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  •  The Chairman of Ikorodu Local Government Council in Lagos State Mr Wasiu Adesina on Tuesday signed the 2022 Appropriation Bill into law with a total estimation of N1 95 billion The News Agency of Nigeria recalls that the 2022 budget tagged Budget of New Beginning was passed by the council legislative arm after perusal assessment at the beginning of the year NAN also reports that with the 2022 Appropriation Bill signed into law the council hopes to receive N420 15 million from federal allocation N1 23 billion from VAT and N131 million from Internally Generated Revenue IGR and State Coordinated Revenue On expenditure the chairman said that personnel cost for staff was put at N384 6 million teachers salary N395 13 million while statutory deductions stands at N116 26 million Overhead cost got N485 million Social Services Projection N14 million while Non Current Asset is put at N554 million Adesina who signed the Appropriation Bill during an expanded Executive Council meeting commended the council s legislature as well as the management team and staff of the council for their collaborative effort in the budgetary process I am indeed very grateful and extremely happy signing the appropriation bill I want to thank the leader of the legislature for their timely screening and passage of the budget I want to thank them because since the inception of this administration I have never taken loan Adesina said The Leader of the House Mr Adebowale Ajayi commended the chairman for the success recorded so far in all sectors adding that they had carefully gone through the budget and done the needful Ajayi assured the chairman of the continued support of the legislative arm saying that they would work in synergy to ensure that Ikorodu Local Government Area stands out as the best coucil in the state Source NAN
    Ikorodu LG boss signs N1.95bn 2022 appropriation bill into law
     The Chairman of Ikorodu Local Government Council in Lagos State Mr Wasiu Adesina on Tuesday signed the 2022 Appropriation Bill into law with a total estimation of N1 95 billion The News Agency of Nigeria recalls that the 2022 budget tagged Budget of New Beginning was passed by the council legislative arm after perusal assessment at the beginning of the year NAN also reports that with the 2022 Appropriation Bill signed into law the council hopes to receive N420 15 million from federal allocation N1 23 billion from VAT and N131 million from Internally Generated Revenue IGR and State Coordinated Revenue On expenditure the chairman said that personnel cost for staff was put at N384 6 million teachers salary N395 13 million while statutory deductions stands at N116 26 million Overhead cost got N485 million Social Services Projection N14 million while Non Current Asset is put at N554 million Adesina who signed the Appropriation Bill during an expanded Executive Council meeting commended the council s legislature as well as the management team and staff of the council for their collaborative effort in the budgetary process I am indeed very grateful and extremely happy signing the appropriation bill I want to thank the leader of the legislature for their timely screening and passage of the budget I want to thank them because since the inception of this administration I have never taken loan Adesina said The Leader of the House Mr Adebowale Ajayi commended the chairman for the success recorded so far in all sectors adding that they had carefully gone through the budget and done the needful Ajayi assured the chairman of the continued support of the legislative arm saying that they would work in synergy to ensure that Ikorodu Local Government Area stands out as the best coucil in the state Source NAN
    Ikorodu LG boss signs N1.95bn 2022 appropriation bill into law
    General news6 months ago

    Ikorodu LG boss signs N1.95bn 2022 appropriation bill into law

    The Chairman of Ikorodu Local Government Council in Lagos State, Mr Wasiu Adesina, on Tuesday signed the 2022 Appropriation Bill into law with a total estimation of N1.95 billion.

     

    The News Agency of Nigeria recalls that the 2022 budget tagged, “Budget of New Beginning”, was passed by the council legislative arm after perusal assessment at the beginning of the year.

     

    NAN also reports that with the 2022 Appropriation Bill signed into law, the council hopes to receive N420.15 million from federal allocation, N1.23 billion from VAT and N131 million from Internally Generated Revenue (IGR) and State Coordinated Revenue.

     

    On expenditure, the chairman said that personnel cost for staff was put at N384.6 million, teachers’ salary, N395. 13 million, while statutory deductions stands at N116. 26 million.

     

    Overhead cost got N485 million; Social Services Projection, N14 million; while Non-Current Asset is put at N554 million.

     

    Adesina, who signed the Appropriation Bill during an expanded Executive Council meeting, commended the council’s legislature, as well as the management team and staff of the council for their collaborative effort in the budgetary process.

     

    “I am indeed very grateful and extremely happy signing the appropriation bill.

     

    “I want to thank the leader of the legislature for their timely screening and passage of the budget.

     

    “I want to thank them because since the inception of this administration, I have never taken loan,” Adesina said.

     

    The Leader of the House, Mr Adebowale Ajayi, commended the chairman for the success recorded so far in all sectors, adding that they had carefully gone through the budget and done the needful.

     

    Ajayi assured the chairman of the continued support of the legislative arm, saying that they would work in synergy to ensure that Ikorodu Local Government Area stands out as the best coucil in the state.

     

    Source: NAN

  •  The Federal Inland Revenue Service FIRS on Friday said it would embark on compliance exercise from July 2022 on Value Added Tax VAT and Withholding Tax WHT The announcement is contained in a public notice signed by the FIRS Executive Chairman Muhammad Nami According to the notice the FIRS team will visit MDAs NGOs and other corporate bodies Special Assistant to the chairman FIRS on Media and Communication Mr Johannes Wojuola said the exercise was a follow up to an earlier notice to commence the recovery of unremitted taxes owed the Federation by state and local governments Wojuola said the exercise would involve teams of FIRS officers visiting selected taxpayers and taxable persons to review their VAT and WHT records The exercise will cover 2016 to 2020 accounting years for taxable persons whose records have been audited by the service up to 2015 accounting year For taxpayers whose records have not been audited by the service up to 2015 the exercise will be extended to include the prior years that have not been tax audited added Wojuola He explained that those who would be visited during the monitoring exercise would be notified and informed of the required documents for review beforehand We therefore call on all taxable persons and tax agents to immediately remit deductions of VAT and Withholding Tax they have made he said www nannew ng NAN
    FIRS embarks on nationwide tax compliance campaign
     The Federal Inland Revenue Service FIRS on Friday said it would embark on compliance exercise from July 2022 on Value Added Tax VAT and Withholding Tax WHT The announcement is contained in a public notice signed by the FIRS Executive Chairman Muhammad Nami According to the notice the FIRS team will visit MDAs NGOs and other corporate bodies Special Assistant to the chairman FIRS on Media and Communication Mr Johannes Wojuola said the exercise was a follow up to an earlier notice to commence the recovery of unremitted taxes owed the Federation by state and local governments Wojuola said the exercise would involve teams of FIRS officers visiting selected taxpayers and taxable persons to review their VAT and WHT records The exercise will cover 2016 to 2020 accounting years for taxable persons whose records have been audited by the service up to 2015 accounting year For taxpayers whose records have not been audited by the service up to 2015 the exercise will be extended to include the prior years that have not been tax audited added Wojuola He explained that those who would be visited during the monitoring exercise would be notified and informed of the required documents for review beforehand We therefore call on all taxable persons and tax agents to immediately remit deductions of VAT and Withholding Tax they have made he said www nannew ng NAN
    FIRS embarks on nationwide tax compliance campaign
    Economy6 months ago

    FIRS embarks on nationwide tax compliance campaign

    The Federal Inland Revenue Service (FIRS) on Friday said it would embark on compliance exercise from July, 2022 on Value Added Tax (VAT) and Withholding Tax (WHT).

    The announcement is contained in a public notice signed by the FIRS Executive Chairman, Muhammad Nami.

    According to the notice, the FIRS team will visit MDAs, NGOs and other corporate bodies.

    Special Assistant to the chairman, FIRS on Media and Communication, Mr Johannes Wojuola, said the exercise was a follow up to an earlier notice to commence the recovery of unremitted taxes owed the Federation by state and local governments.

    Wojuola said the exercise would involve teams of FIRS officers visiting selected taxpayers and taxable persons to review their VAT and WHT records.

    “The exercise will cover 2016 to 2020 accounting years for taxable persons whose records have been audited by the service up to 2015 accounting year.

    “For taxpayers whose records have not been audited by the service up to 2015, the exercise will be extended to include the prior years that have not been tax audited,” added Wojuola.

    He explained that those who would be visited during the monitoring exercise would be notified and informed of the required documents for review beforehand.

    “We, therefore, call on all taxable persons and tax agents to immediately remit deductions of VAT and Withholding Tax they have made, “ he said. (www.nannew.ng)

    (NAN)

  •  Some financial analysts have urged the Federal Government to increase its crude oil production to enhance its revenue generation in order to tackle the rising debt servicing profile The analysts gave the advice in separate interviews with the News Agency of Nigeria on Wednesday in Lagos NAN reports that they were reacting to the claim by the International Monetary Fund IMF that debt servicing might gulp 100 per cent of the government s revenue by 2026 if the government fails to implement adequate measures to improve revenue generation The IMF s Resident Representative for Nigeria Ari Aisen had made the claim the claim while presenting the Sub Saharan Africa Regional Economic Outlook report in Abuja According to him based on a macro fiscal stress test that was conducted on Nigeria interest payments on debts may wipe up the country s entire earnings in the next four years The Chief Executive Officer CEO Cowery Asset Management Mr Johnson Chukwu told NAN that the Federal Government needs to raise petroleum production to boost its revenue projections The government must address the headwinds associated with pipe line vandals so as to meet the international oil quota of the Organisation of the Petroleum Exporting Countries Then the country can make adequate revenue from crude oil sales and meet other obligation beyond debt servicing he said According to him the federal government should put a seal on new debts and give priority to public private partnership in fixing infrastructure Most of the debts incurred in the country is linked to projects sometimes not viable to pay back the debts The government should adopt more alternative approach in fixing key infrastructure without borrowing and being in debt he said Also the former President Charted Institute of Taxation of Nigeria CITAN Dr Mcantony Dike said since debt servicing was declining earnings the Federal Government should utilise science to boost Value Added Tax VAT collection The VAT collection is a form of indirect taxes which is imposed on a specific commodities in the economy Raising revenue is crucial because of too much competing demand of scarce resources currently he said According to him the tiers of government should reduce the high cost of government to reflect the times Reducing the money expended on public office holders will free funds address other pressing needs such as debt servicing and other obligation meant for public goods in the country Dike said Also the President Progressive Shareholders Association of Nigeria Mr Boniface Okezie said the Federal Government should privatise some state own companies Allowing more private sector player to have stakes in some government establishment will boost government revenue projections while the authorities will begin to make money from the thriving organisation in the country he said He noted that the Federal Government should enhance the business environment in order to attract foreign direct investment Improving the ease of doing business will enable the country to be a hub for new businesses regardless of our challenges Then the government revenue will begin to grow and the debt servicing will not be an issue he said NAN
    Debt servicing: Experts urge FG to increase crude oil production
     Some financial analysts have urged the Federal Government to increase its crude oil production to enhance its revenue generation in order to tackle the rising debt servicing profile The analysts gave the advice in separate interviews with the News Agency of Nigeria on Wednesday in Lagos NAN reports that they were reacting to the claim by the International Monetary Fund IMF that debt servicing might gulp 100 per cent of the government s revenue by 2026 if the government fails to implement adequate measures to improve revenue generation The IMF s Resident Representative for Nigeria Ari Aisen had made the claim the claim while presenting the Sub Saharan Africa Regional Economic Outlook report in Abuja According to him based on a macro fiscal stress test that was conducted on Nigeria interest payments on debts may wipe up the country s entire earnings in the next four years The Chief Executive Officer CEO Cowery Asset Management Mr Johnson Chukwu told NAN that the Federal Government needs to raise petroleum production to boost its revenue projections The government must address the headwinds associated with pipe line vandals so as to meet the international oil quota of the Organisation of the Petroleum Exporting Countries Then the country can make adequate revenue from crude oil sales and meet other obligation beyond debt servicing he said According to him the federal government should put a seal on new debts and give priority to public private partnership in fixing infrastructure Most of the debts incurred in the country is linked to projects sometimes not viable to pay back the debts The government should adopt more alternative approach in fixing key infrastructure without borrowing and being in debt he said Also the former President Charted Institute of Taxation of Nigeria CITAN Dr Mcantony Dike said since debt servicing was declining earnings the Federal Government should utilise science to boost Value Added Tax VAT collection The VAT collection is a form of indirect taxes which is imposed on a specific commodities in the economy Raising revenue is crucial because of too much competing demand of scarce resources currently he said According to him the tiers of government should reduce the high cost of government to reflect the times Reducing the money expended on public office holders will free funds address other pressing needs such as debt servicing and other obligation meant for public goods in the country Dike said Also the President Progressive Shareholders Association of Nigeria Mr Boniface Okezie said the Federal Government should privatise some state own companies Allowing more private sector player to have stakes in some government establishment will boost government revenue projections while the authorities will begin to make money from the thriving organisation in the country he said He noted that the Federal Government should enhance the business environment in order to attract foreign direct investment Improving the ease of doing business will enable the country to be a hub for new businesses regardless of our challenges Then the government revenue will begin to grow and the debt servicing will not be an issue he said NAN
    Debt servicing: Experts urge FG to increase crude oil production
    General news6 months ago

    Debt servicing: Experts urge FG to increase crude oil production

    Some financial analysts have urged the Federal Government  to increase its crude oil production to enhance its revenue generation, in order to tackle the rising debt servicing profile.The analysts gave the advice in separate interviews with the News Agency of Nigeria on Wednesday in Lagos.NAN reports that they were reacting to the claim by the International Monetary Fund (IMF) that debt servicing might gulp 100 per cent of the government’s revenue by 2026 if the government fails to implement adequate measures to improve revenue generation.The IMF’s Resident Representative for Nigeria, Ari Aisen, had made the claim the claim while presenting the Sub-Saharan Africa Regional Economic Outlook report in Abuja. According to him, based on a macro-fiscal stress test that was conducted on Nigeria, interest payments on debts may wipe up the country’s entire earnings in the next four years.The Chief Executive Officer, (CEO) Cowery Asset Management, Mr Johnson Chukwu, told NAN that the Federal Government needs to raise petroleum production to boost its revenue projections. “ The government must address the headwinds associated with pipe line vandals so as to meet the international oil quota of the Organisation of the Petroleum Exporting Countries. “ Then the country can make adequate revenue from crude oil sales and meet other obligation beyond debt servicing,” he said.According to him, the federal government should put a seal on new debts and give priority to public private partnership in fixing infrastructure. “Most of the debts incurred in the country is linked to projects sometimes not viable to pay back  the debts. “ The government should adopt more alternative approach in fixing key infrastructure  without borrowing and being in debt,” he said.  Also, the former President,  Charted  Institute of Taxation of Nigeria (CITAN)  Dr Mcantony Dike, said since debt servicing was declining earnings, the Federal Government should utilise science to boost Value Added Tax (VAT) collection. “The VAT collection is a form of indirect taxes, which is imposed on a specific commodities in the economy.“ Raising revenue is crucial because of too much competing demand of scarce resources currently,” he said. According to him, the tiers of government should reduce the high cost of government to reflect the times.“ Reducing the money expended on public office holders will free funds address other pressing needs such as debt servicing and other obligation meant for public goods in the country,” Dike said. Also, the  President, Progressive Shareholders Association of Nigeria, Mr Boniface Okezie, said the Federal Government should privatise some state own companies.“ Allowing more private sector player to have stakes in some government establishment will boost government revenue projections while the authorities will begin to make money from the thriving organisation in the country,” he said.He noted that the Federal Government should enhance the business environment in order to attract foreign direct investment. “ Improving the ease of doing business will enable the country to be a hub for new businesses regardless of our challenges.“ Then the government revenue will begin to grow and the debt servicing will not be an issue,” he said.

