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Petroleum industry: White Paper on Ribadu report out soon – Govt

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ABUJA — The Federal Government said Tuesday, it would soon make public its feelings on the Mallam Nuhu Ribadu-led report on Petroleum Revenue Special Task Force, PRSTF, popularly known as the Ribadu report.

The Federal Government’s assurance emerged just as anxiety became rife that the administration had jettisoned the controversial report apparently because of its damning expose of the rot in the petroleum industry and the image problem it has created for the country at home and abroad.

Nuhu RibaduThe Chairman of the Presidential Committee on the Ribadu White Paper Report, Mr. Emeka Wogu, disclosed in an interview that the committee was working assiduously to round off its work.

The chairman, who is also the Minister of Labour and Productivity, said that the Federal Government was aware of the high expectations of Nigerians on the matter and was set to release the White Paper shortly.

The minister denied insinuations in certain quarters that the report had been dumped or doctored to suit any interest.

Wogu said: “It is untrue that the government had dumped the report. I want to say that very soon the committee, which has been working assiduously, will release its recommendations and Nigerians will get it.”

A dramatic twist had attended the presentation of the Ribadu Report to President Goodluck Jonathan at the Presidential Villa last November, raising dust that the government had arranged the open disagreement between Ribadu on one hand and Ben Otti and Steve Orosanye, on the other so as to discredit the outcome and dump the report.

A few days after the presentation, the Senior Special Assistant to the President on Public Affairs, Dr. Doyin Okupe, openly rubbished the Ribadu Report at a press conference, describing it as an “incomplete assignment”.

According to Okupe, Ribadu also deviated from the terms of reference given him by the government to embark on extraneous exercise that has no bearing on the work of the PRSTF.

Okupe noted that Ribadu had shot himself on the foot by concluding that he did not have enough time to verify the work and as such the report could not be used to indict anyone.

The SSA to the President also dismissed as untenable claim by Ribadu that he rushed to publish the report so as not to bow to pressure to compromise it, wondering on whose side the President who set up the committee stood.

He asked: “If Ribadu claims that to be serving on the committee he is on the side of the Nigeria people, on whose side is President Jonathan whose idea it was in the first place to set up the task force and approved the appointment of Mallam Ribadu as chairman of the committee?”

The report had detailed the huge revenue being lost daily by the government as a result of institutional corruption in the oil industry, weak institutional and legal framework as well as inefficient oversight and control

 

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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.

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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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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