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FG halts refineries’ privatization, says Ajaokuta Steel problem complex

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The Federal Government has halted its plan to privatize Nigeria’s refineries following demands by the Nigerian National Petroleum Corporation to allow the corporation to revitalize the dormant facilities.

Also, the Federal Government said on Monday that the problem with the Ajaokuta Steel Company was very complex, although efforts were ongoing to resolve the issues.

Director-General, Bureau of Public Enterprises, Alex Okoh, who spoke to journalists in Abuja while presenting updates on the bureau’s 2021 work plan, said all the refineries under the NNPC management were in various stages of non-production.

He said, “We have four refineries with a refining capacity of 445,000 barrels per day and they are all at various stages of non-production. I don’t have the figures correctly, but I think that Warri would be around five per cent, Port Harcourt around 19 (or) 20 per cent and Kaduna is zero.

“Our plan initially was to suggest to the Federal Government that we should privatize these refineries, no need to put in more money, especially given the fact that you also have private investors going into space.

“Dangote (Refinery) is looking at about 650,000 barrels per day, so the combined refining capacity for all of our four refineries is not even up to that. This means you are going into space where the competition will almost kill you.”

Okoh added, “So we thought we should privatize, but NNPC believes that the plants can be rehabilitated and they have got the government approval to go ahead and rehabilitate the refineries.

“So we have dropped the privatization from our 2021 plan. But I’m sure we will follow with keen interest how the rehabilitation program of the NNPC will go from here.”

The Federal Government had earlier in the year stated that it would sell or give out in concession some of its assets to raise funds to finance the 2021 budget.

In January 2021, the Minister of Finance, Budget, and National, Zainab Ahmed, told lawmakers that the Federal Government would sell selected properties to fund this year’s budget.

The BPE had earlier in the year itemized Nigeria’s refineries as assets to be privatized and classified them as core investor sales, but the amount to be earned from the facilities was not stated as of then.

On Ajaokuta steel, the BPE boss described the problem with the plant as being very complex.

Okoh said, “For Ajaokuta, it’s a very complex issue. Currently, there are negotiations with GINL, who are the original concessionaires of Ajaokuta and it’s a very complex problem to untangle.

“But I can, without divulging too many details, state that we are close to being able to resolve the issue, especially the litigation around Ajaokuta and once that is done we can then go ahead and make a decision on what to do with Ajaokuta.”

Okoh said the Federal Government planned to earn a total of N493.4bn from the sale or concession of about 36 of its assets across the country.

He said the reprivatization deal of Yola Electricity Distribution Company was being concluded on Tuesday, as he noted that the Transmission Company of Nigeria was up for concession.

He explained that assets that were up for sale or concession had been classified under energy assets, industries, and communication department, as well as development institutions and natural resources.

Others include infrastructure and public-private partnerships and post-transaction management departments.

 

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China Introduces Instant Tax Refunds for Foreign Tourists to Boost Shopping Experience

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China Introduces Instant Tax Refunds for Foreign Tourists to Boost Shopping Experience

China has revamped its tax refund policy for foreign tourists, shifting from a refund-upon-departure model to a more convenient refund-upon-purchase system, according to the State Taxation Administration (STA).

The STA announced on Tuesday that under the new system, foreign visitors can now claim Value Added Tax (VAT) rebates instantly at designated tax-free stores. This change allows tourists to use their refunded amount immediately for additional shopping, enhancing their overall experience in China.

Previously, VAT rebates could only be withdrawn upon departure, but with the new policy, tourists will be able to access their refunds in real-time during their stay. The policy, which was initially tested in cities like Shanghai, Beijing, and Guangdong, has now passed all operational requirements and will be rolled out nationwide.

The STA emphasized its dedication to improving policy guidance and simplifying refund procedures to better serve international visitors.

Li Xuhong, Vice-President and Professor at the Beijing National Accounting Institute, welcomed the change, stating that the nationwide implementation would raise China’s tourism service standards. “It will foster a friendly, efficient, and convenient tourism environment,” Xuhong added.

