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Buhari to Launch $10bn Niger Delta Reconstruction Fund

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Niger Delta Reconstruction Fund
  • Buhari to Launch $10bn Niger Delta Reconstruction Fund

The federal government under the watch of President Muhammadu Buhari plans a $10 billion infrastructure development fund for the oil-rich but restive Niger Delta, the Minister of State for Petroleum, Dr. Ibe Kachikwu, said yesterday in Abuja.

“We are launching $10 billion infrastructural rebirth investment programmes in the Niger Delta region. This is not money that is going to come strictly from the federal government. It is going to come from investors, individuals who are ready to do private sector infrastructure, obviously states and federal governments as the case may be and international organisations who have shown interest to help,” he said at the unveiling of the Roadmap for the Petroleum Industry tagged “7 Big Wins to Grow Nigeria’s Oil and Gas.”

Before Kachikwu’s revelation of the mouth-watering goodies for the long suffering region, Buhari had, while launching the roadmap, said notwithstanding his administration’s much talked about diversification as the main tool for putting the economy on the path of sustainable growth, Nigeria would have to depend on oil and gas revenue to get out of the current economic recession, contending that despite the fall in oil price, oil and gas resources remained the most immediate and practical keys out of the country’s present economic crisis.

“As important as it is to ensure that agriculture, solid minerals and other critical sectors of the economy are supported to grow and contribute more to the nation’s economy, we still need a virile and efficient oil and gas industry to take care of our foreign exchange requirements,” he said.

According to him, an efficient oil and gas sector remains a national imperative and a core thrust of his economic policy, adding that the petroleum industry remained critical to the Nigerian economy of today and the future, despite current challenges.

The president also admitted that oil and gas still remained a critical enabler for the successful implementation of his budget as well as the source of funds for laying a strong foundation for a new and more diversified economy.

The president said the task before the Ministry of Petroleum Resources was to maximise the potentials and opportunities across the whole range of the oil and gas industry to stimulate the economy in spite of the current challenges.

He said: “There is also a dire need to instil a new culture of transparency and efficiency in the industry, streamline operations along best practices by championing and implementing strategic reforms at every layer of the industry.

“This will help us improve oil and gas production, explore our frontier basins, improve our local refining capacity and above all build sustainable partnerships with the oil producing communities.”

Buhari said that if Nigeria was able to plug the leakages, and tighten loose systems that characterised the industry in the days of high oil prices, the country could do more with the little that it is getting at the moment than in the time of plenty.

The president noted that recent developments in the Niger Delta had temporarily limited the nation’s oil and gas production and supplies.

He however reaffirmed that, “whatever challenges we are currently facing in the region, our resolve and capability to work with all stakeholders to restore normalcy will guarantee success.”

The president acknowledged the importance of the public, the media, local and foreign investors and other critical stakeholders in the oil and gas industry and appealed for their support and cooperation.

Buhari said creativity, innovation, technology and robust partnership amongst various stakeholders were required to get the best from the industry.

He said: “This Roadmap reflects the vision and aspiration of this administration for this sector and urge you all to deliver on the expectations contained in the Petroleum Industry Roadmap.”

Speaking more elaborately on the plan for the Niger Delta, Kachikwu said the federal government would be launching a $10 billion infrastructure rebirth programme for the Niger Delta region, but that its implementation would be on instalment and its funding not exclusively from the federal purse.

He said that the Niger Delta state governors would have to meet to decide which cross boarder infrastructure the fund would be expended on.

According to him, “What is more important is not the number but the conceptualisation of the process. It is a fact that governors will have to come together from the region to begin to look at cross-state investments whether there will be railways, whether there will be power facilities, whether there will be specialist hospitals or whatever.

“But right now, there is a slowing down of investment in the region and that is not helping the region. So, we are going to be pulling in NNPC and groups like that and ensure that we look at cross boarder investment in the region,” he stated.

He said Buhari would also seek to review the way 13 per cent derivation allocation to the oil producing states is applied by beneficiary states.

According to him, the government would be appealing to the state governors, who have now taken the allocations as their main budgeting tool, to channel the funds to the core areas where oil is produced.

He said: “The president is also reviewing the proposal we gave him to look at how the 13 per cent derivation is applied. Right now it is a budgeting tool for state governments. We are going to be appealing to them to begin to put that into the core areas of the oil producing communities. And not just see it as a budgeting number.”

On transparency in the oil sector, he said that the adoption of Treasury Single Account (TSA) had assisted to tackle corruption in the industry by bringing all its funds into one account.

The minister also spoke on the expected impact of the new roadmap and said that investments in Nigeria’s oil and gas sector, which took a downturn in the recent past would soon pick up following the conclusion of a review of the country’s Joint Venture Cash Call (JV) framework.

According to him, on the back of the review, a lot of oil and gas investors are pushing to come back and invest heavily in the country’s oil and gas sector.

