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President Jonathan reaffirms commitment to implementation of EITI principles

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Says NEITI report sets pace for oil and gas sector reform
By Joseph BAMIDELE

ABUJA – Nigeria’s President Goodluck Jonathan has reaffirmed Nigeria’s commitment to the full implementation of the principles of the Extractive Industries Transparency Initiative (EITI) in the Nigerian oil, gas and mining sector.

The President, who gave the assurance while inaugurating the new Board of the Nigeria Extractive Industries Transparency Initiative, NEITI, in Abuja, Nigeria’s capital noted that the Extractive Industries watch-dog agency has performed commendably over the past decade and had contributed to the robust reforms within the industry.
According to Jonathan, who was represented by the Secretary to the Government of the Federation, SGF, Senator Anyim Pius Anyim, the government was committed to the full implementation of global best practices in the extractive industry as exemplified by the EITI principles, towards ensuring that citizens reap the benefit of the natural resources.
“I wish to state the unequivocal commitment of the Federal Government to full implementation of transparency and accountability as enshrined in the NEITI Act and the principles and criteria of the  global  Extractive Industries Transparency Initiative,” he noted.
The President explained that the work of NEITI through its independent reports set the pace for government’s decision to carry out massive reforms in the extractive industry.
He explained that the appointment of the new Board members “is therefore coming at a time that the work of NEITI in the extractive sector has set the pace for  the Federal Government to embark on massive reforms of the sector especially the oil and gas industry to ensure that revenues from the industry support the transformation agenda of this administration.”
“The Petroleum Industry Bill now before the National Assembly for consideration and passage into law is a testimony of government determination to reform the sector to conform to NEITI principles and objectives of transparency and accountability in all business transactions in the extractive industry,” he further stressed.
The President’s identified priorities to the new Board includes making NEITI Audit reports regular, current and user friendly, implementation of NEITI’s five year development plan, human capacity development, effective communications, expanding NEITI activities to states and local governments, coordinated legal framework and building better inter agency alliances as well as priority to NEITI compliant programmes.
He advised the Board to maintain highest ethical standard expected of a Board supervising anti-corruption agency like NEITI.
Responding, the Chairman of NEITI National Stakeholder Working Group (NSWG) Mr. Ledum Mitee promised to take NEITI principles of good governance, transparency and accountability to all nooks and crannies of the extractive industries.
Mr. Mitee pledged that while focusing on the oil and gas sector, NEITI under his leadership will expose, explore and expand the potentials in the Nigeria’s solid minerals through a coordinated programme built on EITI principles.
The composition of the new National Stakeholders Working Group (NSWG) include, Mr. Ledum Mitee-Chairman, Hajia Mariam Ladi Ibrahim -Member, Dr. Kate Okparaeke -Member, Mr. Isaac Boyi – Member, Barr. Patrick Udonfang – Member, Mrs. Abiola Enitan Edenaike – Member, Abubakar Balarabe Mahmud, SAN – Member and Engr. Musa Nashumi – Member.
Others are Chairman, OPTS, (Rep. of Extractive Industry Companies) – Member, National Coordinator, Publish What You Pay, in Nigeria (Rep. of Civil Society) – Member, and President of  PENGASSAN (Rep. of Labour Union)-member.

President Jonathan

Also on the Board is Mr. Dominic Nwachukwu – Member, Mr. Bassey Ekefere – Member, Group Managing Director (NNPC) – Member, and the Executive Secretary of NEITI Mrs Zainab Ahmed – member and Secretary to the Board.
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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.

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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.

 

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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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