss as to what are the problems. We think that there is need for some of these matters to be addressed. We are worried that the country is at war but the body language of our political leaders does not suggest it. We are going around as if we are not at war. The civil war, the Nigerian Biafran war we knew what the body language was, we knew what the national position on that war was. We have this war going on but we are going on as if nothing is happening.
“In the face of all these, we are finding wanton and arbitrary exercise of power. The invasion of the National Assembly for instance, we made our position public on it but all these events happening in our nation frighten us as we are getting into a situation that may actually undermine the survival of the democracy that you and all of us fought for decades to reclaim. Therefore, we are extremely conceived that is need to change the way we are dealing with these issues.”
VANGUARD-
The Nigerian National Petroleum Company Limited (NNPC) has unveiled a bold strategy to reduce methane emissions in the oil and gas sector by 60% by 2031, with an ultimate goal of achieving net-zero emissions by 2060.
This announcement reinforces Nigeria’s leadership role under the Global Methane Pledge initiative and its commitment to tackling climate change.
The Group Chief Executive Officer of NNPC, Mele Kyari, disclosed these plans during a meeting on Thursday with Robert Leahman, the U.S. State Department’s Global Methane Program Manager, and a delegation from Deloitte.
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The discussions, held at the NNPC Towers in Abuja, focused on collaborative efforts to reduce methane emissions through innovative and sustainable practices.
“Reducing methane emissions is not just an environmental necessity but also a strategic imperative for Nigeria’s energy transition. We are leveraging partnerships to adopt global best practices and innovative solutions,” Kyari stated.
Key among these efforts is a pilot project in the Niger Delta, aimed at establishing emissions baselines, mitigating methane leaks, and promoting sustainable operations across Nigeria’s energy sector.
The project, a partnership between NNPC, Deloitte, and the U.S. Bureau of Energy Resources, will utilize data-driven methodologies to pinpoint and address methane hotspots.
Robert Leahman commended Nigeria’s proactive stance, describing it as a benchmark for other nations on the continent.
“Nigeria’s leadership under the Global Methane Pledge sets a standard for the continent. These initiatives will not only help reduce emissions but also drive sustainable development in the energy sector,” he said.
Kyari highlighted the broader benefits of addressing methane emissions, noting its significance for both environmental protection and economic efficiency.
“This collaboration is a game-changer. By addressing methane leaks, we’re reducing waste, saving costs, and protecting the environment. It’s a win-win for our economy and the planet,” he added.
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.
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