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Nigeria lost $50bn to the delayed passage of PIB -Buhari

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President Muhammadu Buhari has lamented a loss of $50bn worth of investments in the petroleum industry since 2011 due to the absence of the Petroleum Industry Act.

Buhari made this assertion in Abuja on Wednesday at a ceremony on passage of the PIA, which preceded the Federal Executive Council meeting.

Special Adviser to the President on Media and Publicity, Femi Adesina, disclosed this in a statement titled ‘Nigeria Lost Estimated $50bn worth of Investments in 10 Years Due To Stagnation, Uncertainty Over Petroleum Industry, Says President Buhari’.

According to the President, the loss was due to the uncertainty of non-passage of the Petroleum Industry Bill, lack of progress, and stagnation in the petroleum industry which he blamed on the lack of political will on the part of past administrations to actualize the needed transformation.

The President said assent to the Petroleum Industry Bill on August 16, 2021, marked the end of decades of uncertainty and under-investment in Nigeria’s petroleum industry.

He said, “We are all aware that past administrations have identified the need to further align the industry for global competitiveness, but there was a lack of political will to actualize this needed transformation.

“This lack of progress has stagnated the growth of the industry and the prosperity of our economy. In the past 10 years, Nigeria has lost an estimated $50bn worth of investments due to uncertainty created by the non-passage of the PIB.

“This administration believes that the timely passage of the Petroleum Industry Bill will help our country attract investments across the oil and gas value chain.

“Because of the value our nation and investors will derive from a stable fiscal framework for the oil and gas industry, our administration has found it necessary to work with the two chambers of the National Assembly to ensure the passage of the PIB.’’

The president noted that the signing of the bill was part of the regime’s commitment to building a competitive and resilient petroleum industry that will attract investment, improve revenue base, create jobs, and support the economic diversification agenda.

He added that the PIA became necessary because Nigeria runs a petroleum industry that is governed largely by laws enacted over 50 years ago such as the principal legislation; the Petroleum Act of 1969 and other outmoded legislations.

He appealed to host communities to accept the new regulation, saying that it would bring lasting benefits to them.

“The Act also provides for a direct benefit framework that will enable the sustainable development of Host Communities. I appeal to the host communities to look carefully at the contents of the Bill which in the implementation will bring real and lasting benefits to them.

“Furthermore, the Act provides for a deliberate end to gas flaring which would facilitate the attainment of Nigeria’s Nationally Determined Contributions of the Paris Agreement through a funding mechanism to support gas flare out of the project in host communities,’’ he added.

While directing the immediate implementation of the framework for the PIA, he urged all relevant stakeholders to comply and reposition for full activation within 12 months.

According to him, the Minister of State for Petroleum Resources, Timipre Sylva, will head the implementation team, urging all Ministries, Departments, and Agencies to adjust to the transition, designed to reposition the economy.

“To consolidate the commitment of this administration to delivering the value proposition of this law, I have approved an implementation framework commencing immediately to ensure the industry envisaged in the new law begins to take shape.

“The implementation process to be headed by the Hon Minister of State, Petroleum Resources is hereby tasked with the completion of the implementation of this act within 12 months. I am therefore directing all relevant Ministries, Departments, and Agencies of government to fully cooperate in ensuring the successful and timely implementation of this law,’’ he said.

Buhari further thanked the 9th National Assembly for its demonstration of mutual harmony with the Executive in the passage of the bill.

In attendance were the Senate President, Dr. Ahmed Lawan; Deputy Senate President, Ovie Omo-Agege; Deputy Speaker Ahmed Wase and other lawmakers, members of the Federal Executive Council, and Group Managing Director of NNPC, Mele Kyari.

 

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Commission, journalists partner to revamp water sector in Kaduna

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The Kaduna State Water Services Regulatory Commission (KADWREC) says it is partnering media practitioners towards revamping water services in the state.