    (NAN)

  •  The Presidency has again reeled out 28 page of President Muhammadu Buhari s strides in Oil and gas reforms Digital economy Mines and steel development Agriculture Education Health Creative Industry Sports and infrastructural development roads bridges rail air and sea ports housing and many others The News Agency of Nigeria reports that the president s scorecard is coming ahead of the seven year anniversary of the Buhari led administration on May 29 2022 President Buhari had in May 29 2015 took the oath of office as President promising to serve Nigeria faithfully in all spheres of national life The seven years milestone according to the President s spokesman Mr Femi Adesina presents a major landmark and opportunity to review the service of the president to the country and its people Adesina noted that the Buhari administration has so far delivered in its promises to Nigerians although revisionists would want to look at security challenges which are being robustly tackled by the government A one stop shop of the achievements of the Buhari administration at seven indicated that a lot has been done and a lot more will still be done in the 12 months ahead Nigeria under Buhari s watch has continued to witness the biggest and most ambitious federal infrastructure programme since Nigeria s Independence Under the administration s Energizing Education Economies and Agriculture Programmes the government had so far taken clean and reliable energy Solar and Gas to Federal Universities Teaching Hospitals Markets and Rural Areas across the country The four Universities completed and commissioned already are Bayero University Kano BUK Kano FUNAI Ebonyi ATBU Bauchi and FUPRE Delta Sabon Gari Market in Kano Ariaria Market in Aba and Sura Shopping Complex in Lagos On National Mass Metering Programme the Central Bank of Nigeria is providing N200 billion for this and so far more than one million meters have been rolled out in the first phase This first phase generated more than 10 000 new jobs in meter installation and assembly as the nationwide rollout of electricity meters to all on grid consumers launched in August 2020 The Solar Power Naija SPN Launched in April 2021 to deliver 5 million off grid solar connections would be impacting more than 20 million Nigerians and financed through Central Bank of Nigeria loans as well as through partnerships with NDPHC NNPC and the NSIA The programme is expected to generate an additional N7 billion increase in tax revenues per annum and 10 million in annual import substitution Under Solar Power Naija and NDPHC s partnership ASolar is rolling out 100 000 Solar Home Systems across the country while the NSIA partnering under SPN has announced a N10 billion fund for developers targeting more than 250 000 solar connections In May 2021 the Rural Electrification Agency REA announced the planned deployment of solar powered grids to 200 Primary Health Centres PHC and 104 Unity Schools nationwide Nigeria Electrification Project NEP is a 550 million programme being implemented by the Federal Government of Nigeria in partnership with the World Bank and African Development Bank NEP is a combination of subsidies direct contracts and technical assistance to support Electrification across Nigeria NEP has so far deployed more than 20 000 Standalone Solar Systems SHS as well as Solar Hybrid Mini grids in more than 250 locations across the country The Rural Electrification Fund REF created by the Electricity Power Sector Reform Act of 2005 was operationalized by the Buhari Administration in 2016 Since 2016 the REF under REA has executed more than N4 billion in projects with more than N5 billions of Off Grid mainly Solar projects slated to be executed across Nigeria in 2022 On the special grid interventions the Federal Government has many key grid initiatives with more than N125 2 billion budgeted between 2015 to 2021 for TCN and Development Finance Funding through the likes of World Bank AFDB AFD JICA and others of up to 1 7 billion The Central Bank of Nigeria is also funding 250 million for the rehabilitation of critical interfaces between Transmission and Distribution to increase and stabilize power delivery Additionally through the Presidential Power Initiative PPI aka Siemens Power Program an additional 2 0 billion or more will be invested in the Transmission Grid PPI is a Government to Government initiative involving the Governments of Nigeria and Germany and Siemens AG of Germany to upgrade and modernize Nigeria s electricity grid The Contract for the pre engineering phase of the Presidential Power Initiative PPI was signed in Feb 2021 following the 2020 approval for the payment of FGN s counterpart funding for that phase while the first set of equipment contract awards were made in Dec 2021 comprising 10 Mobitra Transformers and 10 Substations In all the PPI will encompass as many as 127 individual Transmission and Distribution projects Brownfield and Greenfield Other ongoing interventions include 330kV Quad Lines in Alaoji to Onitsha Delta Power Station to Benin as well as the Kano to Katsina 330kV line respectively The 200 million Transmission Infrastructure Project financed by JICA entails the construction of about 200 km of high voltage transmission lines and a number of high voltage substations benefiting several communities in the two States Also through a special CBN intervention for Transmission Distribution interfaces contracts have been awarded for more than 30 Substation Rehabilitations and 1 570MVA transformer capacity upgrades with 34 critical transformers to be installed or replaced On a Policy level the Nigerian Electricity Regulatory Commission NERC has rolled out various policies ranging from a Tariff Capping Regulation for un metered customers to the Eligible Customer Regulations to the introduction of a Service based Tariff Regime and CBN oversight of Disco Bank accounts which has helped improve payment discipline by Discos The Buhari administration has equally recorded tremendous success in the housing sector through the Federal Ministry of Works and Housing The ministry has completed or is completing housing projects in 34 States of Nigeria under the National Housing Programme with the support of the State Governments who provided the land So far more than 5 000 houses are at various stages of completion and thousands more are planned The Family Homes Fund Limited FHFL incorporated by the Federal Government of Nigeria in Sept 2016 is the implementing agency for the Buhari Administration s National Social Housing scheme The Fund has now completed more than 13 000 homes across nine States with another 20 000 commencing building works in 2022 In the process these housing developments have created more than 64 000 direct and indirect jobs The administration has also achieved a lot in the area of digital economy and these include the extension of the Nigerian Investment Promotion Commission NIPC Pioneer Status to e Commerce and software development companies Stipulation of N145 per linear meter cap on Highway Right of Way RoW for fibre optic cabling to incentivize investment in rollout Launch of new national 5G policy in 2021 and successful licensing of two private companies to rollout 5G nationally Nigeria s 5G rollout will commence in August 2022 Establishment of new National Data Protection Bureau which is expected to develop primary legislation for data protection and privacy Launch of new National Digital Economy Policy and Strategy by President Buhari in 2019 Drafting of the Nigeria Startup Bill NSB and submission of the draft Bill to the National Assembly for consideration and passage into law Establishment in 2021 of a National Centre for Artificial Intelligence and Robotics NCAIR Ongoing implementation starting 2021 of the National Information and Communication Technology Infrastructure Backbone Phase 2 NICTIB 2 Project The goal of NICTIB is to rollout a nationwide fibre infrastructure network Ongoing construction of a Tier 4 Data Center in Kano to join existing infrastructure in Abuja Tier 3 Data Center and Enugu A Disaster Recovery Site The Kano Data Center is expected to be completed in 2022 The major achievements of the Buhari administration in the area of oil and gas include Buhari s assent to the Petroleum Industry Act on Aug 16 2021 This broke a two decades old jinx and is setting the stage for the unprecedented transformation of Nigeria s oil and gas sector Under the new Act the NNPC has transformed into a Limited Liability Company which will be formally unveiled by the President in July 2022 The regulatory framework for the sector has also changed with the establishment of a the Nigerian Upstream Petroleum Regulatory Commission NUPRC and b the Nigerian Midstream and Downstream Petroleum Regulatory Authority NMDPRA which merged the hitherto existing Petroleum Products Pricing Regulatory Agency PPPRA Petroleum Equalization Fund Management Board PEFMB and the Midstream and Downstream Divisions of the Department of Petroleum Resources DPR The historic Signing Ceremony in May 2021 of the Execution of Oil Mining Lease OML 118 Agreements between NNPC Limited and its Contractor Partners Shell Exxon Mobil TOTAL and NAOC These Agreements settled long standing disputes that stalled development and will unlock more than 10 billion of new deep water investment in Nigeria The Buhari administration has declared this decade the Decade of Gas The Federal Government has embarked on the construction of 614km Ajaokuta Kaduna Kano Gas Project the largest domestic gas project in the country Already the government has secured US 45 million financing from the Islamic Development Bank for the Front End Engineering Design FEED Study for the Nigeria Morocco Gas Pipeline NMGP project The Agreement for the Pipeline project was signed by the two countries during President Buhari s State Visit to Morocco in June 2018 When completed it will be the longest offshore pipeline in the world and the second longest pipeline in the world running across 13 countries 11 of them in West Africa It s believed that the successful completion of Nigeria s first Marginal Field Bid Round in almost 20 years is expected to raise in excess of half a billion dollars and open up a new vista of investment in oil and gas Launch of National LPG Expansion Programme including Removal of VAT from the domestic pricing of LPG Financial close and signing of contract for NLNG Train 7 which will grow Nigeria s LNG production capacity by 35 per cent Nigeria and Morocco in 2021 signed an agreement to develop a US 1 4 billion multipurpose industrial platform Ammonia and Di Ammonium Phosphate production plants that will utilize Nigerian gas and Moroccan phosphate to produce 750 000 tons of ammonia and 1 million tons of phosphate fertilizers annually by 2025 It will be located in Ikot Abasi Akwa Ibom State The nation also witnessed the inauguration in Dec 2020 of the new NPDC Integrated Gas Handling Facility in Edo the largest onshore LPG plant in the country with a processing capacity of 100 million standard cubic feet of gas daily producing 330 tonnes of LPG 345 tonnes of propane and 2 600 barrels of condensate daily The government also established a 350m Nigerian Content Intervention Fund to finance manufacturing contracts and assets in the oil and gas industry The NNPC Limited s National Petroleum Investment Management Services NAPIMS became in 2022 the first Government organization in West and North Africa to receive the ISO 22301 2019 Certification for Business Continuity Management from RINA On the financing and investment in the oil and gas Afreximbank announced in Jan 2022 that it will assist NNPC Limited to raise 5 billion financing to support investments in Nigeria s upstream industry and facilitate expanded energy supply Afrexim also disclosed plans to underwrite 1 billion of the total planned debt Final Investment Decision in January 2021 on a 10 000 tonnes per day methanol plant and a 500 million standard cubic feet per day gas processing plant being promoted by the NNPC Limited and the Nigerian Content Development and Monitoring Board NCDMB in partnership with the private sector The plant is now under construction in Odeama Brass Bayelsa State On Policy Regulatory and Funding Support for the establishment of Modular Refineries across the Niger Delta the Buhari administration has issued licences for six additional brownfield and greenfield Modular Refinery Projects across the Niger Delta In 2020 President Buhari inaugurated the first phase of the Waltersmith Modular Refinery in Imo State and broke ground on Phase 2 which will add 20 000bpd processing capacity The Nigerian National Petroleum Corporation NNPC on Dec 21 2021 handed over a symbolic cheque of N621 24 Billion for the rehabilitation of 21 critical roads totalling 1 800km across the country through the Road Infrastructure Tax Credit Scheme under the Executive Order 7 signed by President Buhari in 2019 Note that this does not mean that NNPC has gone into the business of constructing roads instead it is financing the construction of roads through its tax liabilities It s also hoped that the launch of the Nigerian Upstream Cost Optimization Programme NUCOP would reduce operating expenses through process enhancement and industry collaboration as the overall target is to achieve a 10 or less per barrel production cost NAN
    Steps to changing Nigeria by Buhari Administration at 7
     The Presidency has again reeled out 28 page of President Muhammadu Buhari s strides in Oil and gas reforms Digital economy Mines and steel development Agriculture Education Health Creative Industry Sports and infrastructural development roads bridges rail air and sea ports housing and many others The News Agency of Nigeria reports that the president s scorecard is coming ahead of the seven year anniversary of the Buhari led administration on May 29 2022 President Buhari had in May 29 2015 took the oath of office as President promising to serve Nigeria faithfully in all spheres of national life The seven years milestone according to the President s spokesman Mr Femi Adesina presents a major landmark and opportunity to review the service of the president to the country and its people Adesina noted that the Buhari administration has so far delivered in its promises to Nigerians although revisionists would want to look at security challenges which are being robustly tackled by the government A one stop shop of the achievements of the Buhari administration at seven indicated that a lot has been done and a lot more will still be done in the 12 months ahead Nigeria under Buhari s watch has continued to witness the biggest and most ambitious federal infrastructure programme since Nigeria s Independence Under the administration s Energizing Education Economies and Agriculture Programmes the government had so far taken clean and reliable energy Solar and Gas to Federal Universities Teaching Hospitals Markets and Rural Areas across the country The four Universities completed and commissioned already are Bayero University Kano BUK Kano FUNAI Ebonyi ATBU Bauchi and FUPRE Delta Sabon Gari Market in Kano Ariaria Market in Aba and Sura Shopping Complex in Lagos On National Mass Metering Programme the Central Bank of Nigeria is providing N200 billion for this and so far more than one million meters have been rolled out in the first phase This first phase generated more than 10 000 new jobs in meter installation and assembly as the nationwide rollout of electricity meters to all on grid consumers launched in August 2020 The Solar Power Naija SPN Launched in April 2021 to deliver 5 million off grid solar connections would be impacting more than 20 million Nigerians and financed through Central Bank of Nigeria loans as well as through partnerships with NDPHC NNPC and the NSIA The programme is expected to generate an additional N7 billion increase in tax revenues per annum and 10 million in annual import substitution Under Solar Power Naija and NDPHC s partnership ASolar is rolling out 100 000 Solar Home Systems across the country while the NSIA partnering under SPN has announced a N10 billion fund for developers targeting more than 250 000 solar connections In May 2021 the Rural Electrification Agency REA announced the planned deployment of solar powered grids to 200 Primary Health Centres PHC and 104 Unity Schools nationwide Nigeria Electrification Project NEP is a 550 million programme being implemented by the Federal Government of Nigeria in partnership with the World Bank and African Development Bank NEP is a combination of subsidies direct contracts and technical assistance to support Electrification across Nigeria NEP has so far deployed more than 20 000 Standalone Solar Systems SHS as well as Solar Hybrid Mini grids in more than 250 locations across the country The Rural Electrification Fund REF created by the Electricity Power Sector Reform Act of 2005 was operationalized by the Buhari Administration in 2016 Since 2016 the REF under REA has executed more than N4 billion in projects with more than N5 billions of Off Grid mainly Solar projects slated to be executed across Nigeria in 2022 On the special grid interventions the Federal Government has many key grid initiatives with more than N125 2 billion budgeted between 2015 to 2021 for TCN and Development Finance Funding through the likes of World Bank AFDB AFD JICA and others of up to 1 7 billion The Central Bank of Nigeria is also funding 250 million for the rehabilitation of critical interfaces between Transmission and Distribution to increase and stabilize power delivery Additionally through the Presidential Power Initiative PPI aka Siemens Power Program an additional 2 0 billion or more will be invested in the Transmission Grid PPI is a Government to Government initiative involving the Governments of Nigeria and Germany and Siemens AG of Germany to upgrade and modernize Nigeria s electricity grid The Contract for the pre engineering phase of the Presidential Power Initiative PPI was signed in Feb 2021 following the 2020 approval for the payment of FGN s counterpart funding for that phase while the first set of equipment contract awards were made in Dec 2021 comprising 10 Mobitra Transformers and 10 Substations In all the PPI will encompass as many as 127 individual Transmission and Distribution projects Brownfield and Greenfield Other ongoing interventions include 330kV Quad Lines in Alaoji to Onitsha Delta Power Station to Benin as well as the Kano to Katsina 330kV line respectively The 200 million Transmission Infrastructure Project financed by JICA entails the construction of about 200 km of high voltage transmission lines and a number of high voltage substations benefiting several communities in the two States Also through a special CBN intervention for Transmission Distribution interfaces contracts have been awarded for more than 30 Substation Rehabilitations and 1 570MVA transformer capacity upgrades with 34 critical transformers to be installed or replaced On a Policy level the Nigerian Electricity Regulatory Commission NERC has rolled out various policies ranging from a Tariff Capping Regulation for un metered customers to the Eligible Customer Regulations to the introduction of a Service based Tariff Regime and CBN oversight of Disco Bank accounts which has helped improve payment discipline by Discos The Buhari administration has equally recorded tremendous success in the housing sector through the Federal Ministry of Works and Housing The ministry has completed or is completing housing projects in 34 States of Nigeria under the National Housing Programme with the support of the State Governments who provided the land So far more than 5 000 houses are at various stages of completion and thousands more are planned The Family Homes Fund Limited FHFL incorporated by the Federal Government of Nigeria in Sept 2016 is the implementing agency for the Buhari Administration s National Social Housing scheme The Fund has now completed more than 13 000 homes across nine States with another 20 000 commencing building works in 2022 In the process these housing developments have created more than 64 000 direct and indirect jobs The administration has also achieved a lot in the area of digital economy and these include the extension of the Nigerian Investment Promotion Commission NIPC Pioneer Status to e Commerce and software development companies Stipulation of N145 per linear meter cap on Highway Right of Way RoW for fibre optic cabling to incentivize investment in rollout Launch of new national 5G policy in 2021 and successful licensing of two private companies to rollout 5G nationally Nigeria s 5G rollout will commence in August 2022 Establishment of new National Data Protection Bureau which is expected to develop primary legislation for data protection and privacy Launch of new National Digital Economy Policy and Strategy by President Buhari in 2019 Drafting of the Nigeria Startup Bill NSB and submission of the draft Bill to the National Assembly for consideration and passage into law Establishment in 2021 of a National Centre for Artificial Intelligence and Robotics NCAIR Ongoing implementation starting 2021 of the National Information and Communication Technology Infrastructure Backbone Phase 2 NICTIB 2 Project The goal of NICTIB is to rollout a nationwide fibre infrastructure network Ongoing construction of a Tier 4 Data Center in Kano to join existing infrastructure in Abuja Tier 3 Data Center and Enugu A Disaster Recovery Site The Kano Data Center is expected to be completed in 2022 The major achievements of the Buhari administration in the area of oil and gas include Buhari s assent to the Petroleum Industry Act on Aug 16 2021 This broke a two decades old jinx and is setting the stage for the unprecedented transformation of Nigeria s oil and gas sector Under the new Act the NNPC has transformed into a Limited Liability Company which will be formally unveiled by the President in July 2022 The regulatory framework for the sector has also changed with the establishment of a the Nigerian Upstream Petroleum Regulatory Commission NUPRC and b the Nigerian Midstream and Downstream Petroleum Regulatory Authority NMDPRA which merged the hitherto existing Petroleum Products Pricing Regulatory Agency PPPRA Petroleum Equalization Fund Management Board PEFMB and the Midstream and Downstream Divisions of the Department of Petroleum Resources DPR The historic Signing Ceremony in May 2021 of the Execution of Oil Mining Lease OML 118 Agreements between NNPC Limited and its Contractor Partners Shell Exxon Mobil TOTAL and NAOC These Agreements settled long standing disputes that stalled development and will unlock more than 10 billion of new deep water investment in Nigeria The Buhari administration has declared this decade the Decade of Gas The Federal Government has embarked on the construction of 614km Ajaokuta Kaduna Kano Gas Project the largest domestic gas project in the country Already the government has secured US 45 million financing from the Islamic Development Bank for the Front End Engineering Design FEED Study for the Nigeria Morocco Gas Pipeline NMGP project The Agreement for the Pipeline project was signed by the two countries during President Buhari s State Visit to Morocco in June 2018 When completed it will be the longest offshore pipeline in the world and the second longest pipeline in the world running across 13 countries 11 of them in West Africa It s believed that the successful completion of Nigeria s first Marginal Field Bid Round in almost 20 years is expected to raise in excess of half a billion dollars and open up a new vista of investment in oil and gas Launch of National LPG Expansion Programme including Removal of VAT from the domestic pricing of LPG Financial close and signing of contract for NLNG Train 7 which will grow Nigeria s LNG production capacity by 35 per cent Nigeria and Morocco in 2021 signed an agreement to develop a US 1 4 billion multipurpose industrial platform Ammonia and Di Ammonium Phosphate production plants that will utilize Nigerian gas and Moroccan phosphate to produce 750 000 tons of ammonia and 1 million tons of phosphate fertilizers annually by 2025 It will be located in Ikot Abasi Akwa Ibom State The nation also witnessed the inauguration in Dec 2020 of the new NPDC Integrated Gas Handling Facility in Edo the largest onshore LPG plant in the country with a processing capacity of 100 million standard cubic feet of gas daily producing 330 tonnes of LPG 345 tonnes of propane and 2 600 barrels of condensate daily The government also established a 350m Nigerian Content Intervention Fund to finance manufacturing contracts and assets in the oil and gas industry The NNPC Limited s National Petroleum Investment Management Services NAPIMS became in 2022 the first Government organization in West and North Africa to receive the ISO 22301 2019 Certification for Business Continuity Management from RINA On the financing and investment in the oil and gas Afreximbank announced in Jan 2022 that it will assist NNPC Limited to raise 5 billion financing to support investments in Nigeria s upstream industry and facilitate expanded energy supply Afrexim also disclosed plans to underwrite 1 billion of the total planned debt Final Investment Decision in January 2021 on a 10 000 tonnes per day methanol plant and a 500 million standard cubic feet per day gas processing plant being promoted by the NNPC Limited and the Nigerian Content Development and Monitoring Board NCDMB in partnership with the private sector The plant is now under construction in Odeama Brass Bayelsa State On Policy Regulatory and Funding Support for the establishment of Modular Refineries across the Niger Delta the Buhari administration has issued licences for six additional brownfield and greenfield Modular Refinery Projects across the Niger Delta In 2020 President Buhari inaugurated the first phase of the Waltersmith Modular Refinery in Imo State and broke ground on Phase 2 which will add 20 000bpd processing capacity The Nigerian National Petroleum Corporation NNPC on Dec 21 2021 handed over a symbolic cheque of N621 24 Billion for the rehabilitation of 21 critical roads totalling 1 800km across the country through the Road Infrastructure Tax Credit Scheme under the Executive Order 7 signed by President Buhari in 2019 Note that this does not mean that NNPC has gone into the business of constructing roads instead it is financing the construction of roads through its tax liabilities It s also hoped that the launch of the Nigerian Upstream Cost Optimization Programme NUCOP would reduce operating expenses through process enhancement and industry collaboration as the overall target is to achieve a 10 or less per barrel production cost NAN
    Steps to changing Nigeria by Buhari Administration at 7
    General news6 months ago

