Connect with us

Economy

Submit Production Data or Lose Export Permits, FG Warns Oil Firms

Published

on

oil-rig
  • Submit Production Data or Lose Export Permits, FG Warns Oil Firms

The Federal Government, through the Department of Petroleum Resources, has said oil companies that fail to submit their crude oil production data to the National Production Monitoring System will not be given export permits starting from next year, among other sanctions.

The DPR gave the warning on Thursday in Lagos, describing production data as the key component in fiscal and revenue system generation computations.

“Therefore, the availability and sustainability of reliable production data input enhances the computation efficiency for royalty determination and strategic national revenue projections,” the acting Director, DPR, Mr Ahmad Shakur, said at a sensitisation workshop on the NMPS for operators.

Shakur, who was represented by the Assistant Director, Resources Management branch, Upstream, DPR, Mr Akpomudjere Okiemute, said the engagement with the operators was aimed at ensuring full compliance to production and export data upload into the platform, deepen stakeholders understanding of the operations and relevance of NPMS to the nation.

He said, “Oil and gas earnings account for about 90 per cent of Nigeria’s revenue. It is, therefore, essential that the Federal Government, through the DPR, have firm grip on oil and gas production, transfer to terminals and exports.

“The NPMS is a web-based platform that provides rapid and efficient electronic data collection database and reporting system, which is envisaged to replace the paper-based reporting.”

According to him, the key objectives of the NPMS includes provision of a system for acquisition of production data from oil and gas facilities in Nigeria to ensure timely and accurate reporting of production figures and export data; monitoring of production and export activities, and enhancing the revenue generation drive and policy of the Federal Government.

Shakur said the system was also aimed at improving transparency and accountability in oil and gas operations and management.

He said it would “give potential investors high confidence and assurance to invest in our industry. The country thus gains from increased foreign direct investment and its inherent micro and macro-economic benefits.”

“All oil producing companies are statutorily required to submit production data through the portal to enable the department effect a comprehensive real-time reporting of the nation’s daily production status to government,” he added.

According to him, data to be submitted include daily production report, monthly reports on producing wells, Maximum Efficient Rate results, well test reports, lifting reports, daily associated gas and non-associated gas production reports, and terminal reports.

The DPR boss said, “We have observed over the years that some operators are yet to comply fully with data submission via the NPMS portal in contravention of the provisions of Section 43 and 52 of the Petroleum (Drilling and Production) Regulations, 1969 as amended. The department has, therefore, taken some steps to ensure full compliance to NPMS data submission.”

Shakur said a compliance team had been set up with the task to drive, monitor and ensure full compliance with data submission via the platform.

He said, “Operating companies were invited to submit two compliance officers dedicated to handle NPMS matters to ensure continuous upload of production data into the platform as required. Going forward, the operators would also be held liable for non-compliance.

“DPR would henceforth tie the NPMS data submission compliance to some of its regulatory processes such as issuance of export permits, technical allowable, and other statutory approval/permits. The DPR compliance team is expected to meet with compliance officers quarterly to review compliance level and challenges.”.

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

FG Plans to Build 10 New Airports in Anambra, Benue, Others – Aviation Minister

Published

on

Buhari in Port Harcourt

Aviation Minister Says FG Working on Building 10 New Airports

The Minister of Aviation, Hadi Sirika, on Tuesday, said the Federal Government plans to build 10 airports across the country to improve civil aviation.

The minister made the statement while defending his ministry’s 2021 budget proposals.

Sirika said President Muhammadu Buhari has done justice to the aviation ministry through the ongoing framework and implementation.

He said the administration would construct new airports in Anambra, Benue, Ekiti, Nasarawa, Ebonyi and Gombe States.

He further stated that airports in Kebbi, Osubi and Dutse have been taken over for redevelopment by the Federal Government.

Sirika said, “Consequent upon that roadmap, we have seen aviation grow in 2018 to become the second-fastest-growing sector of the economy.

“Also and by 2019, it became the fastest-growing sector of the economy and increased its GDP contribution.

“From 2015 till now, we’ve seen a lot of growth in civil aviation, the number of airports is increasing.

“So far, about seven airports have been added to the map, some of them completed, some of them under construction.

“There are airports coming up in Benue, Ebonyi, Ekiti, Lafia, Damaturu, Anambra and so on.

“All these show that civil aviation is growing during this administration.

“So, we have about 10 new airports coming up, that is almost half the number of airports we used to have in Nigeria.

“We are adding 50 per cent of the number of airports,” the minister added.

Sirika noted that Nigeria Air, the proposed national carrier, was part of the new roadmap and could be delivered before 2023.

He said, “We are on it. The transaction adviser has brought in the outline business case.