Mr Dogara Bashir, the Executive Chairman of KADWREC, disclosed this on Monday at a one-day workshop organised for media practitioners on regulation of ‘Water, Sanitation and Hygiene’ (WASH) activities held in Kaduna.

Bashir said the commission was aware of the importance of the role media practitioners played in the society.

He stated that the workshop was to provide an avenue to liaise with them as important stakeholders on water supply and sanitation services in the state.

Bashir said: “As media practitioners, we believe you are a gateway to the citizens so, the workshop would acquaint you with some of the regulations already in place so that you can in turn transmit it to the public

“The state of water services in Kaduna State is in dire need of attention and the State Water Corporation and KADWREC were established towards addressing the seeming challenges.

“The commission is mandated to ensure better service delivery and regulation of water and sanitation services in the State.

“The idea is that once the regulations are developed, we send them to the State Ministry of Justice to gazette and then we get the state government to endorse and give the go ahead to commence the implementation of the regulations

“We intend to implement them fully come January, 2025 God willing, as we have embarked on advocacy activities having gone to zones 1 and 2 where we talked to traditional rulers, security agencies and the Judiciary.”

He disclosed that a special Court has already been attached to the commission by the Chief Judge of the State for service providers who may likely violate regulations.

The chairman further said that amongst the commission’s objectives include ensuring security, reliability and quality of service in the production and delivery of water to the consumers as well making regulations to control the sinking of boreholes.

Others included; maximising access to water services by promoting and facilitating consumer connections to distribution systems in urban and rural areas.

According to Bashir, they also include ensuring that regulatory decision-making has regards to all the relevant health, safety, environmental and social legislation applying to the water sector.

Bashir further said that the commission collaborate with the relevant state and federal agencies on water policies.

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Crime

2 ladies docked for allegedly obtaining money by fraud

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The police in Lagos have dragged two women, Mmesuma Ofunna, and Blessing Adimekwe, before an Ojo Magistrates’ Court in Lagos, over alleged obtaining money by false pretence.

Ofunna, 22, and Adimekwe, 25, were arraigned before the Magistrate, Mr L K J Layeni, on a four-count charge bordering on conspiracy, obtaining by false pretence, stealing and conduct likely to breach peace.

They each, however, pleaded not guilty to the charge.

The prosecutor, ASP Simon Uche, told the court that the defendants conspired with others now at large, to commit the offence on Oct. 26 at the Okokomaiko area of Ojo.

He alleged that they had obtained the sum of N70, 000 from one Faith Ahamefule, with a promise not to post her nude photo on social media.

The prosecutor alleged that the defendants later posted the nude photo of the nominal complainant on social media, knowing that their promise was false.

He alleged that they stole the N70, 0000, thereby conducting themselves in a manner likely to breach public peace.

The offence contravenes the provisions of sections 168(d), 287, 314, and 411 of the Criminal Law of Lagos State 2015.

The court granted the defendants bails in the sum of N500, 000 each, with two sureties each in like sum.

He adjourned the case until Jan. 8, 2025 for mention.

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Driver jailed 6 months for attempting to steal a car

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A Jos Magistrates’ Court on Monday, sentenced a 37-year-old driver, Ahmad Umar to six months in imprisonment for attempting to steal a car.

The Magistrate, Shawomi Bokkos, summarily tried and sentenced the convict after he pleaded guilty to the charge.

Bokkos in his judgment, ordered the convict to pay an option of N30, 000 fine or spend six months in prison.

Earlier, the Prosecutor, Insp Ibrahim Gokwat, told the court that the case was reported on Oct. 10, at the Area Command Police station through a distress call by one Sydney Peacemorie the complainant.

Gokwat said the complainant parked his Toyota RAV4 in front of Access Bank and went inside to carry out some transactions, only to return to find the convict inside his car.

“The convict unlawfully opened the car and was in the driver’s seat when the complainant raised alarm and he was apprehended, but his accomplice escaped.

“The convict was severely beaten by a mob but was rescued by the police,” said Gokwat.

“The prosecutor said that the offence contravened the Plateau Penal Code Law.

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