Thursday, November 28, 2024
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FG Approves N108 Billion to Offset Outstanding Subsidy Payments

The federal government has set aside an extra N108 billion to completely offset subsidy payments to oil marketers for the year 2015.

Executive secretary of the Petroleum Products Pricing Regulatory Agency (PPPRA), Farouk Ahmed, who disclosed this in Abuja while announcing the new pump price of petrol, said the money is meant to clear payment for the month of October, November and December, 2015.

Recall that government recently paid an outstanding N407 billion subsidy claims to oil marketers which covered payments up to September, 2015. Minister of Finance, Kemi Adeosun, said the payments included arrears from the 2014 financial year as well as payments for 2015.

Meanwhile Ahmed said the PPPRA has completed verification of marketer’s documents for the months of October and November, which would be sent to the Debt Management Office (DMO) before finally being handled by the ministry of finance.

He said, “For October, November and December, PPPRA has been verifying subsidy claims, the verification only commences when the marketers bring in their documentation. So we have been able to verify October and November and we are going to send everything to the DMO for payment.

“Already there has been a budget for that because we have appropriated about N108 billion for these three months, but I can tsell you that the figure is way below that. It has come down because of the drop in the price. So that will be processed to DMO and then the ministry of finance will handle that,” Ahmed said.

He further maintained that marketers will not have problems with payment of subsidy arrears for 2015 because the federal government is up to date with the payment.

READ: Full Text of President Buhari’s New Year Speech to Nigerians

Fellow Citizens,

Welcome to the beginning of a New Year of the continuation of CHANGE in our beloved nation.

I am aware that Nigerians have experienced a number of significant hardships over the past months. Living in the State House has not alienated me from your daily sufferings. I am aware of the lengthy queues at fuel stations and of the difficulties businesses have faced in acquiring foreign exchange. These challenges are only temporary; we are working to make things better.

When I presented myself to you as a presidential candidate and asked you to vote for me, I wanted to be a leader who keeps his promises. I wanted to be a leader who restores the people’s hope in those elected to serve them. I wanted to be a leader who initiates positive and enduring CHANGE.

I am still totally committed to being that kind of leader. Unforeseen circumstances and other distractions notwithstanding, I shall still do my utmost best to keep every promise I made to Nigerians during my election campaign.

In the past seven months since our inauguration on May 29, 2015, my administration has focused on laying the right foundation for the CHANGE you voted for during our historic presidential election.

Nigerians will in due course begin to enjoy the fruits of all our ongoing work. The effective and efficient implementation of our 2016 budget proposals will address many of the socio-economic issues that are of current concern to our people.

One area in which Nigerians, especially those in the northeast, have already begun to experience major CHANGE is in the war on terror.

I commend our Armed Forces for significantly curtailing the insurgency which has ravaged the northeast of Nigeria over the past few years. However, there is still a lot of work to be done in the area of security. Our Armed Forces will maintain, consolidate and build on their successes in the war against Boko Haram and violent extremism.

This government will not consider the matter concluded until the terrorists have been completely routed and normalcy restored to all parts of the country that have been adversely affected by the Boko Haram insurgency.

Our crackdown on corruption will continue to be vigorously undertaken. I urge the courts to support our efforts and help in the recovery of stolen funds by speedily concluding trials and showing that impunity no longer has a place in our country.

There is much work to do in other areas as well and I have charged all my ministers and other appointees to ensure that Nigerians experience positive changes in their lives in 2016.

We must reduce our country’s reliance on oil. We must diversify our economy. And we must do all we can to promote job creation. Our challenges are many but our determination to succeed is strong and unshaken.

So too is our confidence in God.

I wish you all a very Happy New Year.

Nigeria’s Oil and Gas Industry Requires 800,000 MT of Pipes Annually

The executive secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Denzil Kentebe, has said that the oil and gas industry require over 800,000 metric tons of pipes per annum.

Speaking at a meeting with the investors held at the Board’s headquarters in Yenagoa, Bayelsa State recently,  he listed opportunities for the utilisation of line pipes to include the gas master plan projects, major upcoming engineering, procurement and construction projects as well as the planned replacement of aged pipes used in transporting crude and refined products.

To this end, Kentebe has charged investors in line pipes used in the Nigerian oil and gas sector to accelerate their investments so as to close existing gaps in the local supply chain.

Kentebe stated that the Board had spent considerable time stimulating investments in line pipes and noted that it was high time the firms brought their investments to fruition.

He pledged the Board’s preparedness to assist the companies overcome challenges they may be facing with their projects, urging them to suggest interventions they would require from government.

The Executive Secretary also assured that the Board was committed to realising the Polaku Pipe mill project so as to produce line pipes in-country and demonstrate government’s commitment to the pipe mill initiative.

Remarking, the Managing Director, Brentex Petroleum Service Ltd, Chidi Nzerem, thanked the Board for its support, pointing out that the company had begun extensive work at its pipe mill site in Calabar, Cross Rivers State.

According to him, when completed, the pipe mill would be the largest in Africa with a production capacity of 300,000MT of pipes. He also confirmed that his company had acquired 65 per cent of the equipment required to start production which has already been shipped Calabar.

Dr. Alex Otti Declared Winner Of Abia State Governorship Elections

Abia Govt To Save ₦‎200m Monthly After Elimination Of Ghost Workers

The Appeal Court sitting in Owerri, has declared Dr. Alex Otti of the All Progressives Grand Alliance (APGA) party winner of the Governorship elections held in Abia State in April, 2015. The court therefore ordered Mr. Okezie Ikpeazu of the PDP to vacate the seat, and for Dr. Otti to be sworn in accordingly.

In delivering the judgement, a 5-man panel of The Court of Appeal, led by Justice Oyebisi Omoleye, held that Dr. Otti scored 164,444 votes to defeat Mr. Ikpeazu, who scored 114,444 votes.

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