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Nigeria Reaffirms Commitment to One-China Policy Amid Taiwan’s Trade Office Claims

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Nigeria Reaffirms Commitment to One-China Policy Amid Taiwan's Trade Office Claims

Rep. Jaafaru Yakubu, Chairman of the House of Representatives Committee on China-Nigeria Parliamentary Relations, has reiterated Nigeria’s firm commitment to the One-China Policy, following recent comments by Taiwan’s Trade Mission Head in Nigeria, Andy Yih-Ping Liu.

Speaking in Abuja on Tuesday, Yakubu firmly declared that Nigeria continues to recognize Taiwan as an integral part of the People’s Republic of China. He rejected Liu’s claim that Taiwan was not part of China, labelling it as “propaganda” aimed at undermining the strong diplomatic ties between Nigeria and China.

“For the record, United Nations General Assembly Resolution 2758, adopted in 1971, recognised the People’s Republic of China as the sole legitimate representative of all of China, including Taiwan,” Yakubu stated. “The One-China Policy remains the cornerstone of China-Nigeria relations.”

He emphasized that since Nigeria and China established diplomatic ties in 1971, the country has consistently upheld this principle. “Efforts by Taiwan’s trade office to challenge this stance are futile and will not succeed,” Yakubu added.

Yakubu criticized Liu’s comments as an attempt to draw Nigeria into China’s internal matters, accusing the Taiwanese official of deliberately sowing discord and provoking a diplomatic rift. “Nigeria’s relationship with China is built on mutual respect and non-interference in each other’s political matters,” he said.

In response to Liu’s claim that China acted as a bully, Yakubu pointed to the positive trajectory of Nigeria-China relations. “Contrary to these baseless assertions, Nigeria has enjoyed a mutually beneficial partnership with China, yielding tangible results for both nations. Since 1971, our ties have grown significantly.”

He highlighted the strategic nature of the partnership, referencing the elevation of the relationship to a Comprehensive Strategic Partnership during the 2024 FOCAC Summit in Beijing. “Today, Nigeria stands as China’s second-largest trading partner in Africa, with bilateral trade surpassing 20 billion dollars,” Yakubu noted.

Furthermore, Yakubu praised China’s role in Nigeria’s infrastructural development, with investments in sectors such as rail networks, roads, ports, power stations, and water treatment facilities.

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Shettima Warns Media Against Romanticising National Challenges

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Shettima Warns Media Against Romanticising National Challenges

Vice President Kashim Shettima has cautioned Nigerian media practitioners against the growing tendency to romanticise serious national issues, describing the trend as a dangerous departure from the media’s constitutional duty of promoting truth and accountability.

Represented by his Special Adviser on Special Duties, Modibbo Umar, the Vice President issued the warning on Tuesday while delivering a speech at the 17th LEADERSHIP Conference and Awards held at the Old Banquet Hall of the State House, Abuja.

“We must resist the temptation to romanticise serious national issues or frame them in ways that distort public understanding,” Shettima said. “Doing so only weakens the fabric of our democracy and derails our collective efforts at nation-building.”

The Vice President’s remarks came as stakeholders in governance, business, and civil society gathered to reflect on the theme of the event, “Challenges and Opportunities in Nigeria’s Fiscal Federalism.” The conference provided a platform for thoughtful engagement on some of the country’s most pressing issues, with a focus on the responsibilities of leadership at all levels.

Shettima also used the occasion to commend LEADERSHIP Newspapers Group for its consistent contributions to national discourse and its commitment to celebrating excellence in leadership.

“I commend LEADERSHIP Newspaper for the vision to convene this vital discourse and for shining the light on those who have chosen to lead with courage and competence. May we never tire of striving for a better Nigeria,” he said.

The annual LEADERSHIP Conference and Awards continues to be a major event that brings together influential voices to deliberate on national progress and honour individuals and institutions making meaningful impact in society.

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