He said that there would be an explosion of investment in the sector soon.

Kachikwu also said there were plans by the government to review the mechanism of securing oil and gas installations in the country to conform with standard practices as obtained in other oil and gas producing climes.

The launched policy document is couched in ‘The 7 Big Wins,’ theme, which borders on policy and regulation, business environment and investment drive, gas revolution, refineries and local production capacity, Niger Delta and security, transparency and efficiency, as well as stakeholder management and international co-ordination.

He said each time he projected a rise in the country’s oil production to 2.2 million barrels per day (mbpd) and 3mbpd, they were based on the fact that the JV structure had been reviewed and funding issues sorted out.

“On the issue of JV cash call. We have done a yeoman’s job. We are nearing completion of those negotiations, it would go to the FEC and it does not require a law. Those things are basically MoUs,” he said, adding: “We are going to structure the MoUs to enable them find the funding they require. There is even a budgeting process in terms of what we approved should be done, but how you now sequence the distribution of the funding is where the catch is.”

He said the government had made a lot of progress on funding, explaining that over $1.2 billion would be saved.

The minister projected an explosion of investment, saying oil companies were planning to make a big splash with projects and backed by huge money as they return to the country.

 

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Nigeria Immigration Service Reopens Portal With New Passport Application and Payment Process

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Nigerian International passport- Investors King

The Nigeria Immigration Service (NIS) has announced the reopening of its passport application and payment portal.

The assistant comptroller of immigration, Mr Amos Okpu announced in a statement in Abuja on Tuesday.

In the statement, Mr Muhammad Babandede, the Comptroller-General of the service, said the portal became effective for new applications from 12 midnight on Tuesday.

Babandede further said that the portal would allow eligible applicants to apply and make payments for the various categories of passports of their choice.

Mr Muhammad Babandede explained that with the reopening of the portal, a new passport application and payment regime had begun.

The statement in full:

“The Comptroller General of the Nigeria Immigration Service (CGI), Muhammad Babandede MFR, has announced the reopening of the Passport application and payment portal effective 8th June 2021 by 12 midnight to allow eligible Passport applicants to apply and make payments for the various categories of Passports of their choice.

The Passport portal was closed following the directives of the Minister of Interior, Ogbeni Rauf Aregbesola on the 17th of May, 2021to afford the Service the opportunity to clear all backlogs of applications that have piled up across Issuing Centres in the past few months.

With the reopening of the portal, a new Passport application and payment regime have commenced. Under the new Passport regime;

Applications and payments for Passport services shall be made through the Service website www.immigration.gov.ng;

  • applicants are expected to visit the portal to apply and upload their support documents for vetting and processing;
  • a chat room facility to guide applicants through the application and payment process has been provided on the portal;
  • upon successful applications, applicants shall make their online booking interview/enrollment appointment on any day, time and location they consider convenient;
  • that the new timeline for Passport production and issuance after a successful enrollment at the selected Issuing Centre shall be six weeks for Fresh applications and three weeks for Re-issue (Renewal applications);
  • that no applicant who is yet to make an online application and payment shall be allowed into any of the Passport Issuing Centres for Passport processing;
  • applicants will be contacted through email and phone number they provided during application when their Passports are ready;
  • a helpline with the number 08021819988 has been provided for feedback mechanism on any challenges.

The Comptroller General, Muhammad Babandede MFR wishes to use this medium to call on Nigerians and indeed Passport applicants to avoid patronizing touts as the entire process has been made seamless for effective and efficient service delivery. He warned Passport racketeers to desist from acts capable of undermining the reform efforts to avoid very strict sanctions.

Signed AMOS OKPU MNIPR
ASSISTANT COMPTROLLER OF IMMIGRATION
SERVICE PUBLIC RELATIONS OFFICER
For: COMPTROLLER GENERAL OF IMMIGRATION 8TH JUNE, 2021″

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INEC To Publish The List Of New Polling Units Next Week

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INEC-PVC- Investors King

The Independent National Electoral Commission (INEC) has pledged to publish a comprehensive list of its new polling units across the nation next week.

The INEC Chairman, Prof. Mahmood Yakubu, disclosed this on Monday in Abuja.

Yakubu was speaking at the formal handing over of a new state of the art fire truck, deployed to the Commission’s headquarters in Abuja by the Federal Fire Service (FFS).

He said that details of the locations of its registration centers and the procedure for the commencement of online registration for resumption of nationwide Continuous Voter Registration (CVR) would be made available in the second week of May.

He expressed appreciation of the commission to the FFS and all security agencies for the demonstration of their support to protecting INEC facilities

He said that the support was coming on the eve of the resumption of the CVR nationwide in the next three weeks.

“We earlier assured Nigerians that we shall conclude work on the expansion of voter access to polling units and make the new polling units available to citizens ahead of the CVR exercise.

