News

FG begins sale of crude oil, refined petroleum products in naira

Published

1 month ago

October 6, 2024

Nigeria has officially commenced the sale of crude oil and refined petroleum products in Naira.

A statement from the Ministry of Finance yesterday said the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, announced that the implementation of this a significant initiative, approved by the Federal Executive Council (FEC), started on October 1, 2024.

Speaking after a post-commencement review meeting, chaired by the Minister, Edun disclosed that key stakeholders had assured of the commencement of this strategic initiative.

The review meeting was held to assess the progress of the “Crude Oil and Refined Products Sales in Naira” initiative, and the consensus reached highlighted the government’s commitment to seeing the plan through.

“The sale of crude oil and refined products in Naira has officially begun as directed by the Federal Executive Council. This initiative marks a bold step towards economic sustainability and currency stability,” Edun stated.

Last month, the Technical Sub-Committee on Domestic Sales of Crude Oil in Local Currency revealed that President Bola Ahmed Tinubu had given the green light for crude oil to be sold to local refineries in Naira. This decision, according to the committee, will also apply to the purchase of petroleum products.

According to the committee, from October 1, 2024, the Nigerian National Petroleum Company (NNPC) commenced the supply of approximately 385,000 barrels per day (bpd) of crude oil to the Dangote Refinery, with payments made in Naira. This partnership is expected to reshape Nigeria’s oil and gas landscape, as the Dangote Refinery, located in Lekki, Lagos, is Africa’s largest oil refining facility, valued at over $20 billion.

The government had previously outlined that this initiative would reduce pressure on the Naira, eliminate unnecessary transaction costs, and ensure a steady supply of petroleum products across the country. This innovative approach is expected to improve the country’s macroeconomic indicators, including foreign exchange reserves.

Chairman of the technical committee and FIRS boss, Zacch Adedeji, had earlier explained that under the initiative, crude oil would be sold to the Dangote Refinery in exchange for refined petroleum products such as Premium Motor Spirit (PMS) and diesel. These products would then be supplied to the domestic market for distribution, with payments also made in Naira.

“Diesel will be sold in Naira by the Dangote Refinery to any interested off-taker, while PMS will only be sold to NNPC, which will then distribute it to various marketers,” Adedeji explained. Additionally, all regulatory costs associated with the operation, including fees for the Nigerian Ports Authority (NPA) and the Nigerian Maritime Administration and Safety Agency (NIMASA), will be paid in Naira.

In a bid to ensure a seamless implementation of the initiative, a one-stop shop is being established to coordinate services from regulatory bodies, security agencies, and other stakeholders involved in the process.

The meeting, which solidified the operational framework, brought together notable figures including the Minister of State for Petroleum (Oil), the Special Adviser to the President on Revenue, the Special Adviser to the President on Energy, the Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), representatives of the Dangote Group, and top management of the NNPC, led by the Group Chief Executive Officer (GCEO).

This strategic initiative, introduced by President Bola Ahmed Tinubu’s administration, is poised to have far-reaching impacts on Nigeria’s economy. As the country navigates the challenges of global energy markets, the naira-for-crude plan is seen as a critical step in fostering economic growth, stability, and self-sufficiency. It is expected to reduce the nation’s reliance on foreign exchange transactions for crude oil sales, ultimately positioning Nigeria for long-term success in the global energy landscape.

News

HoR to Prioritize Technical Education, Digital Learning for National Development – Speaker Abbas

Published

2 hours ago

November 18, 2024

Gloria Ikibah

By Gloria Ikibah

Speaker of the House of Representatives, Rep. Tajudeen Abbas, has reaffirmed the commitment of the 10th House to enacting laws that will advance technical education and foster digital learning across the country.

Speaker Abbas who stated this during a public hearing organized by the House Committee on Federal Polytechnics and Higher Technical Education, emphasized the importance of vocational and technical education in addressing Nigeria’s industrial and economic needs.

Naijablitznews.com reports that the hearing focused on four bills aimed at establishing key institutions which include: the National Vocational Centre; Federal Artificial Intelligence Institute in Aliade, Benue State; Federal College of Science and Technology in Askira-Uba, Borno State; and National Institute for Technical and Vocational Education in Wamba, Nasarawa State.

The Speaker who was represented by Rep. Auwalu Gwalabe, noted that polytechnic education remains crucial for Nigeria’s industrial growth.

He stated, “We must strengthen collaboration between the government and stakeholders to ensure these initiatives succeed”.

He highlighted the growing global recognition of the role of science, technical, and vocational education in national development, stressing that theoretical knowledge alone is no longer sufficient.

The Speaker described the public hearing as a demonstration of the House’s commitment to reforming and modernizing the educational sector.

“With the emergence of new technologies such as artificial intelligence, our youth must be equipped with practical skills to thrive in an ever-evolving, technology-driven job market.

“Reforming science and technical education is critical to promoting skills acquisition and empowering our youth to contribute meaningfully to Nigeria’s economic growth and development,” he said.

He also linked functional education to addressing insecurity, arguing that gainfully engaging youths through skills acquisition is essential for national stability.

