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Timipre Sylva: PIA to unlock investments in Nigeria’s oil and gas sector

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2023: Anambra bans campaign posters in public places

Naija News Today

The Minister of State Petroleum Resources, Chief Timipre Sylva, has said that the desire to surmount the challenges bedeviling the oil and gas sector led to the enactment of the Petroleum Industry Act (PIA).

Speaking at the Nigeria International Economic Partnership Forum, in New York, on Wednesday, with the theme: “Nigeria’s Oil and Gas Sector: Reforms, Results and the Road Ahead”, Sylva said the desire of the President Muhammadu Buhari’s government to inject life into the sector hitherto characterized by fiscal and operational challenges led to making proactive reforms in the sector a priority.

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The minister said the enactment of the Petroleum Industry Act (PIA) on August 16, 2022 was a “watershed moment for the nation, the industry and all stakeholders alike, signaling the beginning of a more conducive environment for investment, output, industrial and national growth, while also addressing legitimate grievances of resource host-communities most impacted by resource extraction operations”.

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Sylva said the “PIA 2021, at full implementation, will create massive investment opportunities, improve transparency, attract investors, and reposition the Nigerian Oil and Gas industry for sustainable growth,” urging investors “to capitalize on the sustainable incentives provided by the PIA 2021 to invest in the oil and gas industry in Nigeria” with no future regret.

The minister told the gathering that the “PIA 2021 has established a legal, governance, regulatory, and fiscal framework for the petroleum industry, host community development, and associated matters” adding that “it provides fiscal certainty, improves regulations and incentives for investment, including up to ten-year tax vacations, while guaranteeing better take for both government and private investors, thereby balancing rewards with risk”.

The minister who said the PIA has set the foundation for a sustainable growth in the sector with the establishment of the Nigerian National Petroleum Company Limited (NNPCL), Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and Nigerian Upstream Petroleum Regulatory Commission (NUPRC) reassured the international investors of government’s commitment in the sector.

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“This administration remains committed to ensure a full implementation of these carefully conceived reforms to foster efficiency and attract investments and development of supporting infrastructure along the oil and gas value chain as embedded in our policy aspirations for the sector.

“The government has taken the necessary steps to sustainably implement and operationalize the PIA 2021 within the timelines stipulated in the Act. To this end, the government has inaugurated the steering committee, which I chair, responsible for PIA implementation immediately after the PIA was signed into law,” he further stated.

He noted that the commitment of the Nigerian government to tackle the challenges in the oil and gas sector is a clear move “to reform the industry in order to build a robust, thriving and resilient economic backbone for domestic growth, expansion and consolidation in the era of the global energy transition, and also in a post covid world”.

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Reflecting on the theme of the conference “Nigeria’s Oil and Gas Sector: Reforms, Results and the Road Ahead”, Sylva said the theme resonates the aspirations and commitment of President Buhari’s government to reform the sector in order to make it pivot for industrial diversification, economic growth and sustainable development in Nigeria.

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Politics

Atiku says he ‘ate failure like yam’ in commercial targeted at voters

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Atiku Abubakar

Atiku Abubakar, 2023 presidential flagbearer of the Peoples Democratic Party (PDP), has described himself as the son of a poor farmer who “ate failure like yam,” in an attempt to woo voters ahead of the next year’s election.

In a Facebook post titled “My Life”, Mr Abubakar shared a commercial that purports to tell the story of his upbringing in a manner similar to former President Goodluck Jonathan, who once described himself as a shoeless boy from Otuoke in Bayelsa State.

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“In this story, the king (Atiku) was once a peasant, a humble son to parents of humble means. A farm hand on the farm, shepherd of rolling herds.

“This story is about the oath the dreamer toed through toil and tremor, tempest and tides, eating failure like yams. Some of them were hard to swallow,” the commercial narrated, adding that Mr Abubakar was “orphaned at 11.”

A former vice president between 1999-2007, Mr Abubakar has begun wooing Nigerian electorates to vote for him as the election campaign begins.

