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Foreigners Benefiting More From Nigeria’s Solid Minerals – Governor Sule

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…as Reps propose 5% total mining revenue for host communities

By Gloria Ikibah

The Governor of Nasarawa State,
Abdullahi Sule has lamented that people from other countries are benefiting more from Nigeria’s solid mineral resources than indigenes who get only peanuts from the sector.

Governor Sule stated this at a public policy dialogue on Nigeria’s minerals and mining legislation, organised by the House of Representatives Committee on Solid Minerals at the National Assembly Complex, Abuja on Monday.

He reiterated that government and other stakeholders must reform the solid mineral sector and come up with policies that benefit Nigerians, if they place priority on the future of the Nation’s economy.

He said: “One community in Nasarawa got some kind of compensation of a very small amount N700 million, they were so excited which was nothing compared to the time when lithium was running roughly about $76,000 per metric ton.

“If we are serious about the future of the economic situation of Nigeria we must reform what we call the solid mineral sector and if we must reform we must come up with policies and reform them where it has to benefit Nigerians if we didn’t do that we will just be joking.”

Chairman, House Committee Solid Minerals, Hon. Jonathan Gaza
said the Nigerian Minerals and Mining Act (Amendment) Bill being considered proposes 5% of the total revenue of all minerals mined to the host communities (hostcom).

He said the bill when passed will allow for establishment of Mines Inspection and Environmental Agency to provide improved deeper oversight of mining activities and bridge gap the between the federal and state governments to empower the Mineral Resources and Environmental Management Committee for effective and joint oversight.

“…The establishment bill for a Solid Minerals Development Company allocates 75% ownership to the private sector and 25% to the federation of Nigeria. Community Development and the Environment are really prioritised in the bill. The Petroleum Industry Act (PIA) sets aside 3% of their annual operational expenditure to host communities.

“In the bill, we have set aside 5% of the revenue of all minerals mined to the host communities, and this is due to informality of the sector. We believe that it can be reviewed and improved through this programme,” he stated.

Declaring the dialogue open, Deputy Speaker of the House, Hon. Benjamin Kalu said the legislation if passed, will represent a turning point for the nation’s mineral wealth, admitting that Nigeria’s vast mineral resources have remained largely untapped, and undeservedly overshadowed by reliance on oil.

Kalu lamented that the challenges of insecurity, inadequate infrastructure, and a lack of skilled labour continue to act as bottlenecks in solid minerals development but they would be addressed by the amendment bill and other mining-related legislation currently under consideration.

“Despite boasting over 40 commercially viable minerals, the mining sector contributes a mere 0.3% to our GDP. This, my friends, is unacceptable. Our duty call today is to turn the tide. There are indications of a renewed vigour in our mining industry, fueled by a collective will to diversify our economy, create jobs, and unlock the immense potential that lies beneath our soil.

“The 2016-2025 mining industry development roadmap, aiming to increase the sector’s GDP contribution to 3% by 2025, is already showing progress. Projects like the Segilola Gold Project in Osun state governed by a private-sector-led lens are injecting millions of dollars into our economy and attracting much-needed investment,” he added.

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Electricity Tariff: Speaker Abbas Says Increase Must Be Fair, Equitable, Beneficial To Citizens

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By Gloria Ikibah 
 
 
 
Speaker of the House of Representatives, Rep. Tajudeen Abbas, has said that any adjustments made in the electricity tariffs must be fair, equitable and beneficial to all the stakeholders. 
 
 
The Speaker stated this at a special public hearing on the increase in electricity tarrifs organized by the joint House committees on power, commerce, national planning and delegated legislation on Tuesday in Abuja. 
 
 
Naijablitznews.com recalled that the Nigeria Electricity Regulatory Commission (NERC) recently increased electricity tariff, a development which sparked great displeasure and attracted strong opposition from different groups across the country.
 
 
Speaker Abbas who was represented by the deputy speaker, Rep. Benjamin Kalu, said the public hearing was to ultimately examine all issues of concern with a view to proffering solutions. 
 
 
He said: “The fears expressed by many are valid – that such a sharp increase in electricity tariffs will only exacerbate the economic hardships already faced by our people. There are genuine concerns that higher utility bills resulting from this tariff hike could have a ripple effect on operational costs for businesses, potentially leading to increased prices for goods and services
 
 
“Electricity as we know, is not just a commodity; it is a lifeline for many households and businesses across our nation. Any significant rise in tariff could have far-reaching consequences for our economy and the livelihoods of our people. Therefore, it is essential that we carefully assess all factors before making any decisions that may affect the affordability and accessibility of electricity for our citizens. It is imperative that we engage in constructive dialogue to address these issues and ensure that any adjustments made are fair, transparent, and ultimately beneficial to all parties involved.
 
 
“It is in the light of the foregoing that the House convened this public hearing. As representatives of the Nigerian people, it is our duty to carefully consider the implications of such policies on our constituents’well-being and livelihoods. 
 
 
“Our goal is to ensure that any adjustments made to electricity tariffs are fair, equitable, and ultimately beneficial to all stakeholders involved.
 
 
“We must strive to strike a balance that safeguards the interests of consumers while also enabling sustainable growth and development within the energy sector.”
 
 
He assured that the House will continue to work with the executive arm of government, even as he urged the stakeholders to make valuable submissions that will help the parliament make an informed decision on the issue. 
 
