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President Buhari Unveils New NNPC LTD

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President Buhari with GMD NNPC Mele Kyari

 

President Muhammadu Buhari has unveiled the new Nigerian National Petroleum Company Limited (NNPC Limited), affirming that the company is mandated by law to ensure that Nigeria’s National Energy Security is guaranteed.

Speaking at the historic occasion at State House Conference Centre, the President said Africa’s largest National Oil Company (NOC) would also support sustainable growth across other sectors of the economy as it delivers energy to the world.

At the event, which featured a Special rendition of the Theme Song ”Energy for today, Energy  for tomorrow, Energy for Everyone’‘ by an Ensemble, the president recounted how God had used him to consistently play an important role in shaping the destiny of the country’s NOC in the last 45 years.

He expressed optimism that the NNPC Limited would sustainably deliver value to its over 200 million shareholders and the global energy community; operate without relying on government funding and free from institutional regulations such as the Treasury Single Account (TSA).

‘‘This is a landmark event for the Nigerian oil industry.

‘‘Our country places high premium in creating the right atmosphere that supports investment and growth to boost our economy and continue to play an important role in sustaining global energy requirements.

‘‘We are transforming our petroleum industry, to strengthen its capacity and market relevance for the present and future global energy priorities.

NNPC directs private depot owners to sell at government approved price or be blacklisted

‘‘By chance of history, I was privileged to lead the creation of the Nigerian National Petroleum Corporation on July 1, 1977. Forty-Four (44) years later, I was again privileged to sign the Petroleum Industry Act (PIA) in 2021, heralding the long-awaited reform of our petroleum sector,” he said.

According to him, the provisions of PIA 2021, have given the Nigerian petroleum industry a new impetus, with improved fiscal framework, transparent governance, enhanced regulation and the creation of a commercially-driven and independent National Oil Company.

He said this would enable the company to operate without relying on government funding and free from institutional regulations such as the Treasury Single Account, Public Procurement and Fiscal Responsibility Acts.

‘‘It will, of course, conduct itself under the best international business practice in transparency, governance and commercial viability.

‘‘Coincidentally, I, on the 1st of July 2022 authorized transfer of assets from the Nigerian National Petroleum Corporation to its successor company, the Nigerian National Petroleum Company Limited, and steered the implementation leading to the unveiling of Africa’s largest National Oil Company today.

‘‘I therefore thank Almighty God for choosing me to consistently play an important role in shaping the destiny of our National Oil Company from the good to the great,’’ he added.

The president, therefore, assured stakeholders in the industry that Africa’s largest NOC would adhere to its fundamental corporate values of Integrity, Excellence and Sustainability, while operating as a commercial, independent and viable NOC at par with its peers around the world.

He further stated that the company would focus on becoming a dynamic global energy company of choice to deliver energy for today, for tomorrow, for the day days after tomorrow.

He thanked the leadership and members of the National Assembly for demonstrating uncommon courage and patriotism in the passage of PIA that culminated in the creation of NNPCL.

Minister of State for Petroleum Resources, Timipre Sylva, said with the signing of the PIA, which assured international and local oil companies of adequate protection for their investments, ”the nation’s petroleum industry is no longer rudderless”.

He said: ‘‘From the onset of this administration, Mr. President never concealed his desire to create a more conducive environment for growth of the oil and gas sector, and addressing legitimate grievances of communities most impacted by extractive industries.

‘‘While the country was waiting for the PIA, Nigeria’s oil and gas industry lost about $50 billion worth of investments.

”In fact, between 2015 and 2019, KPMG states that “only 4 percent of the $70 billion investment inflows into Africa’s oil and gas industry came to Nigeria even though the country is the continent’s biggest producer and the largest reserves.

‘‘We are setting all these woes behind us, and a clear path for the survival and growth of our petroleum industry is now before us.”

Sylva described the unveiling of NNPC Limited as a new dawn in the quest for the growth and development of the Nigerian Oil and Gas Industry, opening new vintages for partnerships.

