Oil
President Jonathan finally agrees to oil sector rot, plans to end it in 4 years
LAGOS-President Goodluck Jonathan on Sunday evening promised to eradicate corruption in the nation’s oil sector in the next four years if re-ele
cted during the Saturday’s Presidential election.
Jonathan made the promise in Lagos at a youth event tagged “An unimaginable feat in sports” meant to showcase his administration’s achievements in the sports sector.
The event which ended in the early hours of Monday attracted sports men and women, young professionals as well as beneficiaries of the Federal Government’s scholarship schemes among others.
While answering question from one of the participants during an interactive session of the event, the President promised to end the stigmatisation of Nigerians in the international community because of corruption.
He said his administration had succeeded in using technology to tackle corruption in many areas such as fertilizer distribution, procurement and salary payment among others and will do the same in the oil industry.
He said, “We are going into oil sector. People talk about the oil industry because that is an industry with a lot of people and a lot of money is involved.
“But I promise you that in the next four years, we will sanitise the oil sector.”
Jonathan regretted that the issue of corruption is being over-celebrated in a manner that makes it look as if the whole of the country is corrupt.
He said all Nigerians must work together to ensure that the stigmatisation of Nigerians is cleared.
The President also promise to work with the young people because of his conviction that parents who do not encourage young ones are preparing their families for extinction.
Specifically, he promised that he will give more youths under the age of 40 years more opportunities to serve as ministers and heads of government parastatals.
He said, “Before he left to go and participate in election as deputy governorship candidate in Jigawa State, Nurudeen (former Minister of State, Foreign Affairs) was a minister and he is below 40.
“Last week, we swore in the youngest female minister. She is also about 40 years old.
“Apart from cabinet positions for under 40s, we are also appointing young people as heads of parastatals.
“We want to continue to encourage those in youth-dominated sectors such as business, sports and entertainment industries too.
“I can assure you that we shall not go below what we are currently doing. I know you want more, vote for us and you will get it.”
Answering a question on poverty rate in the country, Jonathan puts it at 33.1 percent as against the over 60 percent that he said some people were brandishing.
He however added that the issue is not about the percentage but about the desire of his government to impact more on the lives of the people.
On the health sector, Jonathan highlighted the feats being achieved by some tertiary health institutions in the country in the areas of kidney transplant and heart surgeries.
He also mentioned the successes recorded in the fight against the Ebola Virus Disease, guinea worm as well as polio.
He promised to do more for the sector if re-elected.
Jonathan also reiterated his promise to institute special funds to assist sports men and women if re-elected.
Overall, he said better days were ahead for the country under his leadership.
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.
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.”
Read Also: Offset Accuses Cardi B Of Cheating During Pregnancy
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.
Olajumoke Onibread Accuses Ex-Husband Of Assault, Career Sabotage
N1.7trn Loan: Atiku Blames NASS For Worsening Nigeria’s Debt Burden
Musa Joins Jaiz Bank As Ambassador
ICC Issues Arrest Warrants For Israeli Prime Minister Netanyahu, Others
Fans Celebrate Davido As Nigerian Superstar Turns 32
CSR: Dangote Cement Fuels Education With Support Projects At Lagos Schools
OSSG Raises Alarm Over Murder Plot By APC Chieftain
NCC, SMEDAN, NAICOM, SEC, Others Set for SUPERNEWS SMEs Conf June 13
Sahara’s Tonye Cole resigns from GPHCDA
Oando opens ultra-modern petrol station in Lagos
Niger Delta Avengers: President Buhari Reads riot Act …considers the carrot and stick option
