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Why Tinubu Signed Executive Orders On Gas, Energy – Aide
The Special Adviser to the President on Energy, Mrs. Olu Verheijen, has given reasons why President Bola Ahmed Tinubu signed Executive Orders to transform the gas and energy sectors of the economy, submitting that gas remains the best option for Nigeria’s attainment of energy stability.
The presidential aide, who addressed the media in Abuja on Friday, pointed out that the steps taken by the president was to make gas readily available to Nigerians at affordable rates for all purposes and reduce dependence on petrol and diesel.
Mrs. Verheijen said: “Our ambitions to accelerate our economic growth and diversify the economy for the benefit of all Nigerians require timely, credible, clear and consistent policy. We are faced with a revenue crisis which is impacting all Nigerians.
To urgently address this, President Bola Tinubu is actively seeking ways to grow revenue and forex to stabilize our economy and currency. The oil and gas sector is critical to our ability to do so. However, our current oil and gas production and investment levels falls significantly short of our potential.
“Since 2016, Nigeria has only accounted for only four percent four percent of Africa’s total oil and gas investments, despite possessing 38 percent of the continent’s hydrocarbon reserves. A society is not rich because of its resources but because of what it does with those resources.
President Bola Ahmed Tinubu is determined to reverse this trend and take decisive steps to ensure to a conducive business climate and reposition Nigeria as a preferred investment destination for oil and gas sector,” she explained.
The energy adviser said that it was in a bid to reverse the negative tendencies in the sector that the president issued a directive to streamline and clarify the scope of two regulators in the petroleum sectors and to provide certainty and create a conducive business environment for the players.
She pointed out that consequent upon the directive, the TNP pipeline, which had been repeatedly vandalized, is now enjoying improved uptime and doubled its availability, resulting in increased liquids of over 200,000 barrels/day being transported over the last six months and increasing the availability of NLNG Trains 1-6 from 57 percent in 2023 to 70 percent in Q1 2024.
The adviser said the president had also introduced fiscal incentives to deepen Compressed Natural Gas (CNG) and Liquified Petroleum Gas (LPG) penetration all aimed at easing the impact of fuel subsidies on transportation cost, enabling the displacement of PMS/Diesel and contributing to stabilising the price of cooking gas in the market and support the transition to clean cooking.
The presidential aide explained that the Fiscal Incentives for Non-Associated Gas (NAG), Midstream and Deepwater Oil and Gas Developments is aimed at facilitating the monetization of Nigeria’s extensive oil and gas resources.
She said: “For Gas, 76 percent of our gas reserves, remain undeveloped. This explains why, despite possessing one of the largest gas reserves globally, we lack sufficient gas to meet our domestic needs for industry, for power and for cooking. The fiscal incentives introduced will attract the much-needed investments to enhance energy security, catalyze economic activity, attract essential foreign exchange, and promote job creation.
“The President has issued directives to reduce contracting timelines and project delivery. Benchmarking and analysis revealed that the contracting cycle takes up to 36 months. This Directive should have the effect of compressing this cycle to less than 6 months in line with global averages. This will expedite the delivery of oil and gas products to the market and enhance overall value for the country.
“Local Content Practice Reform: This Directive seeks to ensure that local content requirements are implemented in a manner that does not impede investments or the cost competitiveness of oil and gas projects. This Directive aims to reduce the cost premium of operating in Nigeria, presently averaging at 40 percent. We anticipate significant benefits from this reform, including the development of local companies’ capacity, thereby generating additional business opportunities, job creation and boosting economic growth.
On how the new policies would be implemented for effective results, the presidential aide, explained that the assignments had been shared among different levels of government agencies to be followed up by her office.
Under the arrangement, she said, the Minister of Finance/Co-coordinating Minister of the Economy will develop and propose amendments to introduce fiscal incentives for deep-water developments into legislation while the Federal Inland Revenue Service (FIRS) and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) will issue guidelines on the implementation of the fiscal incentives.
President Bola Ahmed Tinubu has decided not to attend the 79th United Nations General Assembly (UNGA) session in New York this year.
The president has thus directed Vice President Kashim Shettima to lead Nigeria’s delegation.
President Tinubu, who returned to the country last Sunday after his trip to China and the United Kingdom, according to a statement yesterday by his spokesman, Bayo Onanuga, wants to focus on domestic issues and address some of the country’s challenges, especially after the recent devastating flooding.