    Steps to changing Nigeria by Buhari Administration at 7

    The Presidency has again, reeled out 28-page of President Muhammadu Buhari’s strides in Oil and gas reforms, Digital economy, Mines and steel development, Agriculture, Education, Health, Creative Industry, Sports and infrastructural development; roads, bridges, rail, air and sea ports, housing, and many others.
    The News Agency of Nigeria reports that the president’s scorecard is coming ahead of the seven year anniversary of the Buhari-led administration on May 29, 2022.
    President Buhari had in May 29, 2015, took the oath of office as President, promising to serve Nigeria faithfully in all spheres of national life.
    The seven years milestone, according to the President’s spokesman, Mr Femi Adesina, presents a major landmark and opportunity to review the service of the president to the country, and its people.
    Adesina noted that the Buhari administration has so far delivered in its promises to Nigerians although revisionists would want to look at security challenges, which are being robustly tackled by the government.
    A one-stop shop of the achievements of the Buhari administration at seven indicated that a lot has been done, and a lot more will still be done in the 12 months ahead.
    Nigeria, under Buhari’s watch, has continued to witness the biggest and most ambitious federal infrastructure programme since Nigeria’s Independence.
    Under the administration’s Energizing Education, Economies and Agriculture Programmes, the government had so far taken clean and reliable energy (Solar and Gas) to Federal Universities, Teaching Hospitals, Markets and Rural Areas across the country.
    The four Universities completed and commissioned already are, Bayero University Kano ( BUK ), Kano, FUNAI (Ebonyi), ATBU (Bauchi) and FUPRE (Delta), Sabon-Gari Market in Kano, Ariaria Market in Aba, and Sura Shopping Complex in Lagos.
    On National Mass Metering Programme, the Central Bank of Nigeria is providing N200 billion for this, and so far, more than one million meters have been rolled out, in the first phase.
    This first phase generated more than 10,000 new jobs in meter installation and assembly as the nationwide rollout of electricity meters to all on-grid consumers, launched in August 2020.
    The Solar Power Naija (SPN), Launched in April 2021 to deliver 5 million off-grid solar connections, would be impacting more than 20 million Nigerians, and financed through Central Bank of Nigeria loans, as well as through partnerships with NDPHC, NNPC and the NSIA.
    The programme is expected to generate an additional N7 billion increase in tax revenues per annum and $10 million in annual import substitution.
    ”Under Solar Power Naija and NDPHC’s partnership, ASolar is rolling out 100,000 Solar Home Systems across the country, while the NSIA (partnering under SPN) has announced a N10 billion fund for developers, targeting more than 250,000 solar connections.”
    In May 2021, the Rural Electrification Agency (REA) announced the planned deployment of solar-powered grids to 200 Primary Health Centres (PHC) and 104 Unity Schools nationwide.
    Nigeria Electrification Project (NEP) is a $550 million programme being implemented by the Federal Government of Nigeria in partnership with the World Bank and African Development Bank. NEP is a combination of subsidies, direct contracts and technical assistance to support Electrification across Nigeria.
    NEP has so far deployed more than 20,000 Standalone Solar Systems (SHS), as well as Solar Hybrid Mini-grids in more than 250 locations across the country.
    The Rural Electrification Fund (REF), created by the Electricity Power Sector Reform Act of 2005, was operationalized by the Buhari Administration in 2016.
    Since 2016, the REF under REA has executed more than N4 billion in projects, with more than N5 billions of Off-Grid (mainly Solar) projects slated to be executed across Nigeria in 2022.
    On the special grid interventions, the Federal Government has many key grid initiatives with more than N125.2 billion budgeted between 2015 to 2021 for TCN, and Development Finance Funding through the likes of World Bank, AFDB, AFD, JICA and others of up to $1.7 billion.
    The Central Bank of Nigeria is also funding $250 million for the rehabilitation of critical interfaces between Transmission and Distribution to increase and stabilize power delivery.
    Additionally, through the Presidential Power Initiative (PPI), aka Siemens Power Program, an additional $2.0 billion or more will be invested in the Transmission Grid.
    PPI is a Government-to-Government initiative involving the Governments of Nigeria and Germany, and Siemens AG of Germany, to upgrade and modernize Nigeria’s electricity grid.
    The Contract for the pre-engineering phase of the Presidential Power Initiative (PPI) was signed in Feb. 2021, following the 2020 approval for the payment of FGN’s counterpart funding for that phase, while the first set of equipment contract awards were made in Dec. 2021, comprising 10 Mobitra Transformers and 10 Substations.
    In all the PPI will encompass as many as 127 individual Transmission and Distribution projects (Brownfield and Greenfield).
    Other ongoing interventions include 330kV Quad Lines in Alaoji to Onitsha, Delta Power Station to Benin as well as the Kano to Katsina 330kV line (respectively).
    The $200 million Transmission Infrastructure Project, financed by JICA entails the construction of about 200 km of high-voltage transmission lines and a number of high voltage substations, benefiting several communities in the two States.
    Also through a special CBN intervention for Transmission Distribution interfaces, contracts have been awarded for more than 30 Substation Rehabilitations and 1,570MVA transformer capacity upgrades, with 34 critical transformers to be installed or replaced.
    On a Policy level, the Nigerian Electricity Regulatory Commission (NERC) has rolled out various policies ranging from a Tariff-Capping Regulation for un-metered customers, to the Eligible Customer Regulations, to the introduction of a Service-based Tariff Regime and CBN oversight of Disco Bank accounts (which has helped improve payment discipline by Discos).
    The Buhari administration has equally recorded tremendous success in the housing sector through the Federal Ministry of Works and Housing.
    The ministry has completed or is completing housing projects in 34 States of Nigeria, under the National Housing Programme, with the support of the State Governments, who provided the land.
    So far more than 5,000 houses are at various stages of completion, and thousands more are planned.
    The Family Homes Fund Limited (FHFL), incorporated by the Federal Government of Nigeria in Sept. 2016, is the implementing agency for the Buhari Administration’s National Social Housing scheme.
    The Fund has now completed more than 13,000 homes across nine States, with another 20,000 commencing building works in 2022. In the process these housing developments have created more than 64,000 direct and indirect jobs.
    The administration has also achieved a lot in the area of digital economy and these include the extension of the Nigerian Investment Promotion Commission (NIPC) ‘Pioneer Status’ to e-Commerce and software development companies.
    ”Stipulation of N145 per linear meter cap on Highway Right of Way (RoW) for fibre optic cabling, to incentivize investment in rollout.
    ”Launch of new national 5G policy in 2021, and successful licensing of two private companies to rollout 5G nationally. Nigeria’s 5G rollout will commence in August 2022.
    ”Establishment of new National Data Protection Bureau, which is expected to develop “primary legislation for data protection and privacy.”
    ”Launch of new “National Digital Economy Policy and Strategy”, by President Buhari in 2019.
    ‘ ‘Drafting of the Nigeria Startup Bill (NSB), and submission of the draft Bill to the National Assembly for consideration and passage into law.
    – Establishment, in 2021, of a National Centre for Artificial Intelligence and Robotics (NCAIR).
    ”Ongoing implementation, starting 2021, of the National Information and Communication Technology Infrastructure Backbone Phase 2 (NICTIB-2) Project.
    ”The goal of NICTIB is to rollout a nationwide fibre infrastructure network.
    ”Ongoing construction of a Tier-4 Data Center in Kano, to join existing infrastructure in Abuja (Tier-3 Data Center) and Enugu (A Disaster Recovery Site). The Kano Data Center is expected to be completed in 2022.”
    The major achievements of the Buhari administration in the area of oil and gas include Buhari’s assent to the Petroleum Industry Act on Aug, 16, 2021.
    This, broke a two-decades-old jinx and is setting the stage for the unprecedented transformation of Nigeria’s oil and gas sector.
    Under the new Act, the NNPC has transformed into a Limited Liability Company which will be formally unveiled by the President in July 2022.
    The regulatory framework for the sector has also changed, with the establishment of:
    (a) the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), and
    (b) the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), which merged the hitherto-existing Petroleum Products Pricing Regulatory Agency (PPPRA), Petroleum Equalization Fund (Management) Board(PEFMB), and the Midstream and Downstream Divisions of the Department of Petroleum Resources (DPR).
    The historic Signing Ceremony, in May 2021, of the Execution of Oil Mining Lease (OML) 118 Agreements between NNPC Limited and its Contractor Partners: Shell, Exxon Mobil, TOTAL and NAOC.
    These Agreements settled long-standing disputes that stalled development, and will unlock more than $10 billion of new deep-water investment in Nigeria.
    The Buhari administration has declared this decade the “Decade of Gas.”
    The Federal Government has embarked on the construction of 614km Ajaokuta-Kaduna-Kano Gas Project, the largest domestic gas project in the country.
    Already, the government has secured US$45 million financing from the Islamic Development Bank, for the Front-End Engineering Design (FEED) Study for the Nigeria–Morocco Gas Pipeline (NMGP) project.
    The Agreement for the Pipeline project was signed by the two countries during President Buhari’s State Visit to Morocco in June 2018.
    When completed it will be the longest offshore pipeline in the world, and the second longest pipeline in the world, running across 13 countries, 11 of them in West Africa.
    It’s believed that the successful completion of Nigeria’s first Marginal Field Bid Round in almost 20 years, is expected to raise in excess of half a billion dollars, and open up a new vista of investment in oil and gas.
    ”Launch of National LPG Expansion Programme (including Removal of VAT from the domestic pricing of LPG)
    ”Financial close and signing of contract for NLNG Train 7, which will grow Nigeria’s LNG production capacity by 35 per cent.
    ”Nigeria and Morocco in 2021 signed an agreement to develop a US$1.4 billion multipurpose industrial platform (Ammonia and Di-Ammonium Phosphate production plants) that will utilize Nigerian gas and Moroccan phosphate to produce 750,000 tons of ammonia and 1 million tons of phosphate fertilizers annually by 2025.
    ”It will be located in Ikot-Abasi, Akwa-Ibom State.”
    The nation also witnessed the inauguration, in Dec. 2020, of the new NPDC Integrated Gas Handling Facility in Edo, the largest onshore LPG plant in the country, with a processing capacity of 100 million standard cubic feet of gas daily, producing 330 tonnes of LPG, 345 tonnes of propane and 2,600 barrels of condensate, daily.
    The government also established a $350m Nigerian Content Intervention Fund, to finance manufacturing, contracts and assets in the oil and gas industry.
    ”The NNPC Limited’s National Petroleum Investment Management Services (NAPIMS) became, in 2022, the first Government organization in West and North Africa to receive the ISO 22301:2019 Certification for Business Continuity Management from RINA.”
    On the financing and investment in the oil and gas, Afreximbank announced in Jan. 2022 that it will assist NNPC Limited to raise $5 billion financing to support investments in Nigeria’s upstream industry, and facilitate expanded energy supply.
    Afrexim also disclosed plans to underwrite $1 billion of the total planned debt.
    ”Final Investment Decision in January 2021 on a 10,000 tonnes per day methanol plant and a 500 million standard cubic feet per day gas processing plant, being promoted by the NNPC Limited and the Nigerian Content Development and Monitoring Board (NCDMB), in partnership with the private sector.
    ”The plant is now under construction in Odeama, Brass, Bayelsa State.
    On Policy, Regulatory and Funding Support for the establishment of Modular Refineries across the Niger Delta, the Buhari administration has issued licences for six additional brownfield and greenfield Modular Refinery Projects across the Niger Delta.
    In 2020 President Buhari inaugurated the first phase of the Waltersmith Modular Refinery, in Imo State, and broke ground on Phase 2, which will add 20,000bpd processing capacity.
    The Nigerian National Petroleum Corporation (NNPC), on Dec. 21, 2021, handed over a symbolic cheque of N621.24 Billion for the rehabilitation of 21 critical roads (totalling 1,800km) across the country, through the Road Infrastructure Tax Credit Scheme under the Executive Order 7 signed by President Buhari in 2019.
    ”Note that this does not mean that NNPC has gone into the business of constructing roads; instead it is financing the construction of roads, through its tax liabilities.”
    It’s also hoped that the launch of the Nigerian Upstream Cost Optimization Programme (NUCOP), would reduce operating expenses through process enhancement and industry collaboration as the overall target is to achieve a $10 or less per barrel production cost.