 
“I urge all stakeholders present here today to engage in constructive dialogue and provide valuable insights that will guide us in finding a balanced solution to this pressing issue. Let us work together towards ensuring that electricity remains affordable for all Nigerians while also aupporting the growth and stability of our energy sector. Let us use this public hearing as an opportunity to listen to all stakeholders,understand their perspectives, and work towards finding a sustainable and equitable resolution to this pressing issue. 
 
 
“I want to emphasize our commitment to working closely with the executive to transform the Nigerian power sector into a model of efficiency and sustainability as outlined in our Legislative Agenda. We are dedicated to providing legislative support to the efforts of President Ahmed Bola Tinubu’s Administration in reforming the power sector by addressing all legal and legislative impediments accordingly”, he added. 
 
 
Speaker Abbas however expressed displeasure at the failure of the leadership of the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) to honour the invitation of the committees to make their respective presentations. 
 
 
He urged them to submit their memoranda to the secretariat of the committees, saying that positive results can only be made when all the stakeholders come into a partnership.
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Democracy Day: Senator Dafinone Felicitates Tinubu, Deltans, Nigerians, Calls For Unity

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By Kayode Sanni-Arewa

The Senator representing Delta Central Senatorial District, Senator Ede Dafinone has called on Nigerians to take time out as the country marks 25 years of unbroken democratic rule to remember sacrifices of those who fought valiantly for the democracy we now enjoy.

The renowned accountant, now a lawmaker while congratulating President Bola Tinubu, the people of Delta Central and Nigerians in a signed statement, noted that Nigeria’s 25 years of unbroken democratic rule is a testament to the resilience, dedication, and unwavering commitment of the Nigerian people to the principles of democracy and freedom.

The Delta Central lawmaker also called on Nigerians to embrace unity, love, and respect for one another and to deepen their engagement in participatory democracy, and to guard against antidemocratic tendencies and ensure that our democratic values and culture are firmly entrenched at all levels of society.

Senator Dafinone’s media release titled: “Celebrating 25 Years of Unbroken Democratic Rule in Nigeria,” reads.

“I extend my heartfelt congratulations to President Bola Ahmed Tinubu and to all Nigerians as our beloved country commemorate 25 years of unbroken democratic rule. This significant milestone is a testament to the resilience, dedication, and unwavering commitment of the Nigerian people to the principles of democracy and freedom.

“As we celebrate this historic day, let us remember the sacrifices of those who fought valiantly for the democracy we now enjoy. June 12th is not just a date; it symbolizes our collective struggle for justice, equity, and the rule of law. It is a reminder of the power of the people’s voice and the strength of our democratic institutions.

“I urge every Nigerian to embrace unity, love, and respect for one another. In our diversity lies our strength, and it is only through mutual understanding and cooperation that we can achieve the greatness we aspire to as a nation. Let us set aside our differences and work together towards a common goal: a peaceful, prosperous, and democratic Nigeria.

“Furthermore, I call on all citizens to deepen their engagement in participatory democracy. It is our collective responsibility to guard against antidemocratic tendencies and ensure that our democratic values and culture are firmly entrenched at all levels of society. Let us hold our leaders accountable, participate actively in the democratic process, and foster an environment where every Nigerian feel valued and heard.

“As we celebrate this momentous occasion, let us renew our commitment to building a Nigeria where democracy thrives, where every citizen enjoys their fundamental rights, and where the future is bright for generations to come.

“Once again, congratulations to President Bola Tinubu, the Urhobo Nation and to all Nigerians. Together, let us continue to strive for a more united and democratic nation.

“God bless the Federal Republic of Nigeria.”

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Senegal Joins Oil-Producing Countries In West Africa, Produces Oil For The First Time

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By Kayode Sanni-Arewa

Senegal has become one of West Africa’s oil producing countries as the country started producing oil for the first time on Tuesday.

As President Bassirou Diomaye Faye promised that profits from the sale of the country’s oil and gas would be “well managed”, Australian energy giant Woodside described the oil production in Senegal as a “historic day” and a “key milestone” for the company and the country.

BBC reports that the Sangomar deep-water project, which also has gas, aims to produce 100,000 barrels of oil per day.

It is expected to generate billions of dollars for Senegal and boost the country’s economy.

The general manager of the national oil company Petrosen, Thierno Ly, said that the country had entered a “new era” when production began on Tuesday.

Ly was quoted as saying, “We have never been so well positioned for opportunities for growth, innovation and success in the economic and social development of our nation.”

It was reported that Petrosen has an 18% stake in the project while Woodside owns the remainder.

Elected in April this year, President Faye has been keen on renegotiating the deal as part of reforms he promised during the election campaign.

The President, while speaking to students on Tuesday, said that the earnings from the oil and gas production would be “well managed”, and that an “inter-generation fund” had been set up for the benefit of “your generation and those to come.”

The country’s move to renegotiate oil and gas contracts has been seen by some analysts as making investors jittery, but government supporters have reportedly said that it is vital for the West African state to increase its stake in projects so that the nation benefits from its natural resources.

A former opposition politician, Prime Minister Ousmane Sonko, who was a key figure in the president’s election campaign, recently insisted that contracts signed by previous administrations were ”unfavourable” to the country, and would be reviewed.

Sonko was quoted as saying on Tuesday, “We’re the ones who promised you we’d renegotiate the contracts, and we’re going to do it. We’ve started already.

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