“The eventual establishment of these proposed institutions will provide access to quality technical education, address the skills gap, promote innovation, and support government efforts to diversify the economy,” Abbas explained.

He therefore assured Nigerians that the proposed institutions would bridge the gap between education and employment while meeting global standards and addressing local needs.

“These initiatives represent a commitment to our nation’s future, where education drives economic growth, social mobility, and national development,” Abbas added.

Chairman of the Committee, Rep. Fuad Kayode Laguda, reinforced the importance of the bills, describing them as a step toward sustainable human capital development and economic empowerment.

He called for active participation from stakeholders to ensure the proposed laws effectively address Nigeria’s economic challenges.

“The passage of these bills will not only empower the workforce technologically but will also address unemployment, poverty reduction, and youth restiveness while promoting industrialization,”* Laguda said.

“We need purposeful deliberations and positive inputs to enrich these bills and ensure their success,” he stated.

The proposed institutions, when established, are expected to transform technical education and equip Nigerian youths with the skills necessary to drive economic development and secure a prosperous future for the country.

News

Stakeholders Reject Establishment Or Nigerian Marine Corps

Published

2 hours ago

November 18, 2024

Gloria Ikibah

By Gloria Ikibah

Stakeholders have rejected the establishment of Nigerian Marine Corps at t

a public hearing organised by the House of Representatives Committee on Navy, Monday in Abuja.

Lawmakers, Nigerian Navy, Nigerian Maritime Administration and Safety Agency (NIMASA), Nigerian Shippers Council and several Civil Society Organisations (CSOs), all spoke against a Bill for an Act to establish Nigerian Marine Corps.

The Bill, which seeks to promote maritime security and enhance the safety of the blue economy of Nigeria, titled “A Bill for an Act to Establish Nigerian Marine Corps to Promote Maritime Security (HB 225)”, was sponsored by Rep. Alex Egbona (Cross River), passed second reading on the floor of the House on Thursday, 30th November, 2023, and was referred to the House Committee on Navy for a public hearing.

Speaking against the Bill Rep. Philip Agbese, Member representing Ado/Okpokwu/Ogbadibo Federal Constituency, said the Bill proposes to create a new federal body tasked with maritime law enforcement and defense responsibilities traditionally managed by the Nigerian Navy and other existing agencies, such as NIMASA, and would amount to duplication of functions, if allowed to scale through.

Agbese who spoke on behalf of 66 other Members emphasised that, it was their duty to critically examine proposed legislation with a view to ensure its aligns with the best interests of the nation and to avoid the creation of unnecessary or duplicative structures within government agencies.

“Acting under the mandate to promote efficient governance and resource management, we hereby call for the total and complete rejection of the bill proposing the establishment of the Nigerian Marine Corps.

“It is our contention as Members of this legislative body that the creation of this new entity would only result in significant overlap, redundancy, and logistical strain, creating operational inefficiencies and imposing unwarranted financial demands on the government.

“The proposed Act outlines the creation of a maritime enforcement agency charged with enforcing or assisting in the enforcement of federal laws on, under, and over Nigeria’s high seas and other waterways, Exclusive Economic Zone (EEZ) and required to maintain a state of readiness to function as a specialized service within the Nigerian Navy in times of war. This proposed body raises multiple operational, economic, and strategic concerns particularly in the areas of jurisdictional conflicts, wartime readiness, legal authority, and environmental management.

“We have thoroughly examined this bill and its objectives and we assert that the establishment of a Nigerian Marine Corps is both redundant and counterproductive, given the existing roles, mandates, and capacities of the Nigerian Navy and other maritime agencies.

“We therefore firmly and unequivocally call for the total defeat of the bill and a recommendation for its immediate withdrawal, while highlighting the compelling need to prioritize efficiency, fiscal responsibility, and coherent maritime governance”.

Representing of the Nigeria Police Force, SP Nandom Vongjen, Staff Officer Marine Section, described the Bill as ill-advised, and stressed that it does not only lead to duplication of duties, which a section of the Force is currently undertaking, but it would result to proliferation of maritime security outfits and tantamount to a parallel unit of the armed forces of Nigeria.

“The proposed Nigerian Marine Corps, while well-intentioned, has the potential to create more problems than it solves. A more prudent approach would be to strengthen existing agencies and optimize their capabilities to ensure effective maritime security. By streamlining existing structures and fostering inter-agency cooperation, Nigeria can enhance its maritime security capabilities without incurring unnecessary costs or creating additional bureaucratic hurdles”, he said.

In their separate submissions, the Chief of Training & Operations of Nigerian Navy, Rear Admiral Olusegun Ferreira; Coordinator, NIMASA, Abuja Zonal Office, Mrs. Moji Jimoh and Director, Legal Services, Nigerian Shippers Council, Mr. Bala Saleh; underscored the need to strengthen the already existing agencies, rather than creating new ones which could pose more security threats to the nation.

All the Members of the Civil Society Organisations who attended the public hearing, spoke against the Bill, urging the House to kill the Bill during the third reading, describing it as unnecessary.

