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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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Brotherhood crisis turns violent as worshippers reject Olumba’s successor
The prolonged succession crisis in a Nigerian Christian religious sect, the Brotherhood of the Cross and Star, has festered on since its founder, Olumba Obu, passed away.
The crisis turned violent recently as angry worshippers in a particular branch in Uyo, Akwa Ibom State, became riotous, destroying the portrait of Olumba’s first son, Rowland, who leads a faction of the sect.
Olumba’s daughter, Ibum, leads another faction.
A video, which is being circulated on WhatsApp groups and Facebook, captured a man in a white cassock yanking off Rowland’s portrait from the wall and smashing it on the floor amid cheers from worshippers.
Rowland’s portrait was hung near Olumba’s, but the angry worshippers did not attack the latter.
“Bring it down!” a woman’s voice could be heard shouting in the background of the video as the man in a white cassock smashed the glass frame on the ground.
“This is who we are worshipping,” a man’s voice could be heard shouting repeatedly as the camera panned and then focused on Olumba’s portrait on the wall.
It is not clear when the incident happened.
Amah Williams, the sect’s spokesperson, said the incident happened in Uyo at the sect’s Nsikak Edouk Avenue branch.
Rowland and Ibum, with hundreds of their followers, are claiming the leadership of the 68-year-old sect after their father’s passing, causing a disastrous split in a once united and strong organisation headquartered in the Biakpan community in Cross River State, Nigeria’s South-south.
‘They are rebels’
Mr Williams, the sect’s spokesperson, told reporters on Saturday in Uyo that those responsible for the incident belong to a breakaway faction called Brotherhood of the Cross and Star New Kingdom Ministry.
He described them as rebels who do not want to accept Rowland’s leadership – he did not call Rowland by name as Olumba’s successor is revered among worshippers as “King of Kings and Lord of Lords, His Holiness Olumba Olumba Obu”.
“They are rebels. They rebelled; they rejected the rulership of the Kingdom of Christ,” Mr Williams told reporters.
“The holy image of our father is what we hold sacred,” he said, apparently referring to the destruction of Rowland’s portrait.
A reporter asked the spokesperson what place Jesus Christ occupies in the Brother of the Cross and Star.
“That same (Jesus) Christ is the one that came with the new name Olumba Olumba Obu,” responded.
“If Olumba were to be a white man, black men would have gone to worship on his feet.”
The over 1 million global members of the Brotherhood of the Cross and Star do not see themselves as a church but as the new Kingdom of God on Earth. They have also refused to admit that their founder had passed away as the sect has yet to announce his passing or publicly conduct his burial.
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Tinubu’s reforms struggling to deliver meaningful results – IMF
Eighteen months after the implementation of Nigeria’s ongoing economic reforms, the International Monetary Fund (IMF) has observed that the fiscal policies introduced by the President Bola Tinubu administration are struggling to deliver meaningful results.
Catherine Patillo, IMF Deputy Director, while presenting a report at the Lagos Business School (LBS) on Friday, reported a mixed performance of economic reforms across Sub-Saharan Africa, with notable successes in countries such as Côte d’Ivoire, Ghana and Zambia.
Nigeria was conspicuously absent from the list of success stories in the region.
The report stated that sub-Saharan Africa’s average economic growth rate is projected to remain at 3.6 per cent for 2024. It noted that Nigeria’s growth rate, pegged at 3.19 per cent, falls below this average.
Patillo said that while macroeconomic imbalances have reduced in several countries, Nigeria has yet to show such progress.
She stated that more than two-thirds of countries have undertaken fiscal consolidation, stressing that while the median primary balance is expected to narrow by 0.7 percentage points alone in 2024, there are notable improvements in Cote d’Ivoire, Ghana, and Zambia, among others.
The report stated, “In contrast, Nigeria’s inflation rate, which slowed briefly in July and August, resumed its upward trend in September, rising further in October.
“At 33.8 per cent, it significantly exceeds the 21 per cent target set for 2024, with analysts predicting further increases in November and December.”
The report also observed Nigeria’s struggles with exchange rate stability, highlighting it as one of the worst-performing nations in that regard.
According to the report, other countries in the region are experiencing reduced foreign exchange pressures but Nigeria’s local currency depreciation and instability remain a concern.
On debt servicing, the report said Nigeria ranked among countries suffering the heaviest fiscal burden.
The IMF noted that rising debt service obligations are consuming substantial portions of revenue, limiting resources available for development.
It stated that in Angola, Ghana, Nigeria, and Zambia, the increase in interest payments alone absorbed a massive 15 per cent of total revenue.
The IMF grouped Nigeria among resource-intensive countries struggling with social and political challenges that hinder reform implementation.
Political unrest, public dissatisfaction, and tight financing conditions were identified as major impediments.
The report noted that resource-intensive countries continue to grow at about half the rate of the rest of the region, with oil exporters struggling the most and further noted that adjustment fatigue, public resistance, and weak communication strategies are undermining the impact of reforms in Nigeria.
The IMF recommended rethinking reform strategies, urging countries like Nigeria to adopt measures that mobilise public support for deep structural changes.
It pointed out the need for greater attention to communication and engagement strategies, reform design, compensatory measures, and rebuilding trust in public institutions.
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NMDPRA seals oil, gas retail outlets in Delta over sharp practices
The Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, has sealed petroleum retail outlets and gas plants over sharp practices in Delta.
Their offenses bordered on under-dispensing, operating without valid licenses and other illegalities within the filling stations.
They were sealed by the surveillance team of the regulatory authority at Asaba and Ibusa in the state.
The Delta State Coordinator of NMDPRA, Engr. Victor Ohwodiasa, revealed over the weekend that the authority would not tolerate a situation where people would be shortchanged as a result of under-dispensing and other illegalities.
Ohwodiasa called on petroleum marketers to ensure that their metres are well-calibrated and sell accurately.
According to him, the awkward dealings included but not limited to under-dispensing, product quality, suspected diversion, illegal bunkering activities, illegal discharge of unauthorised petroleum products in unauthorised locations.
“In line with our mandates, we constantly visit petroleum retail outlets to ensure they sell one litre for one litre.
“Agreeably, there are bound to be variations due to mechanical error in their machines but these are subject to limits, when it exceeds, we shutdown the facilities,” he said
“Based on what we have been doing to ensure the consumers are not shortchanged. We have been visiting retail outlets across the local government areas in the state to ensure sanity is brought and maintained within the retail outlets.
“This week, we have sealed four stations within the Asaba and Ibusa axis over offences bordering on under-dispensing, operating without valid licenses and illegal activities within the filling stations.
“We will continue to sustain the tempo in this ember months and beyond to ensure products are made available to consumers and sold at the right prices and quantity,” he said.
Ohwodiasa urged the public to always notify the regulatory authority whenever they notice any awkward transactions in their dealing with the petroleum marketers for immediate actions.
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