News
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”.
News
Kalu Leads House Delegation to Ogun for Condolence Visit
…eulogizes late Onanuga, ex-speaker Bankole’s mother
By Gloria Ikibah
Deputy Speaker of the House of Representatives, Rep. Benjamin Okezie Kalu, CON, has described the late Deputy Chief Whip, Rt. Hon. Adewunmi Oriyomi Onanuga, as an irreplaceable parliamentarian known for her vocal nature and friendly disposition.
Leading a delegation on behalf of the Speaker, Rep. Tajudeen Abbas, Kalu visited Sagamu, Ogun State, on a condolence mission to the late Onanuga’s family.
Addressing the bereaved, he praised her dedication and influence, noting her unique presence in plenary sessions and unwavering support for her colleagues.
Kalu consoled her mother, Chief Mrs. Comfort Folashade Etutu, and her children, urging them to trust in God for comfort and strength. He assured the family of the House’s continued support and prayed against further untimely deaths in the household.
Earlier, Kalu led the delegation to Abeokuta for the fidau prayers of the late Mrs. Monsurat Atinuke Bankole, mother of former House Speaker Rt. Hon. Dimeji Bankole.
He lauded her sacrifices, which contributed to the success of her children, including the former Speaker’s contributions to the National Assembly.
News
N800bn Inadequate for Nigeria’s Road Projects, Minister Umahi Tell Lawmakers
By Gloria Ikibah
The Minister of Works, Dave Umahi, has described the N800 billion allocated to his ministry in the proposed 2025 budget as grossly insufficient to address Nigeria’s growing road infrastructure needs.
Umahi stated this during the 2025 budget defence session held on Friday by the House Committee on Works, chaired by Rep. Akin Alabi.
Speaking candidly, Umahi called for an upward review of the ministry’s budgetary allocation, stressing that the current figure would barely make a dent in the nation’s road development agenda.
“We plead with you to help us. N800 billion cannot do anything for us. It cannot address our road needs, and so we plead with you to help us,” the Minister told the lawmakers.
Umahi who emphasised the importance of adequate funding to complete ongoing projects and initiate critical new ones across the country, also stressed that borrowing was a necessary step to bridge the infrastructure gap and stimulate economic growth.
The Minister underscored the potential economic impact of infrastructure development, stating that it would create jobs and boost local economies.
“When the nation is in recession, you have to borrow money and invest in infrastructure. That is how you emerge from a recession. Infrastructure is a catalyst for economic activities, and this hunger we talk about will become a thing of the past,” he explained.
“Food sellers, sand suppliers, gravel workers, and others will benefit. Support Mr. President, and let’s borrow money to build infrastructure so Nigeria can be great again,” he added.
In response, Chairman of the Committee, assured Umahi that the committee would summon the Minister of Finance and the Head of the Budget Office to clarify the rationale behind the ministry’s limited allocation.
The session also provided an opportunity for the Minister to address lawmakers’ concerns about the state of roads nationwide, with assurances that the government remains committed to completing ongoing projects.
News
NASS Joint Committee Suspends Fire Service Budget Over Irregularities
By Gloria Ikibah
The National Assembly Joint Committee on Interior has suspended the budget defence of the Federal Fire Service (FFS) following significant discrepancies in the agency’s 2024 budget performance and 2025 proposal.
At a hearing chaired by Senator Adams Oshiomhole and his counterpart from the House, Chaired by Abdullahi Aliyu Ahmed, lawmakers flagged irregularities, including contradictory figures and inadequate documentation.
The committee uncovered discrepancies in the procurement of firefighting trucks, with similar units priced at N1.5 billion in one instance and N2.5 billion in another, despite being from the same supplier and of identical specifications.
The FFS Controller General, Jaji Abdulganiyu Idris, attributed the difference to variations in tanker sizes but failed to provide adequate supporting documentation.
Senator Oshiomhole criticized the inconsistencies, stating, “This reeks of over-padding or over-invoicing. Your written submission does not align with your explanation, and we cannot overlook this.”
Lawmakers also raised concerns about unclear contract commitments and an outstanding payment of N603 billion for ongoing projects, which lacked proper specifications.
Oshiomhole emphasized fiscal responsibility, saying, “Every N10 wasted by MDAs adds up. Our duty is to ensure that every naira benefits Nigerians, especially the poor.”
The committee further queried the FFS over unverified revenue remittances. Idris presented manual receipts as evidence, but the lawmakers rejected them, demanding proper bank statements and confirmation from the Accountant-General’s office.
As a result, the committee stepped down the FFS budget defence, instructing the agency to rectify its submission. Oshiomhole warned, “Submit a revised presentation with accurate figures, or risk zero allocation in 2025.”
The decision underscores the lawmakers’ commitment to accountability and efficient use of public funds, urging the FFS to address the issues promptly to secure its funding.
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