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ExxonMobil/Seplat divestment to get ministerial approval soon – Tinubu

Published

3 months ago

October 1, 2024

Austin Ojomah

ExxonMobil/Seplat divestment to get ministerial approval soon – Tinubu

By Francesca Hangeior

President Bola Tinubu says the ExxonMobil and Seplat divestment transactions will get ministerial approval in a few days.

The president disclosed this in his Independence broadcast on Tuesday, saying the divestment process had been approved by the Nigerian Upstream Petroleum Regulatory Commission in line with the Petroleum Industry Act.

Tinubu disclosed that the divestment process was done in the same manner as other qualified divestments approved in the sector.

Tinubu stressed that his administration is committed to free enterprise, free entry, and free exit in investments while maintaining the sanctity and efficacy of the nation’s regulatory processes.

This principle, he said, guides the divestment transactions in the upstream petroleum sector, where he promised his commitment to changing the fortune positively.

“As such, the ExxonMobil Seplat divestment will receive ministerial approval in a matter of days, having been concluded by the regulator, NUPRC, in line with the Petroleum Industry Act, PIA. This was done in the same manner as other qualified divestments approved in the sector.

“The move will create vibrancy and increase oil and gas production, positively impacting our economy,” the president noted.

The divestment deal between Seplat and ExxonMobil has been stalled for over two years.

On July 12, 2022, PUNCH Online reported that Nigerian National Petroleum Company Limited blocked ExxonMobil’s asset sale to Seplat.

The report stated that NNPC won a court decision temporarily blocking ExxonMobil Corporation from selling assets in Nigeria to Seplat Energy Plc.

Seplat had agreed to acquire the United States oil major’s subsidiary for at least $1.28bn in February.

The NNPC had wished to block the transaction and to take over the permits itself and this led to litigations.

A settlement agreement was reached this year as the NNPC lifted a court injunction so that the sale of the asset to Seplat could be concluded.

The eurozone’s annual inflation rate fell to its lowest level in three-and-a-half years in September, official data showed Tuesday, dropping below the European Central Bank’s two-per cent target and fuelling expectations of a rate cut.

Year-on-year consumer price increases in the single currency area slowed to 1.8 per cent in September, down from 2.2 per cent in August, thanks to falling energy costs.

Related Topics:Bola Tinubu ExxonMobil and Seplat

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Tax Reforms: Those criticising it lack knowledge -Akpabio

Published

1 minute ago

December 18, 2024

Naijablitznews

The Senate President, Godswill Akpabio, has flayed critics of President Bola Tinubu’s tax reforms as lacking an understanding of what the initiatives were truly about.

Akpabio disclosed this during his remarks at the presentation of the 2025 budget estimate by President Tinubu to a joint session of the National Assembly on Wednesday.

He said, “Your Excellency, we commend you on your groundbreaking tax reform initiative. The four tax reform bills—the Joint Revenue Board of Nigeria (Establishment) Bill, 2024; Nigeria Revenue Service (Establishment) Bill, 2024; Nigeria Tax Administration Bill, 2024; and Nigeria Tax Bill, 2024—represent a monumental shift in our fiscal landscape.

It is disheartening that those who have not taken the time to understand these bills are the loudest critics. I urge all Nigerians, especially those in public office, to engage with these vital reforms thoughtfully. This initiative marks the first comprehensive tax reform since Nigeria’s independence, presenting a transformative opportunity for rejuvenating small and medium enterprises and enhancing the livelihoods of ordinary Nigerians.

“These reforms will not only improve Nigeria’s revenue profile but also create a more conducive and internationally competitive business environment, transforming our tax system to support sustainable development.”

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Tinubu presents N47.9trn 2025 Resurrection Budget

Published

2 minutes ago

December 18, 2024

Naijablitznews

Defence and insecurity , infrastructure, health and education were some of the sectors with high allocations in the N47.9tn Budget Proposal presented by President Bola Tinubu before a joint session of the National Assembly on Wednesday afternoon.