He thanked the president for his ”unparalleled leadership, steadfastness, and unalloyed support towards ensuring that the country’s oil and gas industry is on a sound footing”.

The Group Chief Executive Officer of NNPC Limited, Mele Kyari, announced that the company had adopted a strategic initiative to achieve the mandate of energy security for the country by rolling out a comprehensive expansion plan to grow its fuel retail presence from 547 to over 1500 outlets within the next six months.

He assured stakeholders and the global energy community that the new company was endowed with the ‘‘best human resources one can find anywhere in the industry.

‘‘NNPC Limited is positioned to lead Africa’s gradual transition to new energy by deepening natural gas production to create low carbon activities and positively change the story of energy poverty at home and around the world.” (NAN)

 

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Gombe Approves 2025 SSCE Fees for Over 20,000 Students

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The Gombe State Executive Council (SEC), presided over by Governor Muhammadu Inuwa Yahaya, CON, has approved the sum of 580 million for the payment of registration fees for over 20,000 students sitting for various Senior School Certificate Examination (SSCE) in 2025 across the state.

This was announced by the Commissioner of Information, Culture and Ethical orientation, Hon. Mijinyawa Ardo Tilde, when he led other council members for a press briefing after the 45th executive council of the State.

Speaking further on the council’s approval for the payment of the SSCE, the Commissioner for Education, Prof. Aishatu Umar Maigari, stated that the Gombe State Government has consistently funded SSCE payments since 2019 to ease parents’ financial burdens and ensure indigent students complete their secondary education without obstacles.

“Today, at the council meeting, approval was granted for the payment of registration fees for various Senior School Certificate Examinations (SSCE) for 20,477 students across the state. Out of this number, fees were paid for 18,723 indigent students for WAEC, 110 students under the Exchange Programme Officer, 58 students from Special Schools, 1,368 students for NABTEB, and 219 students from Arabic colleges for NBAIS”, the Commissioner stated.

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“The total amount approved for this year’s SSCE is N580,870,900. This amount will be shared between the state and local governments. Let me also reemphasize that the payment of SSCE fees has been an annual practice of this administration since 2019, and is aimed at alleviating the financial burden on parents and ensuring that our students across the state have the opportunity to complete their secondary education,” the Commissioner added.

The commissioner further stated that before Governor Inuwa’s led administration came on board, only 23% of students who sat for various SSCE exams obtained five credits, including English and Mathematics, saying with the continuous reforms in the education sector and the increased annual payment of SSCE fees, the number has risen to about 70%.

In a related development, the Education Commissioner announced council’s approval for a new sanitation roadmap in schools and healthcare facilities aimed at improving hygiene and environmental standards across the state.

She explained that the roadmap seeks to ensure regular sanitation exercises in public schools and healthcare centers, stating that the initiative will compliment the monthly sanitation exchange being conducted during the last Saturday of every month to enhance a healthier environment.

To ensure adherence to the provisions of the new roadmap by all public institutions, the Commissioner announced council’s composition of a committee which include the Commissioner of Environment, Water and Forest Resources as Chairman, while Commissioner for Education and the Commissioner of Health are to serve as members with the mandate to ensure increased supervision on the schools and healthcare facilities as well as government offices.

In another development, the commissioner of Works, Housing and Transport, Engr. Usman Maijama Kallamu, announced the council’s approval of N530,770,128 for the procurement of furniture for the newly completed Sharia Court of Appeal in the State in order to immediately put the edifice into use.

 

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House of Representatives Passes Tax Reform Bills

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The House of Representatives has passed for second reading of the four Tax Reform Bills submitted to the National Assembly by President Bola Tinubu.

These bills—the Nigeria Tax Bill 2024, the Tax Administration Bill, the Nigeria Revenue Service Establishment Bill, and the Joint Revenue Board Establishment Bill—seek to overhaul Nigeria’s tax system, ensuring efficiency, transparency, and improved revenue collection.

The tax reform bills scaled second reading after five months of consultations among lawmakers, during which critical concerns were addressed to achieve consensus on contentious provisions.