“I am glad to report that we have accomplished this task for the first time in 25 years.

“A comprehensive list of the new polling units will be published next week.

“Similarly, details of the locations of the registration centers and the procedure for the commencement of online registration will also be made available after a series of regular consultative meetings with stakeholders next week,” Yakubu said.

He said that as a member of the Inter-Agency Consultative Committee on Election Security (ICCES) FFS had been as concerned as other security agencies about the recent attacks on our offices across the country.

“This is particularly so because out of the 42 attacks on our facilities nationwide, 18 incidents resulted from arson and three more by a combination of arson and vandalisation.”

Yakubu recalled that concerned by those incidents, the commission convened an emergency meeting of ICCES last week of April, where the security agencies renewed their determination to collaborate more with the commission.

According to him, they pledged to assist the commission address the challenge beyond the routine protection of INEC assets and the security of its officials, voters, observers, the media, candidates and their agents during elections.

“On its part, the Federal Fire Service offered to deploy an additional state-of-the-art fire engine to the INEC headquarters to complement the two existing trucks.

“At the same time, it directed its state offices to take additional protective measures around other INEC facilities nationwide.

“Today’s inauguration of the new fire engine is another affirmation of the support to the commission from the FFS whose personnel, already deployed permanently to the commission

“The personnel will continue to operate and maintain the fire engines and other firefighting equipment installed by INEC,” Yakubu said.

Speaking earlier, the Controller-General (CG) of FFS, Alhaji Liman Ibrahim said the deployment of the firefighting truck was premised on recent fire attacks on INEC offices in different parts of the country.

Ibrahim, represented by the Assistant Controller-General of the service, Mr Samson Karebo, said the deployed truck would serve as fire cover for the premises of INEC headquarters and the entire Maitama vicinity of Abuja.

“The FFS is taking this step as a proactive measure to protect our critical infrastructure and help to protect our economy by forming synergy with all stakeholders in protecting our environments.

“Our center is focused on bringing firefighting operations to every part of the country as part of our statutory duties by having a presence in virtually every state in Nigeria

“The FFS will very soon be moving into all senatorial headquarters in the country. That is how we want to operate for now so that we can touch every corner of this country,” Ibrahim said.

He called for the cooperation of all for the service to better serve the nation by not molesting FFS staff in the line of duty.

In his remarks, the National Security Adviser (NSA) retired Maj.-Gen. Babagana Monguno, who is also Co-Chair of ICCES, described the deployment of the truck as a demonstration of President Muhammadu Buhari’s commitment to sustain Nigeria’s democracy and address insecurity.

Monguno said that the gesture also symbolised commitment to a clear affirmation of Buhari toward protecting institutions of government, toward securing their property, toward fighting acts of irresponsibility, vandalisation and outright criminality.

“The President is determined as much as he can within the confines of legality to suppress any kind of criminality and destruction of public property.

“This is something that he is determined to do regardless of whatever the challenges are.

“He will apply all the resources in his disposal in his capacity as the Commander in Chief of the Armed Forces to ensure the wider Nigerian society is safe, stable and is allowed to carry out its legitimate undertaking, free from any act of insecurity,” he said

Monguno urged all other security agencies not to relent in ensuring that they continued to protect lives and property.

The Inspector-General of Police, Mr Usman Baba pledged commitment to security agencies to work with INEC and protect INEC’s facilities, citizens’ life and property.

Also at the occasion was the Minister of Interior, Ogbeni Rauf Aregbesola, represented by Director of Joint Services, Mr Peter Obodo; as well as the representative of Director-General, Directorate of State Services, Tony Adikweruka.

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Recovered Assets: Ad-hoch Committee Gives Emefiele, Others 72 Hours Ultimatum

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House of representatives

The House of Representatives ad-hoc committee, investigating recovered assets, has given the Central Bank Governor, Godwin Emefiele, and National Security Adviser, Babagana Monguno, 72 hours to appear before it.

The committee also issued same ultimatum to the Inspector General of Police, Usman Alkali, and the Director-General of Nigerian Maritime Administration and Safety Agency, NIMASA, Bashir Jamoh.

The summon was issued on Monday, after Mr Emefiele and the others failed to appear before the committee.

The government officials had sent representatives, but the committee chairman, Adejoro Adeogun (APC, Ondo), said they failed to forward letters to that effect.

He said allowing representatives without a proper letter of introduction would be akin to allowing “impersonators.”

You are indirectly insulting the House of Representatives. You are undermining the House of Representatives,” an angry Mr Adeogun said.

Moving a motion to give the agencies 72hours to appear before the committee, Ibrahim Isiaka (APC, Ogun), said the agencies created by Acts of the parliament “should not be undermining the parliament”.

The motion was unanimously adopted by the committee.

Mr Isiaka suggested that the House should shut down its activities if the agencies fail to appear before them.

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