“It is with great pleasure that I lay before this distinguished joint session of the National Assembly, the 2025 Budget of the National Assembly of Nigeria titled, ‘The Resurrection Budget’ security peace, building prosperity,” Tinubu said as he concluded his 30-minute speech at 1:10pm on Wednesday.

Earlier in his presentation, the President listed some of the highlights of the budget as defence and security – N4.91tn, infrastructure – N4.06tn, health – N2.4tn, education – N3.5tn, among others.

He expressed commitment to economic renewal, thanking all Nigerians for embarking on the journey of reform and transformation in the last 18 months together.

The President said the economy is responding to stimulus and that his government would continue to take the right steps for economic progress. “The reforms yielding results, no reversals,” he said.

Tinubu stressed that food security is non-negotiable, adding that the government is taking steps to ensure Nigerians feed and not go to bed hungry.

Tinubu said, “Our 2025 is not just another statement of projected government revenue and expenditure; it is one that calls for action.

News

BREAKING: President Tinubu Presents N47.9trn Appropriation Bill To NASS

Published

1 hour ago

December 18, 2024

Gloria Ikibah

…improvement witnessed in 2024 led us to 2025 budget – Tinubu

…say “Time for lamentation is over”

By Gloria Ikibah

President Bola Ahmed Tinubu in a Joint Session of the Senate and House of Representatives on Wednesday, 18 December 2024, presented the sum of N47.9 trillion as the proposed 2025 Appropriation Bill, with new borrowings of N13.0 trillion, which is 3.87 per cent of the estimated Gross Domestic Product (GDP).

The President, in his address to the National Assembly described the 2025 Budget as the “Budget of Restoration” which he said, reinforces the administration’s roadmap to secure peace, prosperity, and hope for a greater future for Nigeria.

“This budget christened, “Budget of Restoration: Securing Peace, Rebuilding Prosperity,” strikes at the very core of our Renewed Hope Agenda and demonstrates our commitment to stabilizing the economy, improving lives, and repositioning our country for greater performance.”

The budget of restoration according to president Tinubu, serves as the very hope of the Renewed Hope Agenda and improving the lives of Nigerians.

He said the 2025 budget is one of the reform and transformation to consolidate the key policies of the Tinubu-led administration. Reeling out the progress made he said global economic growth for Nigeria increased from the 2.6% estimated to 3.5% growth.

Naijablitznews.com recalled that the 2025-2027 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP), and its fiscal parameters, adopted an “an oil price benchmark of $75 per barrel for 2025, oil production of 2.06 million barrels per day, an exchange rate of N1400 to $1, and a GDP growth of 4.6 per cent.”

President Tinubu said the 2025 budge seeks to restore micro economic stability, foster increased growth, employment, human capital development.

He said: “The journey of economic renewal and institutional development, which we began 18 months ago as a nation, is very much underway. It is not a journey of our choosing but one we had to embark on for Nigeria to have a real chance at greatness. I thank every Nigerian for embarking on this journey of REFORMS and TRANSFORMATION with us.

“The road of reforms is now clearly upon us, and as the President of this blessed nation, I know this less-travelled road has not been easy. That there have been difficulties and sacrifices. They will not be in vain. And we must keep faith with the process to arrive at our collectively desired destination.

“We must build on the progress we have made in the past eighteen months in restructuring our economy and ensuring it is strong enough to withstand the headwinds of any future shocks of the global downturn.

“The 2025 budget that I present today is one of restoration. It seeks to consolidate the key policies we have instituted to restructure our economy, boost human capital development, increase the volume of trade and investments, bolster oil and gas production, get our manufacturing sector humming again and ultimately increase the competitiveness of our economy.

“We do not intend to depart from this critical path to strengthen the Nigerian economy. Just as I believe in the resilience of our economy to withstand the current challenges, I also strongly believe in the resilience of the Nigerian people. Again, I summon the unstoppable Nigerian spirit to lead us on as we work to rebuild the fabric of our economy and existence.

