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Economy

EU to Spend N10bn to Fight Corruption in Nigeria

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  • EU to Spend N10bn to Fight Corruption in Nigeria

The European Union on Tuesday said it would spend €23.3m (N9.9bn) on a four-year programme that would focus on tackling corruption in Nigeria.

The EU Ambassador and Head of Delegation to Nigeria and ECOWAS, Kurt Cornelis, said this in Abuja during the inauguration of the four-year Rule of Law and Anti-Corruption Programme in Nigeria.

He said, “The European Union is providing €23.3m for the initiative, to be implemented at the federal level and in four states of Adamawa, Anambra, Kano and Lagos. Corruption and an ineffective justice system undermine Nigeria’s effort at economic and social development and fighting poverty.”

Cornelis, who disclosed that the British Council office in Nigeria would implement the programme, said the EU had affirmed its commitment to supporting Nigeria to improve the justice sector and strengthen the fight against corruption through the financing of the programme tagged, RoLAC.

The envoy added, “Criminal justice reform and the fight against corruption are complementary and mutually reinforcing. Corruption is both a cause and driver of poor governance and performance of the criminal justice system.

“At the same time, a strong Nigerian criminal justice sector, able to dispense timely and effective justice would strengthen the fight against corruption, as incentives to engage incorrupt practices are reduced.

“The overall objective is to enhance good governance in Nigeria by contributing to the strengthening of the rule of law and curbing corruption. More specifically, it will target and support: The implementation of the Nigerian criminal justice reform agenda to improve on the timeliness, effectiveness and transparency of the system.”

Other areas the programme will focus on include: Increasing access to justice for women, children and persons with disabilities strengthening the fight against corruption in the criminal justice sector, public procurement and the extractive industries, enhance citizens’ civic and public engagement in criminal justice sector reforms and the fight against corruption

According to RoLAC Programme Director, Dr. Bob Arnot, at the British Council, the approach is not to bring predetermined solutions but to work in collaboration with Nigerian state and non-state actors to develop and implement sustainable initiatives that will build upon and consolidate the successes of the EU’s previous support to Nigeria in the justice and anti-corruption sector under the 10th EDF.

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.

Economy

NNPC to Focus on Domestic Gas Growth, Says Kyari

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Gas Exports Drop as Shell Declares Force Majeure

FG, NNPC to Focus on Growing Domestic Gas Utilisation

Mr. Mele Kyari, the Group Managing Director, Nigerian National Petroleum Corporation (NNPC), has said the corporation is presenting focusing on growing domestic gas utilisation.

The Managing Director disclosed this on Tuesday during a virtual BusinessDay Energy Series Summit with the theme, “Nigeria at 60: Harnessing Nigeria’s Energy for the Future.”

The NNPC boss also said the corporation is committed to delivering key gas infrastructures such as Escravos-Lagos Pipeline System II, Obiafu-Obrikom-Oben Gas Pipeline, Ajaokuta-Kaduna-Kano Gas Pipeline, and Central Gas Processing Facilities.

He stated that NNPC was working on developing five gigawatts of power generation by 2022.

He said, “At the NNPC we are aggressively pursuing other gas development initiatives with the aim of improving Nigeria’s economy using the appropriate fuels.

“In terms of gas and power, we are developing and integrating gas and power infrastructure networks (increase interconnectivity) as well as stimulating gas demand (power generation, feedstock and transport, etc).”

Kennie Obateru, the NNPC spokesperson, quoted the NNPC boss in a statement issued in Abuja. He said the corporation was working on domestic gas utilisation to five billion standard cubic feet of gas per day.

He added that the Nigerian Liquefied Natural Gas Train 7 would be completed and delivered by 2024.

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Economy

Senator Rejects Aisha Umar From North-East as PenCom DG Replacement for South-East

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Law Markers Rejects President Buhari’s PenCOM Director-General Nominee

The Senate has rejected President Buhari nominated Director-General of the National Pension Commission, Aisha Umar.

Some of the Senators, who vehemently protested the nomination immediately the Senate President, Ahmad Lawan, read Buhari’s letter said Aisha Umar from the North-East should not be replacing the former DG, Mrs Chinelo Anohu-Amazu, who is from the South-East.

The aggrieved senators said the action of the president is flagrant breach of the Act that established the PenCom.

According to Section 20(1) and section 21(1) and (2) of the National Pension Commission Act 2014, states, “In the event of a vacancy, the President shall appoint replacement from the geopolitical zone of the immediate past member that vacated office to complete the remaining tenure.”

Meaning President Buhari had acted against the Act establishing the PenCom.

Speaking on behalf of the aggrieved Senators, Enyinnaya Abaribe, the Senate Minority Leader, said “I recall that the tenure of the incumbent was truncated. Therefore, the new letter from the president that has now moved the chairman of the commission to another zone may not be correct.

“It is against the law setting up the National Pension Commission and the Federal Character Commission.

“Before you (Lawan) send it to the appropriate committee tomorrow, (Wednesday), I wish to draw the attention of the committee to it.”

The Senate President, however, rejected the minority leader’s point of order and observation, saying “That is for me to interpret because I interpret the laws here. If there is any petition to that effect it should be sent to the committee.”

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Economy

Electricity Regulatory Commission Suspends Tariff Increase for 14 Days

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Nigerian Electricity Regulatory Commission Suspends Tariff Increase for 14 Days

The Nigerian Electricity Regulatory Commission (NERC) has suspended the increase in electricity tariff in accordance with the resolution reached between the Federal Government and the Nigerian Labour Congress and Civil Rights groups.

The commission suspended the new tariff implemented on September 1, 2020 for 14 days.

The NERC, in its Order No. NERC/209/2020 issued around 10.30 pm on Tuesday, describing the regulatory instrument as “NERC Order on suspension of the Multi Year Tariff Order 2020 for the electricity distribution licensees.”

The commission said, “This order shall take effect from 28th September 2020 and shall cease to have effect on the 11th October 2020.”

This is coming a day after the labour union agreed to halt a nationwide industrial action to allow the government fashioned out a way to address the recent increase in prices from pump price to electricity bill.

Labour had described Federal Government action as anti-people policy, especially given current economic realities.

The government on the other hand had said the hikes were touch necessary decision to advance the nation’s economy and further improve power supply and revenue generation necessary to deepen economic growth.

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