    (NAN)

  •  The Presidency has again reeled out 28 page of President Muhammadu Buhari s strides in Oil and gas reforms Digital economy Mines and steel development Agriculture Education Health Creative Industry Sports and infrastructural development roads bridges rail air and sea ports housing and many others The News Agency of Nigeria reports that the president s scorecard is coming ahead of the seven year anniversary of the Buhari led administration on May 29 2022 President Buhari had in May 29 2015 took the oath of office as President promising to serve Nigeria faithfully in all spheres of national life The seven years milestone according to the President s spokesman Mr Femi Adesina presents a major landmark and opportunity to review the service of the president to the country and its people Adesina noted that the Buhari administration has so far delivered in its promises to Nigerians although revisionists would want to look at security challenges which are being robustly tackled by the government A one stop shop of the achievements of the Buhari administration at seven indicated that a lot has been done and a lot more will still be done in the 12 months ahead Nigeria under Buhari s watch has continued to witness the biggest and most ambitious federal infrastructure programme since Nigeria s Independence Under the administration s Energizing Education Economies and Agriculture Programmes the government had so far taken clean and reliable energy Solar and Gas to Federal Universities Teaching Hospitals Markets and Rural Areas across the country The four Universities completed and commissioned already are Bayero University Kano BUK Kano FUNAI Ebonyi ATBU Bauchi and FUPRE Delta Sabon Gari Market in Kano Ariaria Market in Aba and Sura Shopping Complex in Lagos On National Mass Metering Programme the Central Bank of Nigeria is providing N200 billion for this and so far more than one million meters have been rolled out in the first phase This first phase generated more than 10 000 new jobs in meter installation and assembly as the nationwide rollout of electricity meters to all on grid consumers launched in August 2020 The Solar Power Naija SPN Launched in April 2021 to deliver 5 million off grid solar connections would be impacting more than 20 million Nigerians and financed through Central Bank of Nigeria loans as well as through partnerships with NDPHC NNPC and the NSIA The programme is expected to generate an additional N7 billion increase in tax revenues per annum and 10 million in annual import substitution Under Solar Power Naija and NDPHC s partnership ASolar is rolling out 100 000 Solar Home Systems across the country while the NSIA partnering under SPN has announced a N10 billion fund for developers targeting more than 250 000 solar connections In May 2021 the Rural Electrification Agency REA announced the planned deployment of solar powered grids to 200 Primary Health Centres PHC and 104 Unity Schools nationwide Nigeria Electrification Project NEP is a 550 million programme being implemented by the Federal Government of Nigeria in partnership with the World Bank and African Development Bank NEP is a combination of subsidies direct contracts and technical assistance to support Electrification across Nigeria NEP has so far deployed more than 20 000 Standalone Solar Systems SHS as well as Solar Hybrid Mini grids in more than 250 locations across the country The Rural Electrification Fund REF created by the Electricity Power Sector Reform Act of 2005 was operationalized by the Buhari Administration in 2016 Since 2016 the REF under REA has executed more than N4 billion in projects with more than N5 billions of Off Grid mainly Solar projects slated to be executed across Nigeria in 2022 On the special grid interventions the Federal Government has many key grid initiatives with more than N125 2 billion budgeted between 2015 to 2021 for TCN and Development Finance Funding through the likes of World Bank AFDB AFD JICA and others of up to 1 7 billion The Central Bank of Nigeria is also funding 250 million for the rehabilitation of critical interfaces between Transmission and Distribution to increase and stabilize power delivery Additionally through the Presidential Power Initiative PPI aka Siemens Power Program an additional 2 0 billion or more will be invested in the Transmission Grid PPI is a Government to Government initiative involving the Governments of Nigeria and Germany and Siemens AG of Germany to upgrade and modernize Nigeria s electricity grid The Contract for the pre engineering phase of the Presidential Power Initiative PPI was signed in Feb 2021 following the 2020 approval for the payment of FGN s counterpart funding for that phase while the first set of equipment contract awards were made in Dec 2021 comprising 10 Mobitra Transformers and 10 Substations In all the PPI will encompass as many as 127 individual Transmission and Distribution projects Brownfield and Greenfield Other ongoing interventions include 330kV Quad Lines in Alaoji to Onitsha Delta Power Station to Benin as well as the Kano to Katsina 330kV line respectively The 200 million Transmission Infrastructure Project financed by JICA entails the construction of about 200 km of high voltage transmission lines and a number of high voltage substations benefiting several communities in the two States Also through a special CBN intervention for Transmission Distribution interfaces contracts have been awarded for more than 30 Substation Rehabilitations and 1 570MVA transformer capacity upgrades with 34 critical transformers to be installed or replaced On a Policy level the Nigerian Electricity Regulatory Commission NERC has rolled out various policies ranging from a Tariff Capping Regulation for un metered customers to the Eligible Customer Regulations to the introduction of a Service based Tariff Regime and CBN oversight of Disco Bank accounts which has helped improve payment discipline by Discos The Buhari administration has equally recorded tremendous success in the housing sector through the Federal Ministry of Works and Housing The ministry has completed or is completing housing projects in 34 States of Nigeria under the National Housing Programme with the support of the State Governments who provided the land So far more than 5 000 houses are at various stages of completion and thousands more are planned The Family Homes Fund Limited FHFL incorporated by the Federal Government of Nigeria in Sept 2016 is the implementing agency for the Buhari Administration s National Social Housing scheme The Fund has now completed more than 13 000 homes across nine States with another 20 000 commencing building works in 2022 In the process these housing developments have created more than 64 000 direct and indirect jobs The administration has also achieved a lot in the area of digital economy and these include the extension of the Nigerian Investment Promotion Commission NIPC Pioneer Status to e Commerce and software development companies Stipulation of N145 per linear meter cap on Highway Right of Way RoW for fibre optic cabling to incentivize investment in rollout Launch of new national 5G policy in 2021 and successful licensing of two private companies to rollout 5G nationally Nigeria s 5G rollout will commence in August 2022 Establishment of new National Data Protection Bureau which is expected to develop primary legislation for data protection and privacy Launch of new National Digital Economy Policy and Strategy by President Buhari in 2019 Drafting of the Nigeria Startup Bill NSB and submission of the draft Bill to the National Assembly for consideration and passage into law Establishment in 2021 of a National Centre for Artificial Intelligence and Robotics NCAIR Ongoing implementation starting 2021 of the National Information and Communication Technology Infrastructure Backbone Phase 2 NICTIB 2 Project The goal of NICTIB is to rollout a nationwide fibre infrastructure network Ongoing construction of a Tier 4 Data Center in Kano to join existing infrastructure in Abuja Tier 3 Data Center and Enugu A Disaster Recovery Site The Kano Data Center is expected to be completed in 2022 The major achievements of the Buhari administration in the area of oil and gas include Buhari s assent to the Petroleum Industry Act on Aug 16 2021 This broke a two decades old jinx and is setting the stage for the unprecedented transformation of Nigeria s oil and gas sector Under the new Act the NNPC has transformed into a Limited Liability Company which will be formally unveiled by the President in July 2022 The regulatory framework for the sector has also changed with the establishment of a the Nigerian Upstream Petroleum Regulatory Commission NUPRC and b the Nigerian Midstream and Downstream Petroleum Regulatory Authority NMDPRA which merged the hitherto existing Petroleum Products Pricing Regulatory Agency PPPRA Petroleum Equalization Fund Management Board PEFMB and the Midstream and Downstream Divisions of the Department of Petroleum Resources DPR The historic Signing Ceremony in May 2021 of the Execution of Oil Mining Lease OML 118 Agreements between NNPC Limited and its Contractor Partners Shell Exxon Mobil TOTAL and NAOC These Agreements settled long standing disputes that stalled development and will unlock more than 10 billion of new deep water investment in Nigeria The Buhari administration has declared this decade the Decade of Gas The Federal Government has embarked on the construction of 614km Ajaokuta Kaduna Kano Gas Project the largest domestic gas project in the country Already the government has secured US 45 million financing from the Islamic Development Bank for the Front End Engineering Design FEED Study for the Nigeria Morocco Gas Pipeline NMGP project The Agreement for the Pipeline project was signed by the two countries during President Buhari s State Visit to Morocco in June 2018 When completed it will be the longest offshore pipeline in the world and the second longest pipeline in the world running across 13 countries 11 of them in West Africa It s believed that the successful completion of Nigeria s first Marginal Field Bid Round in almost 20 years is expected to raise in excess of half a billion dollars and open up a new vista of investment in oil and gas Launch of National LPG Expansion Programme including Removal of VAT from the domestic pricing of LPG Financial close and signing of contract for NLNG Train 7 which will grow Nigeria s LNG production capacity by 35 per cent Nigeria and Morocco in 2021 signed an agreement to develop a US 1 4 billion multipurpose industrial platform Ammonia and Di Ammonium Phosphate production plants that will utilize Nigerian gas and Moroccan phosphate to produce 750 000 tons of ammonia and 1 million tons of phosphate fertilizers annually by 2025 It will be located in Ikot Abasi Akwa Ibom State The nation also witnessed the inauguration in Dec 2020 of the new NPDC Integrated Gas Handling Facility in Edo the largest onshore LPG plant in the country with a processing capacity of 100 million standard cubic feet of gas daily producing 330 tonnes of LPG 345 tonnes of propane and 2 600 barrels of condensate daily The government also established a 350m Nigerian Content Intervention Fund to finance manufacturing contracts and assets in the oil and gas industry The NNPC Limited s National Petroleum Investment Management Services NAPIMS became in 2022 the first Government organization in West and North Africa to receive the ISO 22301 2019 Certification for Business Continuity Management from RINA On the financing and investment in the oil and gas Afreximbank announced in Jan 2022 that it will assist NNPC Limited to raise 5 billion financing to support investments in Nigeria s upstream industry and facilitate expanded energy supply Afrexim also disclosed plans to underwrite 1 billion of the total planned debt Final Investment Decision in January 2021 on a 10 000 tonnes per day methanol plant and a 500 million standard cubic feet per day gas processing plant being promoted by the NNPC Limited and the Nigerian Content Development and Monitoring Board NCDMB in partnership with the private sector The plant is now under construction in Odeama Brass Bayelsa State On Policy Regulatory and Funding Support for the establishment of Modular Refineries across the Niger Delta the Buhari administration has issued licences for six additional brownfield and greenfield Modular Refinery Projects across the Niger Delta In 2020 President Buhari inaugurated the first phase of the Waltersmith Modular Refinery in Imo State and broke ground on Phase 2 which will add 20 000bpd processing capacity The Nigerian National Petroleum Corporation NNPC on Dec 21 2021 handed over a symbolic cheque of N621 24 Billion for the rehabilitation of 21 critical roads totalling 1 800km across the country through the Road Infrastructure Tax Credit Scheme under the Executive Order 7 signed by President Buhari in 2019 Note that this does not mean that NNPC has gone into the business of constructing roads instead it is financing the construction of roads through its tax liabilities It s also hoped that the launch of the Nigerian Upstream Cost Optimization Programme NUCOP would reduce operating expenses through process enhancement and industry collaboration as the overall target is to achieve a 10 or less per barrel production cost NAN
    2: One-stop shop of achievements of Buhari Administration at 7
     The Presidency has again reeled out 28 page of President Muhammadu Buhari s strides in Oil and gas reforms Digital economy Mines and steel development Agriculture Education Health Creative Industry Sports and infrastructural development roads bridges rail air and sea ports housing and many others The News Agency of Nigeria reports that the president s scorecard is coming ahead of the seven year anniversary of the Buhari led administration on May 29 2022 President Buhari had in May 29 2015 took the oath of office as President promising to serve Nigeria faithfully in all spheres of national life The seven years milestone according to the President s spokesman Mr Femi Adesina presents a major landmark and opportunity to review the service of the president to the country and its people Adesina noted that the Buhari administration has so far delivered in its promises to Nigerians although revisionists would want to look at security challenges which are being robustly tackled by the government A one stop shop of the achievements of the Buhari administration at seven indicated that a lot has been done and a lot more will still be done in the 12 months ahead Nigeria under Buhari s watch has continued to witness the biggest and most ambitious federal infrastructure programme since Nigeria s Independence Under the administration s Energizing Education Economies and Agriculture Programmes the government had so far taken clean and reliable energy Solar and Gas to Federal Universities Teaching Hospitals Markets and Rural Areas across the country The four Universities completed and commissioned already are Bayero University Kano BUK Kano FUNAI Ebonyi ATBU Bauchi and FUPRE Delta Sabon Gari Market in Kano Ariaria Market in Aba and Sura Shopping Complex in Lagos On National Mass Metering Programme the Central Bank of Nigeria is providing N200 billion for this and so far more than one million meters have been rolled out in the first phase This first phase generated more than 10 000 new jobs in meter installation and assembly as the nationwide rollout of electricity meters to all on grid consumers launched in August 2020 The Solar Power Naija SPN Launched in April 2021 to deliver 5 million off grid solar connections would be impacting more than 20 million Nigerians and financed through Central Bank of Nigeria loans as well as through partnerships with NDPHC NNPC and the NSIA The programme is expected to generate an additional N7 billion increase in tax revenues per annum and 10 million in annual import substitution Under Solar Power Naija and NDPHC s partnership ASolar is rolling out 100 000 Solar Home Systems across the country while the NSIA partnering under SPN has announced a N10 billion fund for developers targeting more than 250 000 solar connections In May 2021 the Rural Electrification Agency REA announced the planned deployment of solar powered grids to 200 Primary Health Centres PHC and 104 Unity Schools nationwide Nigeria Electrification Project NEP is a 550 million programme being implemented by the Federal Government of Nigeria in partnership with the World Bank and African Development Bank NEP is a combination of subsidies direct contracts and technical assistance to support Electrification across Nigeria NEP has so far deployed more than 20 000 Standalone Solar Systems SHS as well as Solar Hybrid Mini grids in more than 250 locations across the country The Rural Electrification Fund REF created by the Electricity Power Sector Reform Act of 2005 was operationalized by the Buhari Administration in 2016 Since 2016 the REF under REA has executed more than N4 billion in projects with more than N5 billions of Off Grid mainly Solar projects slated to be executed across Nigeria in 2022 On the special grid interventions the Federal Government has many key grid initiatives with more than N125 2 billion budgeted between 2015 to 2021 for TCN and Development Finance Funding through the likes of World Bank AFDB AFD JICA and others of up to 1 7 billion The Central Bank of Nigeria is also funding 250 million for the rehabilitation of critical interfaces between Transmission and Distribution to increase and stabilize power delivery Additionally through the Presidential Power Initiative PPI aka Siemens Power Program an additional 2 0 billion or more will be invested in the Transmission Grid PPI is a Government to Government initiative involving the Governments of Nigeria and Germany and Siemens AG of Germany to upgrade and modernize Nigeria s electricity grid The Contract for the pre engineering phase of the Presidential Power Initiative PPI was signed in Feb 2021 following the 2020 approval for the payment of FGN s counterpart funding for that phase while the first set of equipment contract awards were made in Dec 2021 comprising 10 Mobitra Transformers and 10 Substations In all the PPI will encompass as many as 127 individual Transmission and Distribution projects Brownfield and Greenfield Other ongoing interventions include 330kV Quad Lines in Alaoji to Onitsha Delta Power Station to Benin as well as the Kano to Katsina 330kV line respectively The 200 million Transmission Infrastructure Project financed by JICA entails the construction of about 200 km of high voltage transmission lines and a number of high voltage substations benefiting several communities in the two States Also through a special CBN intervention for Transmission Distribution interfaces contracts have been awarded for more than 30 Substation Rehabilitations and 1 570MVA transformer capacity upgrades with 34 critical transformers to be installed or replaced On a Policy level the Nigerian Electricity Regulatory Commission NERC has rolled out various policies ranging from a Tariff Capping Regulation for un metered customers to the Eligible Customer Regulations to the introduction of a Service based Tariff Regime and CBN oversight of Disco Bank accounts which has helped improve payment discipline by Discos The Buhari administration has equally recorded tremendous success in the housing sector through the Federal Ministry of Works and Housing The ministry has completed or is completing housing projects in 34 States of Nigeria under the National Housing Programme with the support of the State Governments who provided the land So far more than 5 000 houses are at various stages of completion and thousands more are planned The Family Homes Fund Limited FHFL incorporated by the Federal Government of Nigeria in Sept 2016 is the implementing agency for the Buhari Administration s National Social Housing scheme The Fund has now completed more than 13 000 homes across nine States with another 20 000 commencing building works in 2022 In the process these housing developments have created more than 64 000 direct and indirect jobs The administration has also achieved a lot in the area of digital economy and these include the extension of the Nigerian Investment Promotion Commission NIPC Pioneer Status to e Commerce and software development companies Stipulation of N145 per linear meter cap on Highway Right of Way RoW for fibre optic cabling to incentivize investment in rollout Launch of new national 5G policy in 2021 and successful licensing of two private companies to rollout 5G nationally Nigeria s 5G rollout will commence in August 2022 Establishment of new National Data Protection Bureau which is expected to develop primary legislation for data protection and privacy Launch of new National Digital Economy Policy and Strategy by President Buhari in 2019 Drafting of the Nigeria Startup Bill NSB and submission of the draft Bill to the National Assembly for consideration and passage into law Establishment in 2021 of a National Centre for Artificial Intelligence and Robotics NCAIR Ongoing implementation starting 2021 of the National Information and Communication Technology Infrastructure Backbone Phase 2 NICTIB 2 Project The goal of NICTIB is to rollout a nationwide fibre infrastructure network Ongoing construction of a Tier 4 Data Center in Kano to join existing infrastructure in Abuja Tier 3 Data Center and Enugu A Disaster Recovery Site The Kano Data Center is expected to be completed in 2022 The major achievements of the Buhari administration in the area of oil and gas include Buhari s assent to the Petroleum Industry Act on Aug 16 2021 This broke a two decades old jinx and is setting the stage for the unprecedented transformation of Nigeria s oil and gas sector Under the new Act the NNPC has transformed into a Limited Liability Company which will be formally unveiled by the President in July 2022 The regulatory framework for the sector has also changed with the establishment of a the Nigerian Upstream Petroleum Regulatory Commission NUPRC and b the Nigerian Midstream and Downstream Petroleum Regulatory Authority NMDPRA which merged the hitherto existing Petroleum Products Pricing Regulatory Agency PPPRA Petroleum Equalization Fund Management Board PEFMB and the Midstream and Downstream Divisions of the Department of Petroleum Resources DPR The historic Signing Ceremony in May 2021 of the Execution of Oil Mining Lease OML 118 Agreements between NNPC Limited and its Contractor Partners Shell Exxon Mobil TOTAL and NAOC These Agreements settled long standing disputes that stalled development and will unlock more than 10 billion of new deep water investment in Nigeria The Buhari administration has declared this decade the Decade of Gas The Federal Government has embarked on the construction of 614km Ajaokuta Kaduna Kano Gas Project the largest domestic gas project in the country Already the government has secured US 45 million financing from the Islamic Development Bank for the Front End Engineering Design FEED Study for the Nigeria Morocco Gas Pipeline NMGP project The Agreement for the Pipeline project was signed by the two countries during President Buhari s State Visit to Morocco in June 2018 When completed it will be the longest offshore pipeline in the world and the second longest pipeline in the world running across 13 countries 11 of them in West Africa It s believed that the successful completion of Nigeria s first Marginal Field Bid Round in almost 20 years is expected to raise in excess of half a billion dollars and open up a new vista of investment in oil and gas Launch of National LPG Expansion Programme including Removal of VAT from the domestic pricing of LPG Financial close and signing of contract for NLNG Train 7 which will grow Nigeria s LNG production capacity by 35 per cent Nigeria and Morocco in 2021 signed an agreement to develop a US 1 4 billion multipurpose industrial platform Ammonia and Di Ammonium Phosphate production plants that will utilize Nigerian gas and Moroccan phosphate to produce 750 000 tons of ammonia and 1 million tons of phosphate fertilizers annually by 2025 It will be located in Ikot Abasi Akwa Ibom State The nation also witnessed the inauguration in Dec 2020 of the new NPDC Integrated Gas Handling Facility in Edo the largest onshore LPG plant in the country with a processing capacity of 100 million standard cubic feet of gas daily producing 330 tonnes of LPG 345 tonnes of propane and 2 600 barrels of condensate daily The government also established a 350m Nigerian Content Intervention Fund to finance manufacturing contracts and assets in the oil and gas industry The NNPC Limited s National Petroleum Investment Management Services NAPIMS became in 2022 the first Government organization in West and North Africa to receive the ISO 22301 2019 Certification for Business Continuity Management from RINA On the financing and investment in the oil and gas Afreximbank announced in Jan 2022 that it will assist NNPC Limited to raise 5 billion financing to support investments in Nigeria s upstream industry and facilitate expanded energy supply Afrexim also disclosed plans to underwrite 1 billion of the total planned debt Final Investment Decision in January 2021 on a 10 000 tonnes per day methanol plant and a 500 million standard cubic feet per day gas processing plant being promoted by the NNPC Limited and the Nigerian Content Development and Monitoring Board NCDMB in partnership with the private sector The plant is now under construction in Odeama Brass Bayelsa State On Policy Regulatory and Funding Support for the establishment of Modular Refineries across the Niger Delta the Buhari administration has issued licences for six additional brownfield and greenfield Modular Refinery Projects across the Niger Delta In 2020 President Buhari inaugurated the first phase of the Waltersmith Modular Refinery in Imo State and broke ground on Phase 2 which will add 20 000bpd processing capacity The Nigerian National Petroleum Corporation NNPC on Dec 21 2021 handed over a symbolic cheque of N621 24 Billion for the rehabilitation of 21 critical roads totalling 1 800km across the country through the Road Infrastructure Tax Credit Scheme under the Executive Order 7 signed by President Buhari in 2019 Note that this does not mean that NNPC has gone into the business of constructing roads instead it is financing the construction of roads through its tax liabilities It s also hoped that the launch of the Nigerian Upstream Cost Optimization Programme NUCOP would reduce operating expenses through process enhancement and industry collaboration as the overall target is to achieve a 10 or less per barrel production cost NAN
    2: One-stop shop of achievements of Buhari Administration at 7
    General news6 months ago