“At UNGA 79, Vice President Shettima will deliver Nigeria’s national statement to the General Assembly, attend important sideline events, and hold bilateral meetings.”
“The high-level General Debate, with the theme ‘Leaving no one behind: Acting together for the advancement of peace, sustainable development and human dignity for present and future generations,’ will run from Tuesday, September 24, through Saturday, September 28, 2024,” the statement added.
Since return to democratic governance in 199, Shettima will be the first Vice President to Nigeria’s delegation to UNGA.
Only Goodluck Jonathan represented Nigeria as Acting president in September 2010 at the 65th UNGA, while late President Umaru Musa Yar’adua was away in Saudi Arabia due to his ill health.
The Plateau State House of Assembly, on Thursday, approved N5.8bn for the conduct of the local government election in the state slated for October 9, 2024.
The approval by the House followed a communication from Governor Caleb Mutfwang, which was read at plenary by the Assembly Speaker, Gabriel Dewan.
The Speaker stated that the request was necessary as there was no budgetary allocation for the LG elections in the 2024 budget.
A member of the State Assembly, who declined to be named because he was not authorised to speak for the Assembly, confirmed the development to The PUNCH in Jos on Thursday.
The lawmaker said, “Governor Mutfwang, at Tuesday’s plenary, sought the House’s approval for N5.7bn as the 2024 supplementary, which was increased after upward review by the legislators.”
He continued, “The House leader, Joseph Bukar, presented the bill during our plenary. While soliciting the support of members for speedy passage, he said PLASIEC was running out of time in preparation for the election.”
“In their individual contributions, Hon. Kalamu Dal suggested a downward review of the budget size, while Hon. Daniel Nanbol urged for a critical review and deliberations. Afterwards, members approved a revised sum of N5.8bn, as opposed to the N5.7bn requested.”
The increase, as explained by Bukar, was due to an increase in security allocation for the election, from N2.7m to N4.2m. “So, that is what happened, and that is where we are at the moment regarding the forthcoming LG election,” the lawmaker concluded.
Security measures have been intensified in Enugu and Kwara states ahead of their Local Government elections scheduled for Saturday, September 21, 2024.
In Enugu State, the Police Command has pledged to ensure the safety of lives and properties during the elections.
However, the peace accord signing for the elections was marred by the absence of major parties like the Peoples Democratic Party, All Progressives Congress, and Labour Party.
Only representatives from the All Progressives Grand Alliance and Accord attended but chose not to sign the accord, citing the lack of participation from the leading parties.
Enugu State Commissioner of Police, Kanayo Uzuegbu, said all wards and flashpoints had been identified, and security personnel would be on high alert to prevent any disruptions.
The Chairman of the Enugu State Independent Electoral Commission, Prof. Chris Ngwu, said the commission was fully prepared for the elections with the support of the state government in procuring necessary materials.
In Kwara State, security agencies have been actively coordinating to ensure a smooth electoral process.
Over 3,000 personnel from the Nigeria Security and Civil Defence Corps have been deployed across the state.
The Kwara State Independent Electoral Commission has completed arrangements for a trouble-free election.
Kwara State Police Public Relations Officer, Toun Ejire-Adeyemi, reported that a strategic meeting with heads of various security agencies, including the Nigerian Army, Navy, Air Force, and others, had been held to ensure coordinated efforts for maintaining law and order.
The Commissioner of Police, Victor Olaiya, guaranteed maximum security for the election period.
The NSCDC Commandant, Dr. Umar Mohammed, announced the deployment of 3,000 personnel to various polling units and emphasised their role in preventing violence, ballot snatching, and other disruptions.
Meanwhile, the Chairman of the Benue State Independent Electoral Commission, Telumun Tombowua, announced on Thursday that eight political parties will participate in the upcoming LG elections in the state, scheduled for October 5, 2024.
Addressing journalists in Makurdi, Tombowua said the election would be conducted fairly and transparently.
He emphasised that the law establishing the BSIEC does not permit the use of Bimodal Voter Accreditation Machines for this election.
Regarding the APC, Tombowua confirmed that the National Working Committee of the party had requested the commission to work with the seven-man caretaker committee appointed to oversee party affairs in the state.
He noted that while 14 parties had initially shown interest, only eight completed the necessary processes and submitted their candidates.
Shettima becomes 1st VP to lead Nigeria’s delegation to UN Assembly in 25 yrs
Plateau Assembly approves N5.8bn for LG election
Enugu, Kwara tighten security ahead of LG polls
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