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The National Economic Council, which comprises Vice-President Yemi Osinbajo and 36 state governors, has endorsed plans by the Federal Government to sell some national assets as part of efforts to address the current economic recession in the country.

The Senior Special Assistant to the Vice-President on Media and Publicity, Mr. Laolu Akande, said in a statement that the sale of national assets was one of the recommendations of the Minister of Budget and National Planning, Senator Udo Udoma (SAN), during the National Economic Council meeting on Thursday.

Other recommendations, he stated, included the diversification of the economy and the use of recovered loot.

The statement added that as part of measures to revive the economy, “the President’s Economic Management Team is working on plans to generate immediate larger injection of funds into the economy through assets sale, advance payment of licences renewal, infrastructural concession, use of recovered funds etc. to reduce funding gaps; and implementation of fiscal stimulus/budget priorities.”

The government also wants to “fast-track procedures through legislation and implementation of Strategic Implementation Plan of the budget; and engage in the meaningful diversification of the economy and cut down importation.”

In her presentation, the Minister of Finance, Kemi Adeosun, revealed that the balance of the Excess Crude Account was $2.453bn as of September 20, 2016.

On the budget loan support facility for the states, Adeosun told the council that N50bn had so far been disbursed to the state governments.

In the area of housing, the finance minister noted that there was a target of N1bn to operate a Public-Private Partnership (N500bn initial) to create a blended pool of long term funds to intervene in housing development finance and mortgage provision.

She said the aim was to deliver family housing priced from as low as N2.5m up to N18m, delivered in a ‘‘ready-to-occupy’’ condition with essential services, including water and electricity.

Adeosun added, “The delivery target is 400,000 to 500,000 housing units per annum. The ultimate aim of the programme is to channel funds from savers to borrowers so that builders have the required capital to construct and prospective buyers can access credit to purchase.

“The fund will attract low cost local and international capital, including from domestic pension and insurance funds, FG funding as well as contributions from state governments and other agencies.”

The Governors of Kebbi State, Abubakar Bagudu; Oyo State, Abiola Ajimobi; and the Deputy Governor of Ogun State, Yetunde Onanuga, told journalists after the four-hour meeting that the council members commended the Economic Management Team and supported the plan to steer the nation out of recession.

Bagudu added, “The National Economic Council met today (Thursday) at its sixth meeting of the year, which is the 70th National Executive Council meeting and the Ministers of Budget and National Planning and the Central Bank Governor all made presentations and the highlights of the presentation were the sad news that the economy was in recession largely due to the dependency on single commodity, which is crude oil, which prices we do not control.

“And in particular, it was noted that our economic managers, the National Economic Team, are responding in competition with economic managers elsewhere; so, it’s not an easy task, it is a very difficult task and we crave the indulgence of our nation to give them a chance for the measures to take effect.”

Ajimobi said the Presidential Technical Committee on Land Reform presented the draft regulation on Land Use Act 2013 to NEC.

According to him, the regulation seeks to make provisions to streamline mortgage transactions and clearly delineate the rights, duties and obligations of a mortgage.

Onanuga stated that Adeosun and the CBN Governor, Godwin Emefiele, briefed NEC on the best options for managing floating Forex policy introduced by the CBN.

Highlights of the presentation, she said, included CBN introduced cautious Monetary Policy orientation as dictated by consumer price and exchange rate, adoption of policy tightening measures for flexible Forex rate to address persistent pressures occasioned by scarcity and speculative demands, improving market dynamics by CBN, interventions to states in the area of salaries and in commercial agriculture.

Some of the governors at the meeting included Nasir el-Rufai (Kaduna); Ayo Fayose (Ekiti); Abubakar Bagudu (Kebbi); Ifeanyi Okowa (Delta); Abubakar Mohammed (Bauchi); Willy Obiano (Anambra); Ifeanyi Ugwuanyi (Enugu); Abdulfatah Ahmed (Kwara); Yahaya Bello (Kogi); Olusegun Mimiko (Ondo); Aminu Tambuwal (Sokoto); Badaru Abubakar (Jigawa) and Abiola Ajimobi of Oyo State.

The governors of Ogun, Rivers, Nasarawa, Katsina and Lagos were represented by their deputies.

 

 

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Oil Marketers Respond To Dangote Refinery Claims, Say SON, NMDPRA Certify Imported Petrol

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The Standards Organisation of Nigeria (SON) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) certify the imported Premium Motor Spirit, popularly called petrol, that is imported into Nigeria, oil marketers have said.

They disclosed this on Thursday in response to claims by the Dangote Petroleum Refinery that off-spec petroleum products were imported into the country by dealers.

On Tuesday, the refinery informed Pinnacle Oil and Gas Limited and other oil marketers that the deregulation of the downstream oil sector should not be used as a justification for the importation of off-spec petroleum products or the undermining of Nigeria’s national interests.