    2: One-stop shop of achievements of Buhari Administration at 7

    The Presidency has again, reeled out 28-page of President Muhammadu Buhari’s strides in Oil and gas reforms, Digital economy, Mines and steel development, Agriculture, Education, Health, Creative Industry, Sports and infrastructural development; roads, bridges, rail, air and sea ports, housing, and many others.
    The News Agency of Nigeria reports that the president’s scorecard is coming ahead of the seven year anniversary of the Buhari-led administration on May 29, 2022.
    President Buhari had in May 29, 2015, took the oath of office as President, promising to serve Nigeria faithfully in all spheres of national life.
    The seven years milestone, according to the President’s spokesman, Mr Femi Adesina, presents a major landmark and opportunity to review the service of the president to the country, and its people.
    Adesina noted that the Buhari administration has so far delivered in its promises to Nigerians although revisionists would want to look at security challenges, which are being robustly tackled by the government.
    A one-stop shop of the achievements of the Buhari administration at seven indicated that a lot has been done, and a lot more will still be done in the 12 months ahead.
    Nigeria, under Buhari’s watch, has continued to witness the biggest and most ambitious federal infrastructure programme since Nigeria’s Independence.
    Under the administration’s Energizing Education, Economies and Agriculture Programmes, the government had so far taken clean and reliable energy (Solar and Gas) to Federal Universities, Teaching Hospitals, Markets and Rural Areas across the country.
    The four Universities completed and commissioned already are, Bayero University Kano ( BUK ), Kano, FUNAI (Ebonyi), ATBU (Bauchi) and FUPRE (Delta), Sabon-Gari Market in Kano, Ariaria Market in Aba, and Sura Shopping Complex in Lagos.
    On National Mass Metering Programme, the Central Bank of Nigeria is providing N200 billion for this, and so far, more than one million meters have been rolled out, in the first phase.
    This first phase generated more than 10,000 new jobs in meter installation and assembly as the nationwide rollout of electricity meters to all on-grid consumers, launched in August 2020.
    The Solar Power Naija (SPN), Launched in April 2021 to deliver 5 million off-grid solar connections, would be impacting more than 20 million Nigerians, and financed through Central Bank of Nigeria loans, as well as through partnerships with NDPHC, NNPC and the NSIA.
    The programme is expected to generate an additional N7 billion increase in tax revenues per annum and $10 million in annual import substitution.
    ”Under Solar Power Naija and NDPHC’s partnership, ASolar is rolling out 100,000 Solar Home Systems across the country, while the NSIA (partnering under SPN) has announced a N10 billion fund for developers, targeting more than 250,000 solar connections.”
    In May 2021, the Rural Electrification Agency (REA) announced the planned deployment of solar-powered grids to 200 Primary Health Centres (PHC) and 104 Unity Schools nationwide.
    Nigeria Electrification Project (NEP) is a $550 million programme being implemented by the Federal Government of Nigeria in partnership with the World Bank and African Development Bank. NEP is a combination of subsidies, direct contracts and technical assistance to support Electrification across Nigeria.
    NEP has so far deployed more than 20,000 Standalone Solar Systems (SHS), as well as Solar Hybrid Mini-grids in more than 250 locations across the country.
    The Rural Electrification Fund (REF), created by the Electricity Power Sector Reform Act of 2005, was operationalized by the Buhari Administration in 2016.
    Since 2016, the REF under REA has executed more than N4 billion in projects, with more than N5 billions of Off-Grid (mainly Solar) projects slated to be executed across Nigeria in 2022.
    On the special grid interventions, the Federal Government has many key grid initiatives with more than N125.2 billion budgeted between 2015 to 2021 for TCN, and Development Finance Funding through the likes of World Bank, AFDB, AFD, JICA and others of up to $1.7 billion.
    The Central Bank of Nigeria is also funding $250 million for the rehabilitation of critical interfaces between Transmission and Distribution to increase and stabilize power delivery.
    Additionally, through the Presidential Power Initiative (PPI), aka Siemens Power Program, an additional $2.0 billion or more will be invested in the Transmission Grid.
    PPI is a Government-to-Government initiative involving the Governments of Nigeria and Germany, and Siemens AG of Germany, to upgrade and modernize Nigeria’s electricity grid.
    The Contract for the pre-engineering phase of the Presidential Power Initiative (PPI) was signed in Feb. 2021, following the 2020 approval for the payment of FGN’s counterpart funding for that phase, while the first set of equipment contract awards were made in Dec. 2021, comprising 10 Mobitra Transformers and 10 Substations.
    In all the PPI will encompass as many as 127 individual Transmission and Distribution projects (Brownfield and Greenfield).
    Other ongoing interventions include 330kV Quad Lines in Alaoji to Onitsha, Delta Power Station to Benin as well as the Kano to Katsina 330kV line (respectively).
    The $200 million Transmission Infrastructure Project, financed by JICA entails the construction of about 200 km of high-voltage transmission lines and a number of high voltage substations, benefiting several communities in the two States.
    Also through a special CBN intervention for Transmission Distribution interfaces, contracts have been awarded for more than 30 Substation Rehabilitations and 1,570MVA transformer capacity upgrades, with 34 critical transformers to be installed or replaced.
    On a Policy level, the Nigerian Electricity Regulatory Commission (NERC) has rolled out various policies ranging from a Tariff-Capping Regulation for un-metered customers, to the Eligible Customer Regulations, to the introduction of a Service-based Tariff Regime and CBN oversight of Disco Bank accounts (which has helped improve payment discipline by Discos).
    The Buhari administration has equally recorded tremendous success in the housing sector through the Federal Ministry of Works and Housing.
    The ministry has completed or is completing housing projects in 34 States of Nigeria, under the National Housing Programme, with the support of the State Governments, who provided the land.
    So far more than 5,000 houses are at various stages of completion, and thousands more are planned.
    The Family Homes Fund Limited (FHFL), incorporated by the Federal Government of Nigeria in Sept. 2016, is the implementing agency for the Buhari Administration’s National Social Housing scheme.
    The Fund has now completed more than 13,000 homes across nine States, with another 20,000 commencing building works in 2022. In the process these housing developments have created more than 64,000 direct and indirect jobs.
    The administration has also achieved a lot in the area of digital economy and these include the extension of the Nigerian Investment Promotion Commission (NIPC) ‘Pioneer Status’ to e-Commerce and software development companies.
    ”Stipulation of N145 per linear meter cap on Highway Right of Way (RoW) for fibre optic cabling, to incentivize investment in rollout.
    ”Launch of new national 5G policy in 2021, and successful licensing of two private companies to rollout 5G nationally. Nigeria’s 5G rollout will commence in August 2022.
    ”Establishment of new National Data Protection Bureau, which is expected to develop “primary legislation for data protection and privacy.”
    ”Launch of new “National Digital Economy Policy and Strategy”, by President Buhari in 2019.
    ‘ ‘Drafting of the Nigeria Startup Bill (NSB), and submission of the draft Bill to the National Assembly for consideration and passage into law.
    – Establishment, in 2021, of a National Centre for Artificial Intelligence and Robotics (NCAIR).
    ”Ongoing implementation, starting 2021, of the National Information and Communication Technology Infrastructure Backbone Phase 2 (NICTIB-2) Project.
    ”The goal of NICTIB is to rollout a nationwide fibre infrastructure network.
    ”Ongoing construction of a Tier-4 Data Center in Kano, to join existing infrastructure in Abuja (Tier-3 Data Center) and Enugu (A Disaster Recovery Site). The Kano Data Center is expected to be completed in 2022.”
    The major achievements of the Buhari administration in the area of oil and gas include Buhari’s assent to the Petroleum Industry Act on Aug, 16, 2021.
    This, broke a two-decades-old jinx and is setting the stage for the unprecedented transformation of Nigeria’s oil and gas sector.
    Under the new Act, the NNPC has transformed into a Limited Liability Company which will be formally unveiled by the President in July 2022.
    The regulatory framework for the sector has also changed, with the establishment of:
    (a) the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), and
    (b) the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), which merged the hitherto-existing Petroleum Products Pricing Regulatory Agency (PPPRA), Petroleum Equalization Fund (Management) Board(PEFMB), and the Midstream and Downstream Divisions of the Department of Petroleum Resources (DPR).
    The historic Signing Ceremony, in May 2021, of the Execution of Oil Mining Lease (OML) 118 Agreements between NNPC Limited and its Contractor Partners: Shell, Exxon Mobil, TOTAL and NAOC.
    These Agreements settled long-standing disputes that stalled development, and will unlock more than $10 billion of new deep-water investment in Nigeria.
    The Buhari administration has declared this decade the “Decade of Gas.”
    The Federal Government has embarked on the construction of 614km Ajaokuta-Kaduna-Kano Gas Project, the largest domestic gas project in the country.
    Already, the government has secured US$45 million financing from the Islamic Development Bank, for the Front-End Engineering Design (FEED) Study for the Nigeria–Morocco Gas Pipeline (NMGP) project.
    The Agreement for the Pipeline project was signed by the two countries during President Buhari’s State Visit to Morocco in June 2018.
    When completed it will be the longest offshore pipeline in the world, and the second longest pipeline in the world, running across 13 countries, 11 of them in West Africa.
    It’s believed that the successful completion of Nigeria’s first Marginal Field Bid Round in almost 20 years, is expected to raise in excess of half a billion dollars, and open up a new vista of investment in oil and gas.
    ”Launch of National LPG Expansion Programme (including Removal of VAT from the domestic pricing of LPG)
    ”Financial close and signing of contract for NLNG Train 7, which will grow Nigeria’s LNG production capacity by 35 per cent.
    ”Nigeria and Morocco in 2021 signed an agreement to develop a US$1.4 billion multipurpose industrial platform (Ammonia and Di-Ammonium Phosphate production plants) that will utilize Nigerian gas and Moroccan phosphate to produce 750,000 tons of ammonia and 1 million tons of phosphate fertilizers annually by 2025.
    ”It will be located in Ikot-Abasi, Akwa-Ibom State.”
    The nation also witnessed the inauguration, in Dec. 2020, of the new NPDC Integrated Gas Handling Facility in Edo, the largest onshore LPG plant in the country, with a processing capacity of 100 million standard cubic feet of gas daily, producing 330 tonnes of LPG, 345 tonnes of propane and 2,600 barrels of condensate, daily.
    The government also established a $350m Nigerian Content Intervention Fund, to finance manufacturing, contracts and assets in the oil and gas industry.
    ”The NNPC Limited’s National Petroleum Investment Management Services (NAPIMS) became, in 2022, the first Government organization in West and North Africa to receive the ISO 22301:2019 Certification for Business Continuity Management from RINA.”
    On the financing and investment in the oil and gas, Afreximbank announced in Jan. 2022 that it will assist NNPC Limited to raise $5 billion financing to support investments in Nigeria’s upstream industry, and facilitate expanded energy supply.
    Afrexim also disclosed plans to underwrite $1 billion of the total planned debt.
    ”Final Investment Decision in January 2021 on a 10,000 tonnes per day methanol plant and a 500 million standard cubic feet per day gas processing plant, being promoted by the NNPC Limited and the Nigerian Content Development and Monitoring Board (NCDMB), in partnership with the private sector.
    ”The plant is now under construction in Odeama, Brass, Bayelsa State.
    On Policy, Regulatory and Funding Support for the establishment of Modular Refineries across the Niger Delta, the Buhari administration has issued licences for six additional brownfield and greenfield Modular Refinery Projects across the Niger Delta.
    In 2020 President Buhari inaugurated the first phase of the Waltersmith Modular Refinery, in Imo State, and broke ground on Phase 2, which will add 20,000bpd processing capacity.
    The Nigerian National Petroleum Corporation (NNPC), on Dec. 21, 2021, handed over a symbolic cheque of N621.24 Billion for the rehabilitation of 21 critical roads (totalling 1,800km) across the country, through the Road Infrastructure Tax Credit Scheme under the Executive Order 7 signed by President Buhari in 2019.
    ”Note that this does not mean that NNPC has gone into the business of constructing roads; instead it is financing the construction of roads, through its tax liabilities.”
    It’s also hoped that the launch of the Nigerian Upstream Cost Optimization Programme (NUCOP), would reduce operating expenses through process enhancement and industry collaboration as the overall target is to achieve a $10 or less per barrel production cost.