Earlier Chairman, Committee on Navy, Rep. Yusuf Gagdi, in his opening remarks said establishing the Nigerian Marine Corps is a strategic initiative to enhance the country’s maritime prowess, protect our waters, and foster a secure environment for trade and economic growth.

According to Rep. Gagdi the bill represents a proactive step towards safeguarding our national interests and ensuring the safety of the coastal and marine environments.

He stressed the need for collaboration and dialogue in shaping the future of the nation’s maritime safety and security.

“Establishing the Nigerian Marine Corps is not merely a legislative effort but a strategic initiative to enhance our maritime prowess, protect our waters, and foster a secure environment for trade and economic growth.

“Given Nigeria’s vast maritime resources and the increasing threats to maritime security, this bill represents a proactive step towards safeguarding our national interests and ensuring the safety of our coastal and marine environments,” he said.

Speaker Tajudeen Abbas, said the hearing represents another step in the shared commitment to the democratic process and collective resolve to advance the security, stability, and prosperity of our great nation.

He said the focus on marine intervention is firmly rooted in the legislative agenda of the 10th House of Representatives, particularly in our goals of Economic Diversification and Agricultural Development.

“Central to these goals is the exploration and sustainable development of the Blue Economy. This aligns closely with our commitment to addressing Climate Change and promoting Environmental Sustainability. Among other efforts, this includes engaging stakeholders to review the National Oceans Policy, which emphasizes the sustainable management and conservation of Nigeria’s marine and coastal resources.

“Today’s hearing, however, centres specifically on maritime security—an essential pillar for harnessing the full potential of Nigeria’s maritime sector. The proposed bill seeks to establish a Nigerian Marine Corps to safeguard national maritime and related infrastructures, protect our territorial waters and coastal lands, and enhance security mechanisms within Nigeria’s maritime domain.

“Globally, nations have recognized the importance of dedicated marine forces in securing their maritime interests. The United States Marine Corps, the Russian Naval Infantry, and the South Korean Marine Corps are prime examples. These entities provide invaluable support for amphibious operations, maritime security, and national defence. Our vision for the Nigerian Marine Corps is no different. This is not merely about creating another military branch but establishing a specialized and well-trained unit to address Nigeria’s unique maritime challenges and opportunities.

“The realities of our time demand bold action. Global peace is increasingly fragile, and Nigeria faces security challenges exacerbated by its proximity to regions of instability. As such, it is pragmatic and necessary for Nigeria to bolster its military capabilities, with a strong emphasis on naval warfare and maritime security.

“However, this is not solely a matter of defence. The Marine Corps, as envisioned in this bill, will also play a pivotal role in promoting climate and environmental sustainability. By aiding in the management and conservation of Nigeria’s coastal resources, the Corps will contribute to the broader national and global agenda of environmental stewardship,” he said.

However stakeholders at the hearing kicked against the bill.

Those who spoke on behalf of the CSOs include, Abdullahi Bilal, Spokesman for Security Analysts & Research Forum in Africa; Okwa Daniel, Executive Director, Centre for Social Justice, Equity & Transparency; Daniel Momoh Prince, National President, Nigerian Unemployed Youth Association; Igwe Ude-Umanta, Convener, Coalition of Civil Society Organisations on Economic Watch; Opialu Fabian, Executive Director, Centre for Human Rights & Advocacy in Africa Network; amongst others.

While adjourning the hearing, the Chairman, assured Nigerians that due diligence would be done in carrying out legislative actions on the Bills, saying, the Committee was an impartial body and as such, would not take sides in doing its work.

News

Troost-Ekong dismisses retirement talks

Published

3 hours ago

November 18, 2024

Kayode Sanni-Arewa

By Kayode Sanni-Arewa

Super Eagles captain William Troost-Ekong has vehemently dismissed any talk of retirement amid rumours that the Al-Kholood defender may quit the national team after the 2025 Africa Cup of Nations in Morocco.

Despite being just 31 years old, Troost-Ekong is the oldest player in the team, with Moses Simon (29) the second oldest, while Alex Iwobi, who is 28, is the third oldest player in the current squad.

Speaking at a press briefing on Sunday ahead of Monday’s (today) Africa Cup of Nations qualifier against Rwanda at the Godswill Akpabio Stadium in Uyo, Troost-Ekong, who was named the Most Valuable Player at the last AFCON in Ivory Coast, affirmed his commitment to the national team.

“It is a question I get asked a lot by Nigerians, but I think it is a bit too early,” he said.

He continued, “I am 31 now, and I think I am playing my best football in recent years. We are only talking about 12 months from now, so after that, we will see,” Troost-Ekong explained.

“It will not be my decision; it will be up to the coaches. Once I feel I am no longer an asset to the team, I will have that discussion.

“But I still have some targets in sight—that will be the AFCON in 2025 and the World Cup in 2026. We’ll see what happens afterwards.”

Troost-Ekong could add to his 75 international caps when the Eagles host the Amavubi today in their final game of the qualifiers.