“The improvements we witnessed in the 2024 budget have led us into the 2025 budget. The goals of advancing national security, creating economic opportunities, investing in our youthful population, infrastructure development, and national re-orientation form the core of the 2025 budget. But more than that, this will lay a solid foundation for Nigeria’s future growth trajectory”.

The President said the reforms instituted are beginning to yield results and Nigerians will soon experience a better and more functional economy.

According to him, these clear results of gradual recovery, among others, reflect the resilience of our economy and the impact of deliberate policy choices we made from the outset.

“Global economic growth for the outgoing year 2024 was projected at 3.2 percent, and against predictions, our country made significant progress.

“Our economy grew by 3.46 percent in the third quarter of 2024, up from 2.54 percent in the third quarter of 2023.

“Our Foreign Reserves now stand at nearly 42 billion US dollars, providing a robust buffer against external shocks.

“Our rising exports are reflected in the current trade surplus, which now stands at 5.8 trillion naira, according to the National Bureau of Statistics.

Tinubu informed that his administration attained remarkable milestones in implementing the 2024 Budget.

“In 2024, we achieved: 14.55 trillion naira in revenue, meeting 75 percent of our target as of the third quarter; 21.60 trillion naira in expenditure, representing 85 percent of our target, also in the third quarter.

“While challenges persist, we improved revenue collection and fulfilled key obligations. The transformational effects of this on our economy are gradually being felt”, the President added.

Hw explained that the budgetary allocations reflect the administration’s strategic priorities, especially in the implementation of the Renewed Hope Agenda and its developmental objectives.

The 2025 Budget President said seeks to restore macroeconomic stability, enhance the business environment, foster inclusive growth, employment, and poverty reduction and promote equitable income distribution and human capital development.

“The numbers for our 2025 budget proposal tell a bold and exciting story of the direction we are taking to retool and revamp the socio-economic fabric of our society.

“In 2025, we are targeting 34.82 trillion naira in revenue to fund the budget.

“Government expenditure in the same year is projected to be 47.90 trillion naira, including 15.81 trillion naira for debt servicing.

“A total of 13.08 trillion naira, or 3.89 percent of GDP, will make up the budget deficit. This is an ambitious but necessary budget to secure our future.

“The Budget projects inflation will decline from the current rate of 34.6 percent to 15 percent next year, while the exchange rate will improve from approximately 1,700 naira per US dollar to 1,500 naira, and a base crude oil production assumption of 2.06 million barrels per day (mbpd).

These projections the President said are based on reduced importation of petroleum products alongside increased export of finished petroleum products; bumper harvests, driven by enhanced security, reducing reliance on food imports; ncreased foreign exchange inflows through Foreign Portfolio Investments; and higher crude oil output and exports, coupled with a substantial reduction in upstream oil and gas production costs.

Tinubu said the budgetary allocations are informed by the commitment of his administration to security of lives and property, infrastructural development, education and healthcare delivery.

“Our budgetary allocations underscore this administration’s strategic priorities, particularly in advancing the Renewed Hope Agenda and achieving its developmental objectives.

“Highlights of the 2025 Budget Allocations:

• Defence and Security: N4.91 trillion

• Infrastructure: N4.06 trillion

• Health: N2.48 trillion

• Education: N3.52 trillion

He solicited the support of the lawmakers and Nigerians in addressing the country’s challenges

He stated: “The time for lamentation is over. This is a time to act. A time to support and promote greater investment in the private sector. A time for our civil servants to faithfully execute our policies and programmes. It is a time for every Nigerian to look hopefully towards a brighter future because a new day has dawned for us as a nation.

“As your President, I remain committed and resolute to continue to lead the charge.

“This 2025 budget proposal lays the foundation for peace, prosperity, and much needed hope. It is the plan through which a Nigeria where every citizen can dream, work, and thrive in safety can be achieved”.