    (NAN)

  •   Bulgaria plans to ease pressure on living costs after protests Bulgaria plans to ease pressure on living costs after protests Pressure Sofia May 18 2022 Bulgarian Government has passed a series of measures to alleviate the pressure on its citizens after protests against rising living costs in the face of Russian invasion of Ukraine Prime Minister Kiril Petkov on Wednesday said the relief package would help businesses the socially disadvantaged young families with children and pensioners The measures will cost the poorest member country of the EU around two billion Bulgarian lev 1 08 billion U S dollars Truck drivers and workers in other sectors nonetheless protested with street blockades in and around the capital of Sofia and in other cities against rising prices The protesters demands include dropping the requirement for biodiesel fuel and cutting consumption tax by half Inflation in Bulgaria rose to 14 4 per cent in April compared to the same month of the year before according to official data From July 1 the government plans to drop taxes on products such as bread while child benefits and pensions will be raised The cheapest types of fuel petrol and diesel are to be made cheaper by about 0 14USD although it is not clear how this will be achieved in practice Meanwhile VAT on central heating and hot water is to be reduced from the current level of 20 per cent to nine per cent NAN
    Bulgaria plans to ease pressure on living costs after protests
      Bulgaria plans to ease pressure on living costs after protests Bulgaria plans to ease pressure on living costs after protests Pressure Sofia May 18 2022 Bulgarian Government has passed a series of measures to alleviate the pressure on its citizens after protests against rising living costs in the face of Russian invasion of Ukraine Prime Minister Kiril Petkov on Wednesday said the relief package would help businesses the socially disadvantaged young families with children and pensioners The measures will cost the poorest member country of the EU around two billion Bulgarian lev 1 08 billion U S dollars Truck drivers and workers in other sectors nonetheless protested with street blockades in and around the capital of Sofia and in other cities against rising prices The protesters demands include dropping the requirement for biodiesel fuel and cutting consumption tax by half Inflation in Bulgaria rose to 14 4 per cent in April compared to the same month of the year before according to official data From July 1 the government plans to drop taxes on products such as bread while child benefits and pensions will be raised The cheapest types of fuel petrol and diesel are to be made cheaper by about 0 14USD although it is not clear how this will be achieved in practice Meanwhile VAT on central heating and hot water is to be reduced from the current level of 20 per cent to nine per cent NAN
    Bulgaria plans to ease pressure on living costs after protests
    Foreign7 months ago

    Bulgaria plans to ease pressure on living costs after protests

    Bulgaria plans to ease pressure on living costs after protests Bulgaria plans to ease pressure on living costs after protestsPressureSofia, May 18, 2022 Bulgarian Government has passed a series of measures to alleviate the pressure on its citizens after protests against rising living costs in the face of  Russian invasion of Ukraine.Prime Minister Kiril Petkov on Wednesday said the relief package would help businesses, the socially disadvantaged, young families with children and pensioners.The measures will cost the poorest member-country of the EU around two billion Bulgarian lev (1.08 billion U.S. dollars).Truck drivers and workers in other sectors nonetheless protested with street blockades in and around the capital of Sofia and in other cities, against rising prices.The protesters’ demands include dropping the requirement for biodiesel fuel and cutting consumption tax by half.Inflation in Bulgaria rose to 14.4 per cent  in April compared to the same month of the year before, according to official data.From July 1, the government plans to drop taxes on products such as bread, while child benefits and pensions will be raised.The cheapest types of fuel, petrol and diesel, are to be made cheaper by about 0.14USD, although it is not clear how this will be achieved in practice.Meanwhile, VAT on central heating and hot water is to be reduced from the current level of 20 per cent to nine per cent.

    (NAN)

  •  Four Federal Government agencies have generated a total of N28 02 trillion between 2017 and 2019 the Nigeria Extractive Industries Transparency Initiative NEITI report has said The agencies are the Nigerian National Petroleum Company Ltd NNPC Federal Inland Revenue Services FIRS Department of Petroleum Resources DPR now Nigeria Upstream Petroleum Regulatory Commission NUPRC and Ministry of Mines and Steel Development MMSD NEITI said on Thursday that the information and data were contained in the latest Fiscal Allocation and Statutory Disbursement FASD report it recently published covering 2017 to 2019 The report stated that out of the amount N22 68 trillion was remitted to the Federation Account The NEITI FASD report revealed that FIRS generated the sum of N13 48 trillion within the period under review with Petroleum Profit Tax PPT accounting for N5 80 trillion 43 09 per cent It added that Value Added Tax VAT and other taxes accounted for 32 per cent and 24 per cent respectively while it recorded highest revenue collection of N5 02 trillion in 2018 The report said that a total sum of N8 82 trillion was generated by the NNPC within the period It said the breakdown showed that N4 55 trillion came from domestic crude sales while export receipts accounted for N4 27 trillion It further disclosed that N5 33 trillion was deducted at source for Joint Venture JV cash call and others leaving the net amount of N3 49 trillion transferred to the Federation Account During the period under consideration a total of N8 82 trillion was generated However only N3 49 trillion 39 55 per cent was remitted to the Federation Account due to deductions at source by NNPC for JV cash calls The deductions at source by NNPC negate the principle of Federation Account the report said From the report DPR now NUPRC generated N3 53 trillion for the three years under review with royalty payments accounting for N3 40 trillion 96 41 per cent It said the agency however transferred N3 53 trillion to the Federation Account It said the audit established that the surplus of N6 72 billion was as a result of unremitted receipts from prior year The report further revealed that the Ministry of Mines and Steel Development MMSD generated N12 498 billion within the three years period The breakdown showed that Mining Inspectorate Department MID contributed N6 43 billion while Mining Cadastral Office MCO accounted for N6 06 billion The breakdown of the figures also showed that minerals and non minerals revenue contributed N12 84 trillion 56 61 per cent and N6 57 trillion 28 97 per cent respectively while VAT accounted for N3 27 trillion 14 42 per cent According to the report the audit covers four federal revenue generating and 11 beneficiary agencies that are involved in the management of extractive industries funds It said it also covered nine selected states Akwa Ibom Bayelsa Delta Gombe Imo Kano Nasarawa Ondo and Rivers It listed the beneficiary agencies as the Niger Delta Development Commission Tertiary Education Trust Fund Petroleum Trust Development Fund Petroleum Equalisation Funds Ecological Fund and Stabilisation Funds Others are the Nigerian Sovereign Investment Authority NSIA Development of Natural Resources Fund DNRF Excess Crude Account ECA Nigeria Content Development and Monitoring Board NCDMB and Petroleum Products Pricing Regulatory Agency PPPRA On the NDDC NEITI report revealed that 755 96 billion Naira was generated by the commission within the period under consideration The breakdown showed that N551 08 billion 73 per cent was contributed by oil and gas companies while the balance of 203 90 billion Naira 27 per cent was Federal Government s contribution to the commission The report further revealed that the total expenditure by the commission during the period under review was N882 3 billion Analysis of the expenditure showed that N778 29 billion 88 20 per cent expended on development projects while operational cost accounted for N104 07 billion 11 80 per cent of the total According to the report NEITI audit established that there was a gap between actual development projects expenditure as per audited financial statements and project monitoring list provided by the commission in the sum of N522 60 billion While N679 billion was reported in NDDC s financial statement the project monitoring list reported expenditure of N157 billion on physical projects among the nine member states it said The report however disclosed that 40 oil and gas companies defaulted in their payment obligation to the commission It said that the PTDF revenue for the period under review was put at N155 34 billion and 95 per cent came from signature bonus paid by oil and gas companies which was the main revenue source to the agency NEITI report revealed that out of N86 34 billion utilised by the agency within the period under review N59 84 billion was spent on core operating expenses while N26 35 billion and N143 million was for administrative expenses and capital respectively The report noted that the PTDF extended funding to 125 approved institutions 43 locals and 82 foreign institutions According to the NEITI report there was low expenditure compared with the revenue released during the years under review as only 56 per cent of revenue was utilised NEITI report put total receipts by Nigeria Content Development and Monitoring Board NCDMB for the three years under review at N126 73 billion It noted that one per cent of the NCDMB payment accounted for N116 95 billion 92 per cent of the revenue The Federal Government stopped funding the agency from its budget in 2017 According to the report 48 07 per cent of the revenue was used for operating expenses while 51 per cent was used for capital expenditure NEITI report disclosed that PPPRA received a total of N27 68 billion as subventions for the three years period It noted that the regime of subsidy payment on petroleum product was discontinued within the period under review The publication of FASD report is in fulfilment of the Nigeria s obligation to the global Extractive Industries Transparency Initiative EITI and in compliance with the provisions of the NEITI Act 2007 NAN
    Nigeria earned N28.02trn from 4 agencies in 3 years – NEITI
     Four Federal Government agencies have generated a total of N28 02 trillion between 2017 and 2019 the Nigeria Extractive Industries Transparency Initiative NEITI report has said The agencies are the Nigerian National Petroleum Company Ltd NNPC Federal Inland Revenue Services FIRS Department of Petroleum Resources DPR now Nigeria Upstream Petroleum Regulatory Commission NUPRC and Ministry of Mines and Steel Development MMSD NEITI said on Thursday that the information and data were contained in the latest Fiscal Allocation and Statutory Disbursement FASD report it recently published covering 2017 to 2019 The report stated that out of the amount N22 68 trillion was remitted to the Federation Account The NEITI FASD report revealed that FIRS generated the sum of N13 48 trillion within the period under review with Petroleum Profit Tax PPT accounting for N5 80 trillion 43 09 per cent It added that Value Added Tax VAT and other taxes accounted for 32 per cent and 24 per cent respectively while it recorded highest revenue collection of N5 02 trillion in 2018 The report said that a total sum of N8 82 trillion was generated by the NNPC within the period It said the breakdown showed that N4 55 trillion came from domestic crude sales while export receipts accounted for N4 27 trillion It further disclosed that N5 33 trillion was deducted at source for Joint Venture JV cash call and others leaving the net amount of N3 49 trillion transferred to the Federation Account During the period under consideration a total of N8 82 trillion was generated However only N3 49 trillion 39 55 per cent was remitted to the Federation Account due to deductions at source by NNPC for JV cash calls The deductions at source by NNPC negate the principle of Federation Account the report said From the report DPR now NUPRC generated N3 53 trillion for the three years under review with royalty payments accounting for N3 40 trillion 96 41 per cent It said the agency however transferred N3 53 trillion to the Federation Account It said the audit established that the surplus of N6 72 billion was as a result of unremitted receipts from prior year The report further revealed that the Ministry of Mines and Steel Development MMSD generated N12 498 billion within the three years period The breakdown showed that Mining Inspectorate Department MID contributed N6 43 billion while Mining Cadastral Office MCO accounted for N6 06 billion The breakdown of the figures also showed that minerals and non minerals revenue contributed N12 84 trillion 56 61 per cent and N6 57 trillion 28 97 per cent respectively while VAT accounted for N3 27 trillion 14 42 per cent According to the report the audit covers four federal revenue generating and 11 beneficiary agencies that are involved in the management of extractive industries funds It said it also covered nine selected states Akwa Ibom Bayelsa Delta Gombe Imo Kano Nasarawa Ondo and Rivers It listed the beneficiary agencies as the Niger Delta Development Commission Tertiary Education Trust Fund Petroleum Trust Development Fund Petroleum Equalisation Funds Ecological Fund and Stabilisation Funds Others are the Nigerian Sovereign Investment Authority NSIA Development of Natural Resources Fund DNRF Excess Crude Account ECA Nigeria Content Development and Monitoring Board NCDMB and Petroleum Products Pricing Regulatory Agency PPPRA On the NDDC NEITI report revealed that 755 96 billion Naira was generated by the commission within the period under consideration The breakdown showed that N551 08 billion 73 per cent was contributed by oil and gas companies while the balance of 203 90 billion Naira 27 per cent was Federal Government s contribution to the commission The report further revealed that the total expenditure by the commission during the period under review was N882 3 billion Analysis of the expenditure showed that N778 29 billion 88 20 per cent expended on development projects while operational cost accounted for N104 07 billion 11 80 per cent of the total According to the report NEITI audit established that there was a gap between actual development projects expenditure as per audited financial statements and project monitoring list provided by the commission in the sum of N522 60 billion While N679 billion was reported in NDDC s financial statement the project monitoring list reported expenditure of N157 billion on physical projects among the nine member states it said The report however disclosed that 40 oil and gas companies defaulted in their payment obligation to the commission It said that the PTDF revenue for the period under review was put at N155 34 billion and 95 per cent came from signature bonus paid by oil and gas companies which was the main revenue source to the agency NEITI report revealed that out of N86 34 billion utilised by the agency within the period under review N59 84 billion was spent on core operating expenses while N26 35 billion and N143 million was for administrative expenses and capital respectively The report noted that the PTDF extended funding to 125 approved institutions 43 locals and 82 foreign institutions According to the NEITI report there was low expenditure compared with the revenue released during the years under review as only 56 per cent of revenue was utilised NEITI report put total receipts by Nigeria Content Development and Monitoring Board NCDMB for the three years under review at N126 73 billion It noted that one per cent of the NCDMB payment accounted for N116 95 billion 92 per cent of the revenue The Federal Government stopped funding the agency from its budget in 2017 According to the report 48 07 per cent of the revenue was used for operating expenses while 51 per cent was used for capital expenditure NEITI report disclosed that PPPRA received a total of N27 68 billion as subventions for the three years period It noted that the regime of subsidy payment on petroleum product was discontinued within the period under review The publication of FASD report is in fulfilment of the Nigeria s obligation to the global Extractive Industries Transparency Initiative EITI and in compliance with the provisions of the NEITI Act 2007 NAN
    Nigeria earned N28.02trn from 4 agencies in 3 years – NEITI
    General news7 months ago

    Nigeria earned N28.02trn from 4 agencies in 3 years – NEITI

    Four Federal Government agencies have generated a total of N28.02 trillion between 2017 and 2019, the Nigeria Extractive Industries Transparency Initiative (NEITI) report has said.

    The agencies are: the Nigerian National Petroleum Company Ltd. (NNPC); Federal Inland Revenue Services (FIRS); Department of Petroleum Resources (DPR) now Nigeria Upstream Petroleum Regulatory Commission (NUPRC) and Ministry of Mines and Steel Development (MMSD).

    NEITI said on Thursday that the information and data were contained in the latest Fiscal Allocation and Statutory Disbursement (FASD) report, it recently published  covering 2017 to 2019.

    The report stated that out of the amount, N22.68 trillion was remitted to the Federation Account.

    The NEITI FASD report revealed that FIRS generated the sum of N13.48 trillion within the period under review with Petroleum Profit Tax (PPT) accounting for N5.80 trillion (43.09 per cent).

    It added that Value-Added Tax (VAT) and other taxes accounted for 32 per cent and 24 per cent respectively while it recorded highest revenue collection of N5.02 trillion in 2018.

    The report said that a total sum of N8.82 trillion was generated by the NNPC within the period.

    It said the breakdown showed that N4.55 trillion came from domestic crude sales, while export receipts accounted for N4.27 trillion.

    It further disclosed that N5.33 trillion was deducted at source for Joint Venture (JV) cash call and others, leaving the net amount of N3.49 trillion, transferred to the Federation Account.

    “During the period under consideration, a total of N8.82 trillion was generated. However, only N3.49 trillion (39.55 per cent) was remitted to the Federation Account due to deductions at source by NNPC for JV cash calls.

    “The deductions at source by NNPC negate the principle of Federation Account,” the report said.

    From the report, DPR (now NUPRC) generated N3.53 trillion for the three years under review, with royalty payments accounting for N3.40 trillion (96.41 per cent).

    It said the agency, however, transferred N3.53 trillion to the Federation Account.

    It said the audit established that the surplus of N6.72 billion was as a result of unremitted receipts from prior year.

    The report further revealed that the Ministry of Mines and Steel Development (MMSD) generated N12.498 billion within the three years period.

    The breakdown showed that Mining Inspectorate Department (MID) contributed N6.43 billion while Mining Cadastral Office (MCO) accounted for N6.06 billion.

    The breakdown of the figures also showed that minerals and non-minerals revenue contributed N12.84 trillion (56.61 per cent) and N6.57 trillion (28.97 per cent) respectively, while VAT accounted for N3.27 trillion (14.42 per cent).

    According to the report, the audit covers four federal revenue generating and 11 beneficiary agencies that are involved in the management of extractive industries funds.

    It said it also covered nine selected states: Akwa-Ibom; Bayelsa; Delta; Gombe; Imo; Kano; Nasarawa; Ondo and Rivers.

    It listed the beneficiary agencies as: the Niger Delta Development Commission; Tertiary Education Trust Fund; Petroleum Trust Development Fund; Petroleum Equalisation Funds; Ecological Fund and Stabilisation Funds.

    Others are: the Nigerian Sovereign Investment Authority (NSIA); Development of Natural Resources Fund (DNRF); Excess Crude Account (ECA); Nigeria Content Development and Monitoring Board (NCDMB) and Petroleum Products Pricing Regulatory Agency (PPPRA).

    On the NDDC, NEITI report revealed that 755.96 billion Naira was generated by the commission within the period under consideration.

    The breakdown showed that N551.08 billion (73 per cent) was contributed by oil and gas companies, while the balance of 203.90 billion Naira (27 per cent) was Federal Government’s contribution to the commission.

    The report further revealed that the total expenditure by the commission during the period under review was N882.3 billion.

    Analysis of the expenditure showed that N778.29 billion (88.20 per cent) expended on development projects, while operational cost accounted for N104.07 billion (11.80 per cent) of the total.

    According to the report, NEITI audit established that there was a gap between actual development projects expenditure as per audited financial statements and project monitoring list provided by the commission in the sum of N522.60 billion.

    “While N679 billion was reported in NDDC’s financial statement, the project monitoring list reported expenditure of N157 billion on physical projects among the nine member states,” it said.

    The report however, disclosed that 40 oil and gas companies defaulted in their payment obligation to the commission.

    It said that the PTDF revenue for the period under review was put at N155.34 billion and 95 per cent came from signature bonus paid by oil and gas companies which was the main revenue source to the agency.

    NEITI report revealed that out of N86.34 billion utilised by the agency within the period under review, N59.84 billion was spent on core operating expenses while N26.35 billion and N143 million was for administrative expenses and capital respectively.

    The report noted that the PTDF extended funding to 125 approved institutions, 43 locals and 82 foreign institutions.

    According to the NEITI report there was low expenditure compared with the revenue released during the years under review as only 56 per cent of revenue was utilised.

    NEITI report put total receipts by Nigeria Content Development and Monitoring Board (NCDMB) for the three years under review at N126.73 billion.

    It noted that one per cent of the NCDMB payment accounted for N116.95 billion (92 per cent) of the revenue.

    The Federal Government stopped funding the agency from its budget in 2017.

    According to the report, 48.07 per cent of the revenue was used for operating expenses while 51 per cent was used for capital expenditure.

    NEITI report disclosed that PPPRA received a total of N27.68 billion as subventions for the three years period.

