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PIA will drive transformation of Nigeria’s energy sector — Osinbajo

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Vice President Yemi Osinbajo
Vice President Yemi Osinbajo
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Vice President Yemi Osinbajo says the Petroleum Industry Act (PIA), as well as Nigeria’s gas initiatives, will help transform Nigeria into a gas-based industrialised nation.

The vice president said the PIA would also create a better-managed petroleum industry with more value addition for both investors and Nigerians alike.

Osinbajo’s Spokesman, Laolu Akande, in a statement on Monday in Abuja, said the vice president spoke at  a virtual event to commemorate the 25th anniversary of Sahara (Energy) Group.

President Muhammadu Buhari, on Aug. 16, signed the Petroleum Industry Bill (PIB) 2021 into law.

Buhari had also approved a steering committee to oversee the process of implementation of PIA.

The gas initiatives of the Federal Government include the drive to encourage investments in gas production and optimize the nation’s enormous gas potential.

“Locally, we launch into the brave new world for the oil and gas industry with the PIA 2021.

“And this happily converges with the launch of the Year 2020 to 2030 as the ‘Decade of Gas Development for Nigeria’; this is a follow-up to the highly successful initiative of the Year 2020 as the Year of Gas.”

The vice president said that in Nov. 2020, the National Gas Expansion Programme was launched, which focused on the distribution of Compressed Natural Gas and Liquefied Petroleum Gas across gas stations operated by the Nigerian National Petroleum Corporation (NNPC).

Osinbajo said that the main goal of the passage of the PIB and the gas initiatives aforementioned was to transform Nigeria into a gas-based industrialised nation through enhanced accelerated gas revolution

He said it was also to help create a better-managed petroleum industry where both the people of Nigeria and investors alike can extract value.

According to the vice president, the next 25 years will be defining for the energy industry.

Osinbajo commended Sahara Group for being a great ambassador for the Nigerian entrepreneurial brand.

“The group has demonstrated bold, innovative, knowledge-driven business models that are designed to seize opportunities in other countries and have done so with remarkable success in many African countries.

“Already the wealthier nations and their institutions have banned all public investments in certain fossil projects, including natural gas.

“Examples include the EU, the UK, Germany and Denmark, as well as specific institutions such as the Swedfund from Sweden, Norway’s Sovereign Wealth Fund, the largest in the world, CDC, the development finance institution from the UK, the European Investment Bank, and the Investment Fund for Developing Countries from Denmark.

“The World Bank and other multilateral development banks are being urged by their shareholders to do the same.

“The AfDB is increasingly unable to support large natural gas projects in the face of shareholder pressure from their European members.

“Barely two weeks ago, the UN Secretary-General made a strong call, that ‘Countries should end all new fossil fuel exploration and production, and shift fossil fuel subsidies into renewable energy.”

The vice president disclosed that the Federal Government was building coalitions with other affected countries to urge a just transition as Nigeria advanced to zero transmission,

“I will urge indigenous energy companies such as your group to join in the urgent advocacy that is required to prevent the disaster that would result from defunding oil and gas projects,” he said.

Osinbajo said that the last two decades had brought significant growth of Nigerian oil companies.

He congratulated the Sahara Team for its 25 years of achievements in the energy industry and wished it more remarkable 25 years ahead.

Osinbajo urged the group and other indigenous energy companies to take advantage of the opportunities offered by the African Continental Free Trade Agreements.

Other speakers at the event included the President of the Democratic Republic of Congo, Mr Felix Tshisekedi, and President of the African Development Bank, Dr Akinwumi Adesina.

The Director-General of Bureau of Public Enterprises, Mr Alex Okoh, and other top government officials attended the event.(NAN)

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Business & Economy

Kaduna refinery will begin production in December – NNPCL Boss, Kyari

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The Group Managing Director of the Nigerian National Petroleum Company Limited, NNPCL,Mele Kyari has disclosed that the refinery in Kaduna State will be ready for production by December 2024.

He disclosed this during a meeting with the Independent Petroleum Marketers Association of Nigeria and the Major Energy Marketers Association of Nigeria in Abuja.

He disclosed that operations at the Port Harcourt refinery are scheduled to begin in two weeks.

According to Kyari: “We did a mechanical completion of the (Port Harcourt) refinery, that was what we said in December. We now have crude oil already stocked in the refinery. We are doing regulatory compliance tests that must happen in every refinery before you start it, and I assure you that this Port Harcourt refinery will start in the next two weeks.

“Completing the mechanical work means that you are done with the rehabilitation work, now you have to test to see how it works. Of course, we have also completed the mechanical work on the Warri refinery.

“It is also undergoing regulatory compliance; processes that we are doing with our regulator, and this will soon be completed and it will be ready.

“The Kaduna refinery will be ready by December. We have not reached that stage in Kaduna, but we promise Kaduna will be delivered by December.”

 

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Edun Blames Economic Hardship On Free Printing Of Naira During Buhari’s Govt

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Minister of Finance, Wale Edun, stated this on Wednesday when he appeared before the Senate Committee on Finance chaired by Senator Sani Musa.

The Federal Government has disclosed that the free printing of naira notes for eight years, under the previous administration went into the hands of a privileged few, without corresponding productivity, resulting in the country’s current economic situation.

Minister of Finance, Wale Edun, stated this on Wednesday when he appeared before the Senate Committee on Finance chaired by Senator Sani Musa.

While elaborating on measures to revamp the economy, the Finance minister vowed to thoroughly audit the 22.7 trillion naira, and mop up the monies from the market and use it to pay the central bank to give the government a balanced book.

Responding to questions, the finance minister addressed the issue of waivers on customs duty running into trillions of naira, promising to overhaul the system, rejig it and implement a technology and payment system that would correct all anomalies in place.

He further disclosed that a total of 13 trillion naira was collected as non-oil revenue in 2023.

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Harsh Economy: FG To Begin Distribution Of Grains Nationwide 

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The Federal Government will begin the distribution of grains nationwide to cushion the impacts of the hardship in Nigeria.

Minister of Agriculture and Food Security Senator Abubakar Kyari disclosed this on Monday.

“Dear Fellow Nigerians,” he wrote on his official X handle. “In these trying times, I extend my sincere compassion to those affected by the hardships in the country. I understand the gravity of the situation, especially with the unfortunate event of foodstuff warehouse looting.

“Amidst these challenges, I want to assure you that our commitment to your well-being remains resolute. We shall commence the distribution of 42,000 metric tons of grains, as approved by Mr. President, across the 36 states of the federation as one of the programs to be rolled out this week.

“We are working hand in hand with NEMA and the DSS to ensure that the grains get to the right people in the right packages and quantities. Furthermore, 58,500 metric tons of milled rice from mega rice millers will also be released into the market for stabilization.”

The minister who hailed the resilience of the Nigerian people, urged them to back President Bola Tinubu’s government in its quest to address the challenges facing the country.

“I acknowledge the strength of the Nigerian people, and it is this resilience that will guide us through these difficult times. Let us stand together to support Mr. President in his strive for a better Nigeria,” Kyari said.

“Our government under the leadership of President Bola Ahmed Tinubu is committed to addressing these challenges and working towards a more secure and prosperous future for all.”

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