During deliberations, legislators emphasized that the proposed reforms would harmonize tax administration, eliminate multiple taxation, and create a structured framework for tax dispute resolution.

The bills also propose the establishment of an ombudsman system to expedite tax-related conflicts between taxpayers and the government.

Expected impact of the tax reforms 

The lawmakers noted that the reforms are aimed at:

Expanding the tax base by integrating more businesses and individuals into the formal tax system.

Ensuring uniform tax policies across different levels of government to prevent arbitrary levies.

Enhancing tax collection efficiency, reducing revenue leakages, and improving government earnings.

Promoting ease of doing business by simplifying tax compliance processes for businesses.

Call for judicious revenue utilization 

While supporting the bills, lawmakers advocated for the prudent application of tax revenues by all tiers of government. Some legislators raised concerns over revenue mismanagement and lack of accountability in tax utilization, urging the executive to ensure that increased tax revenue translates into improved infrastructure, social services, and economic development.

With the second reading secured, the bills will now proceed to the committee stage, where lawmakers will fine-tune provisions before a final vote. Stakeholder engagements, including input from tax experts, business leaders, and government agencies, are expected to shape the final versions of the bills before they are passed into law.

What you should know 

Earlier, the Northern Governors’ Forum, chaired by Gombe State Governor Muhammed Inuwa Yahaya, earlier opposed the derivation-based VAT distribution model.

In a communiqué, the forum argued that the proposal undermines the interests of the North and other sub-national regions.

Despite this opposition, President Tinubu encouraged governors and stakeholders to engage in the legislative process.

The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Mr. Taiwo Oyedele, also addressed concerns, noting that the current VAT distribution model is unfair not only to Northern states but also to all geopolitical zones.

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Breaking:Dangote Refinery Reduces Diesel Price

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Aliko Dangote

Dangote Petroleum Refinery & Petrochemicals has reduced the cost of its diesel product to N1,020 per litre, down from N1,075 per litre at the gantry price, in an effort to better serve its customers and Nigerians in general.

Since it began diesel production in January 2024, the refinery has reduced the price of diesel more than three times, from an initial N1,700 per litre to the current rate, thus providing much-needed relief to manufacturers and consumers alike.

The latest reduction of N55 per litre for diesel follows the revelation by Development Economist and Public Policy Analyst, Prof. Ken Ife, that the Dangote Petroleum Refinery sacrificed over N10 billion to ensure the availability of petrol at a uniform price across the country during the yuletide period. He also praised the refinery for setting a new benchmark in Nigeria’s energy sector by unlocking vast opportunities for export revenue.

Speaking on the transformative impact of the refinery on Arise TV, Prof. Ife explained that for years, the equalisation fund had been responsible for managing the price differentials and transportation costs involved in distributing petroleum across the country. However, it has been reported that the fund owes marketers over N80 billion, according to the development analyst.

“What has actually happened is that the president has shifted the subsidy burden away from the public purse and onto the private sector. The equalisation fund, which was meant to cover the price differential and transportation costs, plays a crucial role. If petroleum is to be sold across the country at a set price, then transportation costs must be accounted for to ensure this is possible. That’s the purpose of equalisation. However, the equalisation fund is reported to owe around N80 billion to the marketers, and this issue is still under discussion.

“During the Christmas season, which is traditionally the most challenging period, we often face shortages of petroleum, petrol hoarding, and arbitrary price hikes, all of which impact the cost of food. In response, during this last yuletide, the Dangote Group made the decision to absorb the costs. They equalised the price themselves, at a cost of over N10 billion. In doing so, they effectively absorbed the subsidy,” he said.

Prof Ife also said the facility is steering Nigeria away from its traditional focus on Premium Motor Spirit (PMS) towards a diversified range of petroleum-based exports.

He added that with major international players such as BP and Saudi Aramco purchasing refined products from Nigeria, the country is swiftly becoming a key player in the global petroleum market. The analyst expressed confidence that Nigeria is on the path to self-sufficiency in petroleum products, while simultaneously positioning itself as an energy export powerhouse.

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