    It noted that the regime of subsidy payment on petroleum product was discontinued within the period under review.

    The publication of FASD report is in fulfilment of the Nigeria’s obligation to the global Extractive Industries Transparency Initiative (EITI) and in compliance with the provisions of the NEITI Act 2007.

    (NAN)

  •   The Federal Executive Council FEC approved on Wednesday in Abuja N35 billion for various projects in the aviation sector Projects include higher construction cost of terminal buildings at Enugu state s Akanu Ibiam International Airport and Asaba airport Aviation Minister Senator Hadi Sirika made the announcement after Wednesday s cabinet meeting chaired by Buhari He said that 5 6 billion naira of money has been approved for the maintenance of the country s new international construction terminals in Abuja and Port Harcourt There were five civil aviation memorandums which were approved starting with the contract for the maintenance of the new Nigerian international terminal buildings in Abuja and Port Harcourt This is in line with government policy to ensure that public buildings are well maintained so that they remain as they are In this case the contract for the two terminal buildings was approved for a total amount of N5 653 341 729 07 including 7 5 percent VAT for a period of three years he said Sirika added that the Council also approved N14 2 billion as an increase in the cost of construction of terminal buildings at Akanu Ibiam International Airport in Enugu State and Asaba Airport The second memorandum is the approval of the increase in the cost of construction of a new terminal building at the perishable cargo airports in Enugu and Asaba Asaba is not a Federal Government airport but we are putting a cargo terminal building there This is financed through the federal budget Remember that the remaining four terminal buildings in Kano Lagos Port Harcourt and Abuja are financed by Chinese loans Enugu airport is financed through our allocation including the cargo terminal there and also the cargo terminal in Asaba The incremental cost of these acquisitions is N14 242 808 433 17 with an additional 12 month completion period Sirika said He said that the Ministry also obtained the approval of N 469 4 million for the acquisition of an X ray machine and maintenance support services The other is the approval of the award of the contract for the acquisition of parts for the L3 X ray machine and maintenance support services This acquisition is for the sum of N469 679 484 with 7 5 percent VAT to be delivered within a period of 12 months he added Sirika also announced that the cabinet has approved an increased cost for the acquisition configuration and delivery and commissioning of transportable radars According to him this is assembled together with another tower and radar control center to improve the security of North East surveillance of air navigation operations and for Maiduguri airport to operate 24 hours a day The minister said that 14 7 billion naira had been approved for the construction of clinics at Abuja Kano Port Harcourt and Lagos airports as well as for the replacement of elevators and excavators in the D and E wings in the old Lagos airport
    FG approves N35bn for procurement of aviation equipment, terminal building maintece
      The Federal Executive Council FEC approved on Wednesday in Abuja N35 billion for various projects in the aviation sector Projects include higher construction cost of terminal buildings at Enugu state s Akanu Ibiam International Airport and Asaba airport Aviation Minister Senator Hadi Sirika made the announcement after Wednesday s cabinet meeting chaired by Buhari He said that 5 6 billion naira of money has been approved for the maintenance of the country s new international construction terminals in Abuja and Port Harcourt There were five civil aviation memorandums which were approved starting with the contract for the maintenance of the new Nigerian international terminal buildings in Abuja and Port Harcourt This is in line with government policy to ensure that public buildings are well maintained so that they remain as they are In this case the contract for the two terminal buildings was approved for a total amount of N5 653 341 729 07 including 7 5 percent VAT for a period of three years he said Sirika added that the Council also approved N14 2 billion as an increase in the cost of construction of terminal buildings at Akanu Ibiam International Airport in Enugu State and Asaba Airport The second memorandum is the approval of the increase in the cost of construction of a new terminal building at the perishable cargo airports in Enugu and Asaba Asaba is not a Federal Government airport but we are putting a cargo terminal building there This is financed through the federal budget Remember that the remaining four terminal buildings in Kano Lagos Port Harcourt and Abuja are financed by Chinese loans Enugu airport is financed through our allocation including the cargo terminal there and also the cargo terminal in Asaba The incremental cost of these acquisitions is N14 242 808 433 17 with an additional 12 month completion period Sirika said He said that the Ministry also obtained the approval of N 469 4 million for the acquisition of an X ray machine and maintenance support services The other is the approval of the award of the contract for the acquisition of parts for the L3 X ray machine and maintenance support services This acquisition is for the sum of N469 679 484 with 7 5 percent VAT to be delivered within a period of 12 months he added Sirika also announced that the cabinet has approved an increased cost for the acquisition configuration and delivery and commissioning of transportable radars According to him this is assembled together with another tower and radar control center to improve the security of North East surveillance of air navigation operations and for Maiduguri airport to operate 24 hours a day The minister said that 14 7 billion naira had been approved for the construction of clinics at Abuja Kano Port Harcourt and Lagos airports as well as for the replacement of elevators and excavators in the D and E wings in the old Lagos airport
    FG approves N35bn for procurement of aviation equipment, terminal building maintece
    Aviation8 months ago

    FG approves N35bn for procurement of aviation equipment, terminal building maintece

    The Federal Executive Council (FEC) approved on Wednesday in Abuja N35 billion for various projects in the aviation sector.

    Projects include higher construction cost of terminal buildings at Enugu state's Akanu Ibiam International Airport and Asaba airport.

    Aviation Minister Senator Hadi Sirika made the announcement after Wednesday's cabinet meeting chaired by Buhari.

    He said that 5.6 billion naira of money has been approved for the maintenance of the country's new international construction terminals in Abuja and Port Harcourt.

    “There were five civil aviation memorandums, which were approved, starting with the contract for the maintenance of the new Nigerian international terminal buildings in Abuja and Port Harcourt.

    “This is in line with government policy to ensure that public buildings are well maintained so that they remain as they are.

    “In this case, the contract for the two terminal buildings was approved for a total amount of N5,653,341,729.07, including 7.5 percent VAT, for a period of three years,” he said.

    Sirika added that the Council also approved N14.2 billion as an increase in the cost of construction of terminal buildings at Akanu Ibiam International Airport in Enugu State and Asaba Airport.

    “The second memorandum is the approval of the increase in the cost of construction of a new terminal building at the perishable cargo airports in Enugu and Asaba.

    “Asaba is not a Federal Government airport, but we are putting a cargo terminal building there.

    “This is financed through the federal budget. Remember that the remaining four terminal buildings in Kano, Lagos, Port Harcourt and Abuja are financed by Chinese loans.

    “Enugu airport is financed through our allocation, including the cargo terminal there and also the cargo terminal in Asaba.

    “The incremental cost of these acquisitions is N14,242,808,433.17 with an additional 12-month completion period,” Sirika said.

    He said that the Ministry also obtained the approval of N 469.4 million for the acquisition of an X-ray machine and maintenance support services.

    “The other is the approval of the award of the contract for the acquisition of parts for the L3 X-ray machine and maintenance support services.

    This acquisition is for the sum of N469,679,484 with 7.5 percent VAT to be delivered within a period of 12 months,'' he added.

    Sirika also announced that the cabinet has approved an increased cost for the acquisition, configuration and delivery and commissioning of transportable radars.

    According to him, this is assembled together with another tower and radar control center to improve the security of North East surveillance of air navigation operations and for Maiduguri airport to operate 24 hours a day.

    The minister said that 14.7 billion naira had been approved for the construction of clinics at Abuja, Kano, Port Harcourt and Lagos airports, as well as for the replacement of elevators and excavators in the 'D' and 'E' wings in the old Lagos airport.

  •   The International Monetary Fund IMF must ensure that any new loan program with Egypt expands social protection strengthens judicial independence and addresses corruption and the need for transparency including for military owned companies seven organizations said today On March 23 2022 the Egyptian government officially requested IMF support to help mitigate the economic fallout related to the Russian invasion of Ukraine The IMF since 2016 has approved three loans to Egypt worth a combined US 20 billion Despite 20 billion in loans to Egypt since 2016 the IMF has failed to deliver the necessary reforms to meaningfully address the growing and irresponsible role of the military in the economy or to expand the safety net to adequately protect people s economic rights said Sarah Saadoun senior business and human rights researcher at Human Rights Watch Progress on much needed reforms remains elusive and millions of Egyptians have become increasingly vulnerable to external shocks to the global economy The IMF and the Egyptian authorities should not accept any loan program that further raises the cost of living without drastically increasing investment in universal social protection programs to guarantee the right to an adequate standard of living including food for all Even before the pandemic about one in three Egyptians about 30 million people lived below the national poverty line according to CAPMAS Egypt s Central Agency for Statistics and Public Mobilization and just under another third were considered vulnerable according to the World Bank Egypt s two cash transfer programmes Takaful Solidarity and Karama Dignity cover only about 11 million people leaving tens of millions living in poverty or almost without support even when prices particularly food prices have increased dramatically Takaful supports impoverished families with children under the age of 18 and is conditional on school attendance and health screening while Karama is an unconditional cash transfer program for low income people over 65 people with disabilities and orphans Egypt established these programs with the support of the World Bank in 2015 to mitigate the impact of the sweeping economic and fiscal measures it implemented under an agreement with the IMF between 2016 and 2019 These reforms dramatically raised the cost of living and increased poverty and poverty inequality Expanding the coverage and benefits of these programs is especially important as the government takes steps that particularly hurt low income people Egypt heavily subsidizes staple food imports to ensure affordable access to food for its more than 102 million people But in August 2021 even before the latest price shocks President Abdel Fattah al Sisi announced that the decades old bread subsidy program on which an estimated 70 million Egyptians depend would be scaled back Last July the government reduced subsidies for sunflower and soybean oil by 20 percent and unblended vegetable oil by 23 5 percent due to the pressure that rising prices put on the government s budget government The pandemic and more recently the impact of the Russian invasion of Ukraine have greatly exacerbated the economic difficulties of Egyptians reinforcing the importance of significantly expanding the country s social safety net Inflation hit 8 8 percent in February price shocks stemming from the Ukraine crisis Egypt is especially vulnerable to these shocks as the world s largest importer of wheat 80 percent of which comes from Ukraine and Russia The price of unsubsidized bread has risen 50 percent in Greater Cairo since the start of the invasion according to media reports On March 20 Prime Minister Mostafa Madbouly issued a decree fixing the prices of non subsidized bread as an emergency response to the sharp rise in prices The government was expected to announce details of how much the bread subsidy will be reduced by the end of March but it is unclear whether these plans will go ahead given the current crisis On March 21 the Ministry of Finance announced a series of emergency measures to mitigate the economic impact of Russia s invasion including the allocation of an additional 2 7 billion Egyptians 148 million to add 450 000 new families to the Takaful and Karama programs an increase of 12 percent The measures also increased allowances to each family by 1 5 percent But the increase remains insufficient to support the millions who remain highly vulnerable In considering measures to increase government revenues reduce debt and finance the expansion of social protection the IMF should consider progressive taxation A 2016 report by the Egyptian Initiative for Personal Rights an independent human rights organization found that the poorest 10 of Egyptians spend 6 4 of their income on a value added tax VAT introduced as part of an IMF program nearly double as much as the country s richest who spend 3 3 percent The income tax law passed in April 2020 raised the tax rate for those earning EGP 400 000 25 000 or more from 22 5 to 25 which is a step in the right direction but relatively low according to international standards The IMF should also include measures in any future agreement with Egypt to restore judicial independence which is key to economic growth and the fight against corruption Egypt was ranked 136th out of 139 countries in the World Justice Project s Rule of Law Index for 2021 with abysmally low scores in the factors of regulatory compliance civil justice and criminal justice Constitutional amendments passed by the Egyptian Parliament in 2019 further undermined judicial independence by giving the president unchecked supervisory powers over the judiciary and prosecutor as well as the authority to appoint heads of judicial bodies and authorities In the past the IMF has made advancing judicial independence a key part of its programs for example in Ukraine In February 2021 the IMF withheld the second tranche of a 5 billion loan to Ukraine in part because the government failed to make sufficient progress on judicial reform Four months later the Ukrainian parliament passed a bill reforming a council that selects and evaluates judges It is imperative that the IMF include robust anti corruption requirements such as restoring the independence of Egypt s Central Audit Agency The government has systematically undermined the independence of its own anti corruption entities and fails to enforce its anti corruption laws President al Sisi issued a decree in July 2015 that allowed him to fire the heads of several regulatory agencies including the Central Audit Agency an independent body designed to act as a corruption watchdog The law had previously prohibited the president from firing these agency heads without cause In March 2016 President Sisi fired Hisham Geneina head of the Central Audit Agency after he reported losses of EGP 600 billion about 76 billion at the time between 2012 and 2015 due to corruption governmental Later in 2016 a court in Cairo convicted Geneina of spreading false information As part of its focus on corruption the IMF should make explicit that transparency measures related to SOEs extend to military owned companies and should independently verify that these disclosures are made as part of its reviews Military owned companies lack independent or civilian oversight leaving the Egyptian public without access to the information needed to assess the costs and beneficiaries of publicly funded projects A comprehensive 2019 report found that Egypt s military owned companies operate in near total secrecy concealing hidden inefficiencies and losses despite capturing a disproportionate share of public revenue The aggressive economic expansion of the military has gone hand in hand with increased political repression including of members of the business elite who are perceived as political opponents In December 2020 and February 2021 national security agents arrested Safwan Thabet and his son Seif Thabet owners of Juhayna Company a major dairy producer after they reportedly refused to hand over shares of their company to a state company The men have been held in solitary confinement ever since At a minimum the IMF should demand transparency about the role of military owned companies in the Egyptian economy The issue of transparency is also closely related to the role of civil society and the media even more so due to the uncertainty about the reliability of official statistics The IMF should demand that the Egyptian authorities reverse their crackdown on freedom of expression and association by releasing jailed journalists parliamentarians and human rights defenders and overturning the 2018 conviction of former CAA head Hisham Geneina If the IMF really wants to help improve Egypt s governance and build an economy that works for all Egyptians it will have to radically change its approach said Timothy Kaldas a fellow at the Tahrir Institute for Middle East Policy He can no longer close his eyes to the tens of millions of Egyptians living in poverty and the vast expansion of opaque military businesses in the economy
    International Monetary Fund (IMF): Prioritize Social Protection in Egypt Loan Talks
      The International Monetary Fund IMF must ensure that any new loan program with Egypt expands social protection strengthens judicial independence and addresses corruption and the need for transparency including for military owned companies seven organizations said today On March 23 2022 the Egyptian government officially requested IMF support to help mitigate the economic fallout related to the Russian invasion of Ukraine The IMF since 2016 has approved three loans to Egypt worth a combined US 20 billion Despite 20 billion in loans to Egypt since 2016 the IMF has failed to deliver the necessary reforms to meaningfully address the growing and irresponsible role of the military in the economy or to expand the safety net to adequately protect people s economic rights said Sarah Saadoun senior business and human rights researcher at Human Rights Watch Progress on much needed reforms remains elusive and millions of Egyptians have become increasingly vulnerable to external shocks to the global economy The IMF and the Egyptian authorities should not accept any loan program that further raises the cost of living without drastically increasing investment in universal social protection programs to guarantee the right to an adequate standard of living including food for all Even before the pandemic about one in three Egyptians about 30 million people lived below the national poverty line according to CAPMAS Egypt s Central Agency for Statistics and Public Mobilization and just under another third were considered vulnerable according to the World Bank Egypt s two cash transfer programmes Takaful Solidarity and Karama Dignity cover only about 11 million people leaving tens of millions living in poverty or almost without support even when prices particularly food prices have increased dramatically Takaful supports impoverished families with children under the age of 18 and is conditional on school attendance and health screening while Karama is an unconditional cash transfer program for low income people over 65 people with disabilities and orphans Egypt established these programs with the support of the World Bank in 2015 to mitigate the impact of the sweeping economic and fiscal measures it implemented under an agreement with the IMF between 2016 and 2019 These reforms dramatically raised the cost of living and increased poverty and poverty inequality Expanding the coverage and benefits of these programs is especially important as the government takes steps that particularly hurt low income people Egypt heavily subsidizes staple food imports to ensure affordable access to food for its more than 102 million people But in August 2021 even before the latest price shocks President Abdel Fattah al Sisi announced that the decades old bread subsidy program on which an estimated 70 million Egyptians depend would be scaled back Last July the government reduced subsidies for sunflower and soybean oil by 20 percent and unblended vegetable oil by 23 5 percent due to the pressure that rising prices put on the government s budget government The pandemic and more recently the impact of the Russian invasion of Ukraine have greatly exacerbated the economic difficulties of Egyptians reinforcing the importance of significantly expanding the country s social safety net Inflation hit 8 8 percent in February price shocks stemming from the Ukraine crisis Egypt is especially vulnerable to these shocks as the world s largest importer of wheat 80 percent of which comes from Ukraine and Russia The price of unsubsidized bread has risen 50 percent in Greater Cairo since the start of the invasion according to media reports On March 20 Prime Minister Mostafa Madbouly issued a decree fixing the prices of non subsidized bread as an emergency response to the sharp rise in prices The government was expected to announce details of how much the bread subsidy will be reduced by the end of March but it is unclear whether these plans will go ahead given the current crisis On March 21 the Ministry of Finance announced a series of emergency measures to mitigate the economic impact of Russia s invasion including the allocation of an additional 2 7 billion Egyptians 148 million to add 450 000 new families to the Takaful and Karama programs an increase of 12 percent The measures also increased allowances to each family by 1 5 percent But the increase remains insufficient to support the millions who remain highly vulnerable In considering measures to increase government revenues reduce debt and finance the expansion of social protection the IMF should consider progressive taxation A 2016 report by the Egyptian Initiative for Personal Rights an independent human rights organization found that the poorest 10 of Egyptians spend 6 4 of their income on a value added tax VAT introduced as part of an IMF program nearly double as much as the country s richest who spend 3 3 percent The income tax law passed in April 2020 raised the tax rate for those earning EGP 400 000 25 000 or more from 22 5 to 25 which is a step in the right direction but relatively low according to international standards The IMF should also include measures in any future agreement with Egypt to restore judicial independence which is key to economic growth and the fight against corruption Egypt was ranked 136th out of 139 countries in the World Justice Project s Rule of Law Index for 2021 with abysmally low scores in the factors of regulatory compliance civil justice and criminal justice Constitutional amendments passed by the Egyptian Parliament in 2019 further undermined judicial independence by giving the president unchecked supervisory powers over the judiciary and prosecutor as well as the authority to appoint heads of judicial bodies and authorities In the past the IMF has made advancing judicial independence a key part of its programs for example in Ukraine In February 2021 the IMF withheld the second tranche of a 5 billion loan to Ukraine in part because the government failed to make sufficient progress on judicial reform Four months later the Ukrainian parliament passed a bill reforming a council that selects and evaluates judges It is imperative that the IMF include robust anti corruption requirements such as restoring the independence of Egypt s Central Audit Agency The government has systematically undermined the independence of its own anti corruption entities and fails to enforce its anti corruption laws President al Sisi issued a decree in July 2015 that allowed him to fire the heads of several regulatory agencies including the Central Audit Agency an independent body designed to act as a corruption watchdog The law had previously prohibited the president from firing these agency heads without cause In March 2016 President Sisi fired Hisham Geneina head of the Central Audit Agency after he reported losses of EGP 600 billion about 76 billion at the time between 2012 and 2015 due to corruption governmental Later in 2016 a court in Cairo convicted Geneina of spreading false information As part of its focus on corruption the IMF should make explicit that transparency measures related to SOEs extend to military owned companies and should independently verify that these disclosures are made as part of its reviews Military owned companies lack independent or civilian oversight leaving the Egyptian public without access to the information needed to assess the costs and beneficiaries of publicly funded projects A comprehensive 2019 report found that Egypt s military owned companies operate in near total secrecy concealing hidden inefficiencies and losses despite capturing a disproportionate share of public revenue The aggressive economic expansion of the military has gone hand in hand with increased political repression including of members of the business elite who are perceived as political opponents In December 2020 and February 2021 national security agents arrested Safwan Thabet and his son Seif Thabet owners of Juhayna Company a major dairy producer after they reportedly refused to hand over shares of their company to a state company The men have been held in solitary confinement ever since At a minimum the IMF should demand transparency about the role of military owned companies in the Egyptian economy The issue of transparency is also closely related to the role of civil society and the media even more so due to the uncertainty about the reliability of official statistics The IMF should demand that the Egyptian authorities reverse their crackdown on freedom of expression and association by releasing jailed journalists parliamentarians and human rights defenders and overturning the 2018 conviction of former CAA head Hisham Geneina If the IMF really wants to help improve Egypt s governance and build an economy that works for all Egyptians it will have to radically change its approach said Timothy Kaldas a fellow at the Tahrir Institute for Middle East Policy He can no longer close his eyes to the tens of millions of Egyptians living in poverty and the vast expansion of opaque military businesses in the economy
    International Monetary Fund (IMF): Prioritize Social Protection in Egypt Loan Talks
    Africa8 months ago

