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President Tinubu Says He Signed Executive Order To Unlock $10bn Fresh Investment In Oil And Gas
By Gloria Ikibah
President Bola Tinubu has said that he recently signed an Executive Order to unlock about $10 billion in fresh investments in the oil and gas sector.
President Tinubu stated this at a two-day retreat on Economic Transformation And Development organised by the House of Representatives on Tuesday in Abuja.
According to him, the development is expected to happen through Fiscal Incentives for Non-Associated Gas (NAG), Midstream and Deepwater Oil & Gas Developments.
The President who was represented by his Chief of Staff, Femi Gbajabiamila, also disclosed that last week, the Nigerian government signed the consolidated guidelines for implementing Fiscal Incentives for the Oil & Gas Sector.
He explained that the guidelines, which represent a cornerstone of the Presidential Directive, aim to enhance the Nigerian oil and gas sector’s global competitiveness while stimulating economic growth.
He said: “The Executive Order also streamlines contracting processes, procedures, and timelines from 36 months to 6 months. The order also seeks to ensure that local content requirements are implemented without impeding investments or the cost competitiveness of oil and gas projects”.
Related to this, the President said are the reforms being implemented to the nation’s tax regimes that would limit taxes collected without negatively affecting government revenues.
He said: “All of these have the same objective – to reduce government interference with the commercial imperatives of businesses in the country so that businesses based here can be competitive and focus on their core objectives of economic growth through innovation and trade.
“We will need the support of the National Assembly to fully implement some of these reforms, as statutory changes will be required in some areas.
“I am confident that when the time comes, the governing partnership we have established between the Executive and the Legislature will ensure that these changes are effected swiftly to benefit our nation.”
The president further stated that despite the sceptics, the productive collaboration between the executive, the House, and the Senate has yielded significant results with the successfully passage of numerous bills aimed at enhancing the welfare of Nigerians.
He therefore expressed appreciation to the leadership of the National Assembly for their swift action in considering and passing the Student Loans (Access to Higher Education) (Repeal and Reenactment) Act 2024.
“Your actions have substantially fortified the legal framework of the Students Tertiary Education Loan Program, ensuring its efficient implementation. These achievements are a testament to the power of our partnership and the positive impact it can have on our nation.
“In a World Bank document titled “Legislative Oversight and Budgeting: A World Perspective,” Thomas Frederick Remington wrote “for legislators to effectively fulfil their roles of representation, oversight, and law-making, a certain level of cooperation between the Legislature and the Executive in policymaking is essential.
“The legislature must have the capacity to monitor the executive, and the executive, in turn, should be willing to comply with the legislative enactments.
“It is not just a coincidence but a strategic advantage for our country that the governing relationship between the Executive and the Legislature perfectly reflects this ideal.
“As you know, my administration is implementing significant policy changes to reform how we govern and position our country for progress and shared prosperity for all citizens.
“These reforms, while necessary and, in some cases, long overdue, are not without their challenges. I am deeply grateful for your unwavering support and understanding during these times. Your understanding and support have been invaluable, and I am confident that with our continued collaboration, we can overcome any challenges that lie ahead.
“The oil and gas industry has long been the lifeblood of our national economy. My administration is working tirelessly to change this and diversify our economy from overreliance on the production of fossil fuels. However, we are also determined to maximise revenue potential from this critical industry.
“For this reason, we are pushing policies to attract investment in the oil and gas sector”.
The President also added: “We can only justify our collective mandate and the trust our people repose in us through constructive collaboration between the National Assembly and the Executive. This joint effort is the minimum the people who voted for us expect from us.
“However, the very essence of checks and balances means there will be times when the executive and legislative prerogatives inevitably collide. Above all else, the national interest must guide our decisions in those moments. We share a common responsibility in shaping the future of our nation, and it is through our collaboration that we can effectively fulfil this duty”.
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Just in :INEC announces date for Anambra governorship election
By Kayode Sanni-Arewa
The Independent National Electoral Commission (INEC) has fixed the date for the Anambra governorship election.
Addressing representatives of political parties at the INEC headquarters in Abuja on Thursday, October 17, INEC national chairman, Prof Mahmood Yakubu said the election will be held on Saturday 8th November 2025.
Hear him: “As you are aware, the last governorship election in Anambra State was held on 6th November 2021. By the effluxion of time, the governorship election is due next year.
In compliance with the mandatory requirement of 360 days, the formal notice for the election will be published on 13th November 2024. Party primaries will be held from 20th March 2025 to 10th April 2025.
“The candidate nomination portal will open at 9.00 am on 18th April 2025 and close at 6.00 pm on 12th May 2025. The final list of candidates will be published on 9th June 2025.
“Campaign in public by political parties will commence on 11th June 2025 and end at midnight of Thursday 6th November 2025. Voting will take place in all the 5,720 Polling Units across the State on Saturday 8th November 2025.
In compliance with the mandatory requirement of 360 days, the formal notice for the election will be published on 13th November 2024. Party primaries will be held from 20th March 2025 to 10th April 2025.
“The candidate nomination portal will open at 9.00 am on 18th April 2025 and close at 6.00 pm on 12th May 2025. The final list of candidates will be published on 9th June 2025.
“Campaign in public by political parties will commence on 11th June 2025 and end at midnight of Thursday 6th November 2025. Voting will take place in all the 5,720 Polling Units across the State on Saturday 8th November 2025.
The candidate nomination portal will open at 9.00 am on 18th April 2025 and close at 6.00 pm on 12th May 2025. The final list of candidates will be published on 9th June 2025.
“Campaign in public by political parties will commence on 11th June 2025 and end at midnight of Thursday 6th November 2025. Voting will take place in all the 5,720 Polling Units across the State on Saturday 8th November 2025.
“In the coming weeks, the Commission will provide details of other electoral activities, including the registration of new voters, transfer of voters and the replacement of lost or damaged PVCs.
“The detailed Timetable and Schedule of Activities for the 2025 Anambra State Governorship election will be uploaded to our website and social media platforms before the end of this meeting.”
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Despite heavy hunger, World Bank Tells Nigerians Not To Oppose, Reverse Tinubu’s Economic Reforms
By Kayode Sanni-Arewa
Despite hunger, World Bank has urged Nigerians to support the ongoing economic reforms, warning that opposing or reversing them could have serious negative consequences for the country.
Speaking at the launch of the Nigeria Development Update (NDU) report in Abuja, the World Bank Country Director for Nigeria, Dr. Ndiame Diop, emphasized that while the reforms may be challenging, they are crucial for the nation’s long-term stability.
Dr. Diop cautioned that rolling back these reforms would be detrimental, saying, “Reversing the reforms would spell doom for Nigeria.”
In the same vein, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, reiterated the importance of staying committed to the reforms. He stated, “Any effort that is not sustained will be a waste. Together with the Governor of the Central Bank of Nigeria and the Minister of Budget and National Planning, we’ve been discussing how to stay on course.”
Edun further explained that the government’s focus is on reducing inflation while ensuring investments flow into critical sectors such as industry, where jobs can be created. “We are prioritizing market pricing and sat down with labor unions to explain why we cannot afford to let this opportunity slip.”
On the removal of subsidies, Edun noted, “Every day without subsidies means more funds available for education, healthcare, and other essential expenditures.”
Also speaking, Central Bank Governor Mr. Olayemi Cardoso highlighted the importance of promoting exports in light of the exchange rate adjustments. “The moderation in the FX rate should make our goods more competitive for export and discourage the importation of unnecessary goods,” he said
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