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Mr Abubakar has since 1993 sought five times and failed to be Nigeria’s president, failing at party primary level three times and twice in the main elections.

At 75, Mr Abubakar will contest the 2023 presidential election against Bola Tinubu of the All Progressives Congress, the Labour Party’s Peter Obi and several others.

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Politics

I’ve flagged off Tinubu’s campaign with four wives, 28 children – Doguwa

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Tinubu

Alhassan Ado-Doguwa, the Majority Leader of the House of Representatives has flagged off the presidential campaign within his household, with his 28 children and four wives.

The lawmaker represents Doguwa/Tudun Wada Federal Constituency of Kano State.

Doguwa, on different occasions, has affirmed that his entire household will vote for the ruling All Progressives Congress (APC) presidential candidate in the 2023 elections, Asiwaju Bola Tinubu.

In the now-viral video, Doguwa who was speaking on the floor of the House, said though APC, has postponed its flag off of the presidential campaign, he has commenced the campaign in his household.

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He said: “Today is the 28th day of September, which is the flag off of presidential and National Assembly campaigns.

“Even though my party had cause to reschedule their programme and activities, I have done my flag off with my 28 children and four wives, who will vote for Tinubu and every other candidate of the APC.

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“I came in very unusually late into the chamber. I had to flag off my campaign and the campaign of my presidential candidate, Tinubu. I was actually doing something worthwhile.”

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Politics

APC chairman writes Tinubu, accuses candidate of betrayal

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APC National Chairman, Sen. Abdullahi Adamu and Bola Tinubu

Chairman of the All Progressives Congress (APC) Abdullahi Adamu has accused the party’s presidential flag-bearer, Bola Tinubu, of betraying the shared agreement on the appointment of members of the Presidential Campaign Council (PCC).

In a letter written on behalf of the party’s National Working Committee (NWC), Mr Tinubu was accused of hand-picking members of the PCC without consultation or approval from the NWC.

The party chairman claims that Mr Tinubu’s behaviour demonstrates his lack of clear understanding of the distinct functions and responsibilities of the key organs of the party.

The letter read in part: “Your Excellency will no doubt recall our meetings in my office and also at the NWC Conference Room at the Party’s National Secretariat, on Wednesday, 7th September 2022, during which we discussed the details of the Organogram of the PCC and its composition, as a collaborative project between the two entities.

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“Our recollection of those meetings clearly leaves us in no doubt that a breach of agreement has occurred and that a return to the principles of cooperation and respect for each other is required.

“In Your Excellency’s own words, which I take the liberty to quote here, which I also hold dearly, you stated that “there is a burden on everyone’s shoulders towards delivering the elections to the Party and the candidate”. This has been the view of the NWC and myself all along since Your Excellency’s emergence as our Great Party’s Flagbearer.”

While urging Mr Tinubu to respect “established boundaries” and imbibe transparency, Mr Adamu tasked the former Lagos governor to restrain the PCC from further embarking on “solo projects.”

“May I, therefore, point out to Your Excellency, that winning election is a cooperative as well as a collaborative effort, that is done in a transparent and disinterested manner by all parties concerned, by respecting established boundaries and acknowledging the contributions of everyone.

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“The NWC believes that any sign of disarray in the Party’s ranks will undermine the spirit and ethos of the campaign and give the undue alarm to faithful members and followers of the Party across the country.

“Without further admonishment or complaints, I wish hereby to call upon Your Excellency to restrain the PCC from undertaking solo projects of this nature and agree to work with all stakeholders towards taking our Party to victory.

“I shall not find it necessary to reiterate the importance of the Party in the overall scheme of things in these campaigns and the singular position of the NWC in driving the process towards our securing of victory in the polls,” the chairman added.

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Mr Tinubu unveiled a long PCC list last Friday, consisting of 422 members with President Muhammadu Buhari as chairman, himself and national chairman Adamu as co-deputy chairmen. The council also has on it several ex-military leaders, APC governors, lawmakers, and Nollywood actors.

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