    International Monetary Fund (IMF): Prioritize Social Protection in Egypt Loan Talks

    The International Monetary Fund (IMF) must ensure that any new loan program with Egypt expands social protection, strengthens judicial independence and addresses corruption and the need for transparency, including for military-owned companies, seven organizations said today.

    On March 23, 2022, the Egyptian government officially requested IMF support to help mitigate the economic fallout related to the Russian invasion of Ukraine. The IMF since 2016 has approved three loans to Egypt worth a combined US$20 billion.

    “Despite $20 billion in loans to Egypt since 2016, the IMF has failed to deliver the necessary reforms to meaningfully address the growing and irresponsible role of the military in the economy or to expand the safety net. to adequately protect people's economic rights,” said Sarah Saadoun, senior business and human rights researcher at Human Rights Watch. "Progress on much-needed reforms remains elusive, and millions of Egyptians have become increasingly vulnerable to external shocks to the global economy."

    The IMF and the Egyptian authorities should not accept any loan program that further raises the cost of living without drastically increasing investment in universal social protection programs to guarantee the right to an adequate standard of living, including food, for all.

    Even before the pandemic, about one in three Egyptians (about 30 million people) lived below the national poverty line, according to CAPMAS, Egypt's Central Agency for Statistics and Public Mobilization, and just under another third were considered vulnerable, according to the World Bank. . Egypt's two cash transfer programmes, Takaful (“Solidarity”) and Karama (“Dignity”), cover only about 11 million people, leaving tens of millions living in poverty or almost without support, even when prices, particularly food prices, have increased dramatically.

    Takaful supports impoverished families with children under the age of 18 and is conditional on school attendance and health screening, while Karama is an unconditional cash transfer program for low-income people over 65, people with disabilities and orphans Egypt established these programs with the support of the World Bank in 2015 to mitigate the impact of the sweeping economic and fiscal measures it implemented under an agreement with the IMF between 2016 and 2019. These reforms dramatically raised the cost of living and increased poverty and poverty. inequality.

    Expanding the coverage and benefits of these programs is especially important as the government takes steps that particularly hurt low-income people. Egypt heavily subsidizes staple food imports to ensure affordable access to food for its more than 102 million people. But in August 2021, even before the latest price shocks, President Abdel Fattah al-Sisi announced that the decades-old bread subsidy program, on which an estimated 70 million Egyptians depend, would be scaled back. Last July, the government reduced subsidies for sunflower and soybean oil by 20 percent, and unblended vegetable oil by 23.5 percent due to the pressure that rising prices put on the government's budget. government.

    The pandemic and, more recently, the impact of the Russian invasion of Ukraine have greatly exacerbated the economic difficulties of Egyptians, reinforcing the importance of significantly expanding the country's social safety net. Inflation hit 8.8 percent in February, price shocks stemming from the Ukraine crisis.

    Egypt is especially vulnerable to these shocks as the world's largest importer of wheat, 80 percent of which comes from Ukraine and Russia. The price of unsubsidized bread has risen 50 percent in Greater Cairo since the start of the invasion, according to media reports. On March 20, Prime Minister Mostafa Madbouly issued a decree fixing the prices of non-subsidized bread as an emergency response to the sharp rise in prices.

    The government was expected to announce details of how much the bread subsidy will be reduced by the end of March, but it is unclear whether these plans will go ahead given the current crisis.

    On March 21, the Ministry of Finance announced a series of emergency measures to mitigate the economic impact of Russia's invasion, including the allocation of an additional 2.7 billion Egyptians ($148 million) to add 450,000 new families to the Takaful and Karama programs, an increase of 12 percent. The measures also increased allowances to each family by 1.5 percent. But the increase remains insufficient to support the millions who remain highly vulnerable.

    In considering measures to increase government revenues, reduce debt, and finance the expansion of social protection, the IMF should consider progressive taxation. A 2016 report by the Egyptian Initiative for Personal Rights, an independent human rights organization, found that the poorest 10% of Egyptians spend 6.4% of their income on a value-added tax (VAT) introduced as part of an IMF program, nearly double as much as the country's richest, who spend 3.3 percent. The income tax law passed in April 2020 raised the tax rate for those earning EGP 400,000 ($25,000) or more from 22.5% to 25%, which is a step in the right direction, but relatively low according to international standards.

    The IMF should also include measures in any future agreement with Egypt to restore judicial independence, which is key to economic growth and the fight against corruption. Egypt was ranked 136th out of 139 countries in the World Justice Project's Rule of Law Index for 2021, with abysmally low scores in the factors of regulatory compliance, civil justice, and criminal justice. Constitutional amendments passed by the Egyptian Parliament in 2019 further undermined judicial independence by giving the president unchecked supervisory powers over the judiciary and prosecutor, as well as the authority to appoint heads of judicial bodies and authorities.

    In the past, the IMF has made advancing judicial independence a key part of its programs, for example in Ukraine. In February 2021, the IMF withheld the second tranche of a $5 billion loan to Ukraine in part because the government failed to make sufficient progress on judicial reform. Four months later, the Ukrainian parliament passed a bill reforming a council that selects and evaluates judges.

    It is imperative that the IMF include robust anti-corruption requirements, such as restoring the independence of Egypt's Central Audit Agency. The government has systematically undermined the independence of its own anti-corruption entities and fails to enforce its anti-corruption laws. President al-Sisi issued a decree in July 2015 that allowed him to fire the heads of several regulatory agencies, including the Central Audit Agency, an independent body designed to act as a corruption watchdog. The law had previously prohibited the president from firing these agency heads without cause.

    In March 2016, President Sisi fired Hisham Geneina, head of the Central Audit Agency, after he reported losses of EGP 600 billion (about $76 billion at the time) between 2012 and 2015 due to corruption. governmental. Later, in 2016, a court in Cairo convicted Geneina of spreading false information.

    As part of its focus on corruption, the IMF should make explicit that transparency measures related to SOEs extend to military-owned companies and should independently verify that these disclosures are made as part of its reviews. Military-owned companies lack independent or civilian oversight, leaving the Egyptian public without access to the information needed to assess the costs and beneficiaries of publicly funded projects. A comprehensive 2019 report found that Egypt's military-owned companies operate in near-total secrecy, concealing "hidden inefficiencies and losses", despite capturing "a disproportionate share of public revenue".

    The aggressive economic expansion of the military has gone hand in hand with increased political repression, including of members of the business elite who are perceived as political opponents. In December 2020 and February 2021, national security agents arrested Safwan Thabet and his son, Seif Thabet, owners of Juhayna Company, a major dairy producer, after they reportedly refused to hand over shares of their company to a state company. The men have been held in solitary confinement ever since. At a minimum, the IMF should demand transparency about the role of military-owned companies in the Egyptian economy.

    The issue of transparency is also closely related to the role of civil society and the media, even more so due to the uncertainty about the reliability of official statistics. The IMF should demand that the Egyptian authorities reverse their crackdown on freedom of expression and association by releasing jailed journalists, parliamentarians and human rights defenders and overturning the 2018 conviction of former CAA head Hisham Geneina.

    "If the IMF really wants to help improve Egypt's governance and build an economy that works for all Egyptians, it will have to radically change its approach," said Timothy Kaldas, a fellow at the Tahrir Institute for Middle East Policy. "He can no longer close his eyes to the tens of millions of Egyptians living in poverty and the vast expansion of opaque military businesses in the economy."

  •  Spanish Prime Minister Pedro S nchez unveiled plans on Monday to offer 6 billion euros 6 7 billion in direct aid and fuel subsidies to ease the economic impact of Russia s invasion of Ukraine Details of the long awaited emergency response plan were released as Spain battles a growing wave of social unrest over runaway inflation and rising prices prompting a truckers strike production stoppages and mass protests of farmers and fishermen First mentioned just days after the war began on February 24 the plan which includes measures to tackle escalating fuel prices and will remain in place until June 30 is due to be approved at the cabinet meeting of the Tuesday It will release approximately 6 000 million euros in direct aid and tax credits and 10 000 million euros in state guaranteed loans to cushion the impact of the crisis on families and companies S nchez said at a business forum The government plan would also include a minimum reduction of 20 cents per liter of fuel S nchez said Of that reduction 15 cents would be financed by the government and five cents by the oil companies The average price of gasoline in Spain fluctuated this Monday between 1 84 and 1 98 euros per liter while diesel was between 1 86 and 1 95 euros according to dieselogasolina com Last week the government announced a similar reduction but only for truckers and the new reduction will affect everyone The plan also extends until the end of June tax cuts already in force such as the reduced rate of VAT on energy and the suspension of the tax on electricity production It also includes a 362 million aid package for the agricultural and livestock sector 68 million for the fishing and aquaculture industries a two percent cap on rent increases and a 15 percent increase in income support to help the most vulnerable In total it was an investment of 16 000 million euros to alleviate the impact on families and companies S nchez said Spain saw consumer prices rise to their highest level in nearly 35 years with inflation jumping to 7 6 percent in February against a backdrop of rising energy costs made worse by the war in Ukraine On March 14 truck drivers went on an indefinite strike over rising fuel prices organizing roadblocks and pickets leaving supermarkets with bare shelves and various sectors struggling to cope Fishermen also staged a massive strike last week over diesel prices while the livestock and agricultural sector also took to the streets to protest rising costs including for animal feed Source Credit TheGuardian
    Spain unveils 6-bn-euro economic plan to ease war impact
     Spanish Prime Minister Pedro S nchez unveiled plans on Monday to offer 6 billion euros 6 7 billion in direct aid and fuel subsidies to ease the economic impact of Russia s invasion of Ukraine Details of the long awaited emergency response plan were released as Spain battles a growing wave of social unrest over runaway inflation and rising prices prompting a truckers strike production stoppages and mass protests of farmers and fishermen First mentioned just days after the war began on February 24 the plan which includes measures to tackle escalating fuel prices and will remain in place until June 30 is due to be approved at the cabinet meeting of the Tuesday It will release approximately 6 000 million euros in direct aid and tax credits and 10 000 million euros in state guaranteed loans to cushion the impact of the crisis on families and companies S nchez said at a business forum The government plan would also include a minimum reduction of 20 cents per liter of fuel S nchez said Of that reduction 15 cents would be financed by the government and five cents by the oil companies The average price of gasoline in Spain fluctuated this Monday between 1 84 and 1 98 euros per liter while diesel was between 1 86 and 1 95 euros according to dieselogasolina com Last week the government announced a similar reduction but only for truckers and the new reduction will affect everyone The plan also extends until the end of June tax cuts already in force such as the reduced rate of VAT on energy and the suspension of the tax on electricity production It also includes a 362 million aid package for the agricultural and livestock sector 68 million for the fishing and aquaculture industries a two percent cap on rent increases and a 15 percent increase in income support to help the most vulnerable In total it was an investment of 16 000 million euros to alleviate the impact on families and companies S nchez said Spain saw consumer prices rise to their highest level in nearly 35 years with inflation jumping to 7 6 percent in February against a backdrop of rising energy costs made worse by the war in Ukraine On March 14 truck drivers went on an indefinite strike over rising fuel prices organizing roadblocks and pickets leaving supermarkets with bare shelves and various sectors struggling to cope Fishermen also staged a massive strike last week over diesel prices while the livestock and agricultural sector also took to the streets to protest rising costs including for animal feed Source Credit TheGuardian
    Spain unveils 6-bn-euro economic plan to ease war impact
    Foreign9 months ago

    Spain unveils 6-bn-euro economic plan to ease war impact

    Spanish Prime Minister Pedro Sánchez unveiled plans on Monday to offer 6 billion euros ($6.7 billion) in direct aid and fuel subsidies to ease the economic impact of Russia's invasion of Ukraine.

    Details of the long-awaited emergency response plan were released as Spain battles a growing wave of social unrest over runaway inflation and rising prices, prompting a truckers' strike, production stoppages and mass protests. of farmers and fishermen.

    First mentioned just days after the war began on February 24, the plan, which includes measures to tackle escalating fuel prices and will remain in place until June 30, is due to be approved at the cabinet meeting of the Tuesday.

    It will release "approximately 6,000 million euros in direct aid and tax credits and 10,000 million euros in state-guaranteed loans to cushion the impact of the crisis on families and companies," Sánchez said at a business forum.

    The government plan would also include "a minimum reduction of 20 cents per liter of fuel," Sánchez said. Of that reduction, 15 cents would be financed by the government and five cents by the oil companies.

    The average price of gasoline in Spain fluctuated this Monday between 1.84 and 1.98 euros per liter, while diesel was between 1.86 and 1.95 euros, according to dieselogasolina.com.

    Last week, the government announced a similar reduction but only for truckers, and the new reduction will affect everyone.

    The plan also extends until the end of June tax cuts already in force, such as the reduced rate of VAT on energy and the suspension of the tax on electricity production.

    It also includes a €362 million aid package for the agricultural and livestock sector, €68 million for the fishing and aquaculture industries, a two percent cap on rent increases and a 15 percent increase in income support to help the most vulnerable.

    In total, it was an investment of 16,000 million euros to "alleviate the impact on families and companies," Sánchez said.

    Spain saw consumer prices rise to their highest level in nearly 35 years, with inflation jumping to 7.6 percent in February, against a backdrop of rising energy costs made worse by the war in Ukraine.

    On March 14, truck drivers went on an indefinite strike over rising fuel prices, organizing roadblocks and pickets, leaving supermarkets with bare shelves and various sectors struggling to cope.

    Fishermen also staged a massive strike last week over diesel prices, while the livestock and agricultural sector also took to the streets to protest rising costs, including for animal feed.

    Source Credit: TheGuardian

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