Oil marketers denied this claim on Thursday, with the Managing Director/Chief Executive Officer of Pinnacle Oil and Gas Limited, Robert Dickerman, revealing that his firm signed a 13-year agreement with the Dangote refinery to distribute the refinery’s petroleum products through pipelines.

Dickerman pointed out that independent inspectors, NMDPRA, and SON, among others, “inspect our products, so we can’t bring in off-spec products into this country.”

His position was confirmed by SON, as an impeccable source at the agency told one of our correspondents that the Standards Organisation of Nigeria was involved in the testing of imported petroleum products.

The official added that the organisation operates its own laboratory facility to check if the commodities are off-spec or not.

“Yes, We are involved in the testing of petroleum products when they come into the country. We are involved in that. We have our laboratory facility where these tests are conducted. It’s to ensure if the commodities meet regulatory standards or off-spec,” the official said.

A major marketer also kicked against the claim that dealers import off-spec products into the country, particularly since the downstream oil sector was deregulated by the Federal Government.

“I once told you what we went through when we brought in our imported cargo of petrol. The product underwent a lot of laboratory tests. I know the NMDPRA carries out tests on imported products. They took a sample of our recent import when it was still in the mother vessel at Atlas Cove before it was moved to Apapa.

“At the point of discharge, they took the sample again before allowing us to put it in our tanks. The NMDPRA has certified laboratories that they use. We have our laboratory, but the NMDPRA will not allow you to do your test without them certifying the product by themselves.

“The testing is in three stages, the one in Atlas Cove when the vessel lands in Nigeria. When the product moves to your point of discharge, they will do another test before they allow it into your tanks and aside from that, the day you want to start loading they will carry another test,” the marketer, who spoke in confidence due to lack of authorisation to speak on the matter, stated.

Addressing newsmen in Lagos on Thursday, Dickerman said the clarification became necessary to debunk the statement from the Dangote refinery, which accused Pinnacle of plans to blend substandard petrol in Nigeria.

The Dangote refinery had also said the Pinnacle MD approached it, pleading with the refinery to extend pipelines to its tank farms in order to blend substandard imported petroleum products with its ‘high-quality’ ones.

Reacting, Dickerman described the statement as defamatory, inaccurate, and intentionally misleading.

The managing director said it proposed and invested in pipelines to distribute petroleum products from the Dangote Refinery, saying pipeline transfer is far less costly than distribution by ship or trucking across the country.

According to him, when the project was proposed to Dangote, it wholeheartedly agreed and signed a 13-year interconnection agreement with Pinnacle Oil.

“On November 5, Dangote issued a Press Release titled, ’Pinnacle Oil and Gas FZE: Our Stand’. It is unfortunate and deeply concerning that this release contained several statements that are defamatory, inaccurate and intentionally misleading. Further, it advocated a national policy that would cause severe economic damage to Nigerians by raising the cost of petrol above global market prices and higher than they are today.

“In our effort to further enhance distribution efficiency, we proposed and invested in pipelines to distribute petroleum products from the Dangote Refinery, as pipeline transfer is far less costly than distribution by ship or trucking across the country. When we proposed this project to Dangote, they wholeheartedly agreed and signed a 13-year interconnection agreement with us.

“In addition, Dangote facilitated our process of achieving regulatory approval by writing two Letters of No Objection to the regulator to enable our project to proceed. The agreement to allow us to interconnect our pipeline to them was agreed actually in 2022 and I think it was signed in early 2023. So it was about two years ago that we actually reached this agreement, and it was done very comprehensively, from a commercial and a legal standpoint,” Dickerman stated.

He narrated that a lot of processes had gone into the project since it was signed, including the engineering design for the pipelines, surveying, getting the right of way, and letters of no objections from anyone who could be affected by the pipeline.

“There’s a whole bunch of stages to a project. This is not unlike any other construction project. It’s a very simple and straightforward process. This was done first. There was never a hint that this was not a good deal for both parties ever. So, it’s just not true that they opposed it. It’s simply not true that they opposed it. They supported it,“ the Pinnacle boss stated.

This came as the Nigerian National Petroleum Company Limited denied a video clip that claimed the oil firm was selling dirty fuel from an NNPC Retail outlet at Keffi Flyover.

“We have carried out spot checks at all our outlets and found this claim to be false. The product was not, and could not have been bought from any NNPC Retail outlet as the company does not dispense petroleum products into bottles or jerrycans as displayed in the video,” it said in a statement issued by its spokesperson, Olufemi Soneye.

It added, “NNPC Retail Ltd does not deal in adulterated products as it adheres to rigorous standards and quality control measures at every stage in its operations to ensure that only high quality, safe, and reliable petroleum products are available at its stations nationwide.