“It is being reviewed by Infrastructure Concession Regulatory Commission, Soon after it finishes, it will go to the Federal Executive Council and it will be approved.

“We will not leave this government without having it in place.”

He defended why Lokoja, Kogi State needs another airport, saying it is an alternative to the Nnamdi Azikiwe International Airport in Abuja.

He said, “Lokoja is an important northern town. It is a cosmopolitan town, it’s a mini Nigeria and it is extremely very important in growth and development of our country.

“We have a lot of agricultural activities there. There is fishery, there is perishable item production and so on.

“So, establishing an airport there is quite apt. For me, it is something we should have done long ago for its importance.”

Continue Reading

Economy

FG Says Over N6 Billion Disbursed to Poor Households in Zamfara

Published

on

Over N6 Billion Disbursed to Poor Households in Zamfara

The Federal Government said it has disbursed over N6 billion under the Conditional Cash Transfer (CCT) scheme to poor households in six out of the 14 local governments in Zamfara in 2020.

The Minister of Humanitarian Affairs, Disaster Management and Social Development, Hajiya Sadiya Umar-Farouk disclosed this on Tuesday during the flag off of Grant for Rural Women Project in Gusau.

The minister said the CCT program was created in 2016 to address the deficiencies in capacity and lack of investment in human capital of poor and vulnerable households.

The programme is designed to deliver timely and accessible cash transfers to beneficiary households.

“And sets to support development objectives and priorities, to achieve improvement in health and nutrition, school enrolment and retention, environmental sanitation and empowerment among others,” she explained.

Umar-Faruk said a total of 130,000 beneficiaries from Anka, Bungudu, Birnin Magaji, Kaura Namoda, Tsafe, and Talata Mafara local government areas received between N30,000 to N80,000, depending on the dates the beneficiary enrolled in the programme.

Speaking on the grant for Rural Women, the minister said the programme was introduced to deepen the social inclusion agenda of President Buhari administration that includes lifting 100 million Nigerians out of poverty in 10 years.

It is designed to provide a one-off grant to some of the poorest and most vulnerable women in rural Nigeria.

“A grant of N20,000 will be disbursed to over 150,000 poor rural women across the 36 states of the federation,” she said.

Continue Reading

Economy

Delta State Gov Okowa Presents N378.48 Billion Budget for 2021

Published

on

governor-ifeanyi-okowa-of-delta-state

Ifeanyi Okowa Presents N378.48 Billion Proposed Budget for 2021

The Executive Governor of Delta State, Senator (Dr) Ifeanyi Okowa, on Tuesday presented a N378.48 billion budget to the state’s House of Assembly for consideration for the 2021 fiscal year.

The budget christened “Budget of Recovery” appropriated N207.52 billion for Capital Expenditure while Recurrent Expenditure was allocated N171.32 billion.

According to the Governor, capital expenditure accounted for 54.76 percent of the budget while 45.24 percent represented recurrent expenditure.

He explained that the allocations were in line with his administration’s agenda of spending more on projects and programmes that would impact positively on the socio-economic well-being of the people of Delta.

The proposed budget for 2021 is N96.2 billion or 34.05 per cent more than the N282 billion approved for 2020.

The governor said that the 2021 budget proposals reinforced the state government’s commitment to road infrastructure, education, health, job and wealth creation programmes as the principal-drivers of the Stronger Delta agenda.

According to him, N113 billion, representing 89.94 per cent of the capital budget is allocated to the economic sector while N35 billion is allocated to the social sector; the administration sector got 10.93 billion and the regional sector, N42 billion.

“In 2021, we propose to spend N66.66 billion on Road Infrastructure; N6.79 billion on Health; Education will gulp N23.55 billion; Agriculture, N2.04 billion and Water Sector, N1.83 billion.

“Job and Wealth Creation Bureau will gulp N1 Billion and Youth Development, N1.25 billion. These key sectors are very essential in our 2021 budget,” Okowa said.

Okowa also explained that due to the negative impact of COVID-19 on the economy and the world at large, government spending was significantly affected by the global pandemic and that Delta was no exception.

The governor, therefore, stated that “the proposed 2021 Budget for Delta is primarily focused on protecting and supporting our people in a COVID-19 environment, accelerating infrastructural renewal, incentivizing growth, enhancing job creation, engendering social inclusion and developing sustainably.

“Overall, the proposed 2021 Budget is predicated on inclusive economic growth that is sustainable and people-centred, with strengthening fiscal sustainability through increased efficiency in spending, improved revenue mobilization and debt sustainability.

“It also entails improving processes and systems in Public Financial Management, and Monitoring and Evaluation, to bolster better public sector service delivery.”

Continue Reading

Trending