“Members of the public should discountenance the spurious claims made in the video and be wary of selfish and unpatriotic elements pushing such a narrative as they do not mean well for the country.”

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Assaulted Abuja Bolt Driver Makes U-Turn, Apologizes To Abia Rep Ikwechegh

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A Bolt driver, Stephen Abuwatseya, who was assaulted by the House of Representatives member representing Aba North/South of Abia State in the National Assembly, Alex Ikwechegh, during a package delivery, has apologized for his actions.

In a video statement on Thursday and seen by The Nation, Abuwatseya expressed regret for provoking Ikwechegh and asked Nigerians for forgiveness.

He said: “Good day, Nigerians. My name is Stephen Abuwatseya. I had a misunderstanding with Rt. Hon. Alex Mascot Ikwechegh a few days ago.

“I actually want to apologise to him for whatever I must have said or done to provoke him to that level of anger.

“I want to tell Nigerians that it’s not time for us to start dividing ourselves based on religion, tribes, or regions. We should actually come together, see how we can unite this nation, and move it forward.

“Please, Nigerians, let’s forgive and forget, as it’s even contained in our Lord’s Prayer, that ‘Lord, please forgive us, as we forgive those who trespass against us.’ For there is no justice without forgiveness. Thank you very much.”

Abuwatseya also thanked family and well-wishers for their support over the issue, “I want to use this medium to thank my family members, my parents, my brothers, my uncles and everybody that stood by me.

“I want to thank all of you. I love you all. Thank you. God bless Nigeria.”

On October 28, a viral video showed Ikwechegh slapping the Bolt driver in the Federal Capital Territory (FCT), Abuja.

Going by the conversation recorded in the viral video, the lawmaker had ordered some snails from a vendor who engaged the services of the e-hailing app driver to deliver the goods.

According to Abuwatseya, tensions escalated when he requested that Ikwechegh come outside to receive his delivery personally and asked to be paid.

In the video, the lawmaker repeatedly insisted that the request was disrespectful given his social status.

A furious Ikwechegh was heard speaking with the vendor on the phone. “How can this stupid idiot come to me and tell me that I am supposed to come and meet him in his car and pick up a snail I am buying from you? I can make this man disappear in the whole of Nigeria and nothing will happen,” the lawmaker blurted to the speaker on the other side.

“I am not going to call my policemen to beat you up. I will do that myself. I will show you that I am a big brother. I will tie you up, lie you down and put you in my generator house. Do you know where you are? Because you saw me sitting outside here. Look at this monkey,” he said.

When alerted that the episode was recorded, the lawmaker told the driver: “My name is Honourable Alexander Mascot Ikwechegh, I am a member of the House of Reps, tell them. Call the Inspector General of Police, let him come.”

However, a few days after the incident, Ikwechegh issued a public apology, acknowledging his actions and expressing regret over his behaviour during the altercation.

In a message posted on Instagram, the lawmaker apologised to the Bolt driver, the Nigerian Police Force, and the National Assembly, admitting that his actions did not meet the standards expected of a public official, regardless of the provocation involved.

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“Twin Warrior”: Paul Okoye Accuses Peter Of Song Theft, Vows To Release ‘Original Version’

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Paul ‘Rudeboy’ Okoye, the Nigerian singer, has accused Peter ‘Mr P’ Okoye, his twin brother, of alleged intellectual property theft.

Mr P recently released the single ‘Winning’ — just a few months after the brothers confirmed that Psquare, their shared music group, was no longer active.

However, in a recent Instagram post, Rudeboy claimed that the song was his, stating that it was meant to feature on his upcoming album. He further alleged that the producer hijacked the track.

“Written and sang by Rudeboy. Produced by same producer. Now how come? Now am I supposed to release another version? Mr Producer, your case is for another day,” he wrote.

“Just a simple thing, bring 6 songs, let me bring 6 songs. I submitted 6 songs to the so-called management. Why re-singing my own song? word for word. Song that was supposed to be in my album next year June.”

In another post, the singer vowed to release “original versions of any copied songs,” adding that “the days of manipulation are over.”

“The days of manipulation are over. And to the management, make I hear any song wey na only me sing, I go release the original version. Oloriburuku! Music is not that hard,” he wrote.

Psquare split in 2017 following a feud between Peter Okoye and Paul. Though they reunited in November 2021, their reconciliation was short-lived.

Paul recently revealed another fallout, accusing Peter of orchestrating his arrest by the Economic and Financial Crimes Commission (EFCC).

Peter, however, denied the allegations and accused Jude Okoye, their older brother, of diverting millions of dollars from their joint account into a secret company.

Paul also expressed frustration over his past role in the music group. He claimed to have done most of the work while others benefited.

Mr P has yet to respond to his brother’s recent allegations.

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