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  •   The weekly activities of the Nigerian National Petroleum Company NNPC began as staff were urged to prepare for higher levels of efficiency in 2022 as it now operates under the Companies and Allied Affairs Act CAMA Addressing the workforce at the first corporate town hall meeting for 2022 NNPC GMD CEO Malam Mele Kyari outlined the changes ahead Kyari assured that no member of the NNPC workforce would lose their job as a result of the impending reforms to be introduced under the PIA transition but that they must be productive accountable and transparent in their work He called for maximum dedication in the performance of their duties in order to improve profitability noting that under the PIA the company would operate as a contractor to the nation at large The NNPC CEO also said that Nigerians were expecting nothing more than higher profit levels Kyari explained that all asset transfers and structural changes associated with the transition process will be completed before the end of the year Speaking on behalf of NNPC staff Group Executive Director Corporate Services Ms Aisha Katagum pledged the commitment of the entire workforce to accomplish the tasks set out as spelled out by CEO Meanwhile NNPC Limited executed various Memorandums of Understanding MoUs and agreements with some joint venture partners strategic allies and stakeholders in 2021 These agreements were aimed at strengthening the corporation s profitability throughout its operational value chain They were also designed in line with the national objectives of the oil and gas industry on the repositioning of gas for rapid expansion of the national regional and export markets The first execution of these agreements began with the signing of Final Investment Decision FID partners DSV Engineering and the Nigerian Content Development and Oversight Board NCDMB for the 3 6 billion Brass Methanol Plant dollars in Odioma Brass Island Bayelsa The project upon completion would be the largest methanol plant in Africa and the first in Nigeria Anchored Project Fertilizer and Petrochemical Company Limited BFPCL is an incorporated entity owned by DSV Engineering and NCDMB Speaking at the event NNPC Limited GMD CEO Malam Mele Kyari said he was pleased with the Government s ongoing efforts to provide value to Nigeria s gas resources He described the FID as one of the most significant investment developments in the gas sector in recent times noting that the project coincided with the previous declaration of 2020 as the year of gas and 2021 2030 as the decade of state gas for Petroleum Resources NNPC GMD Malam Mele KyariThe construction phase of the project would create some 30 000 temporary jobs in addition to the 5 000 permanent jobs that would be created when the plant comes online Another major gas development deal was the signing of a 260 million deal with Assa North Ohaji South ANOH Gas Processing Company Limited AGPC for the financing of the ANOH Gas Project in February ANOH Gas Processing Company Limited AGPC is an incorporated joint venture owned 50 50 by Gas Company NGC a wholly owned subsidiary of NNPC and Seplat Petroleum Development Company The ANOH Gas Project which has been described as a game changer another milestone in the journey to deliver more gas to the domestic market for the promotion of power generation and rapid industrialization in the country Gas flaring comes to an end in NigeriaIt would deliver 300 million standard cubic feet of gas per day mscfd and 1 200 megawatts of power when completed NNPC s gas development and commercialization program received another boost with the signing of the Oil Mining Lease OML 143 Gas Development Agreement GDA Sterling Oil Exploration and Production Company SEEPCO The project would boost the country s gas production by 1 2 trillion cubic feet tcf GMD CEO NNPC Ltd Kyari said gas from the project would be processed at the 125 million standard cubic feet mmscf per day Ashtavinayak Hydrocarbon Limited AHL gas plant located in Kwale Delta State SEEPCO Group Managing Director Mr Tony Chukwueke said the OML 143 GDA was unique in two ways First it is the first Agreement in Nigeria to completely separate gas development from oil production an agreement that will enable the holistic development of gas potential in the block And it is the first of its kind to expressly include terms that encourage the contractor to be effective in managing costs generating significant revenue for the Federal Government NNPC and other stakeholders Port Harcourt RefineryAlso in May 2021 GMD CEO Kyari directed the NNPC to sign a series of agreements with Shell Nigeria Exploration and Production Company SNEPCo and other PSC partners PSC partners include Total Exploration and Production Nigeria Limited TEPNG Esso Exploration and Production Nigeria Limited EEPNL and Nigerian Agip Exploration NAE to renew Oil Mining Lease OML 118 for a further 20 years The execution of these agreements resolved the disputes surrounding the Deep Offshore Block OML 118 which led to the renovation of that acreage with the prospect of a new investment of 10 billion naira in the development of the Bonga South East Field The five signed agreements include Dispute Settlement Agreement Settlement Agreement Historic Gas Agreement Custody Agreement and Renewed PSC Agreement all of these agreements would further boost the nation s oil production It is worth noting that the OML 118 dispute lasted for more than 12 years before Kyari intervened His knife of conciliatory leadership has cut through several seemingly irreconcilable and protracted disputes in the oil industry This is yet another indicator of the fact that NNPC places a priority on ensuring and maintaining a cordial and peaceful relationship between all of its stakeholders and partners Governor Nasir El RufaiStill in 2021 the Nigerian National Petroleum Corporation s NNPC push to increase refining capacity in the country was bolstered by contracts for the rehabilitation of the 210 000 barrel per day capacity Port Harcourt refinery in Alesa Eleme Rivers and the Warri and Kaduna refineries in July and August The PHRC rehabilitation project which had a completion time of between 18 and 44 months in a three phase agreement was awarded to Milan based Tecnimont SpA for an overall contract price of 1 5 billion including VAT and other legal payments An elated NNPC GMD Kyari described the PHRC rehabilitation project as a dream come true noting that the project was in line with President Muhammadu Buhari s promise to the Nigerian people to make the refineries work In August the NNPC responding to a presidential directive stepped in and provided a solution to the perennial power supply challenge in Maiduguri Borno State The intervention saw the execution of Engineering Procurement and Construction EPC and Equipment Procurement contracts for a 50 Megawatt MW Emergency Power Project in Maiduguri The project which had become an integral part of the ongoing efforts to deepen the NNPC s domestic gas utilization plan for the nation s socio economic growth had China Machinery Engineering Company CMEC as the EPC contractor while General Electric GE became the equipment manufacturer Governor Abdullahi SuleSpeaking at the opening ceremony NNPC GMD CEO Kyari explained that the Corporation through its subsidiary NNPC Gas and Power Investment Company NGPIC decided to intervene in the Maiduguri Energy Situation Project which is would fire with liquefied natural gas Gas LNG and operate commercially The Ajaokuta Kaduna Kano AKK Natural Gas Pipeline was also conceptualized to transport natural gas from Ajaokuta in Kogi State to Kano in Kano State through various states and urban centers as part of the pipeline trans nigeria Three of the contiguous states Kaduna Kano and Nasarawa signed different agreements with the NNPC in conjunction with the Gas Aggregation Company of Nigeria GACN for the expansion and utilization of gas supply to their states At the MoU Execution Ceremony NNPC GMD CEO Malam Mele Kyari described the signing of the agreement as another turning point in the Federal Government s Gas Decade initiative which aims to utilize the abundant gas resources of the nation to feed the nation s economy Kaduna State Governor Malam Nasir El Rufai said the state government was delighted at the prospect of having an additional energy source to power the state s businesses In Nasarawa the signing of the MoU which was the climax of the well organized Nasarawa Business Round Table was witnessed by the Governor of the State Ing Abdullahi Sule GMD CEO NNPC Limited Kyari and the Executive Director of the Gas Group amp Power NNPC Ltd Mr Mohammed Abdulkabir Ahmed Other attendees at the event included Group General Manager NNPC Group Public Affairs Malam Garba Muhammad Nigerian Gas Marketing Company General Manager Eze Justin Ezeala and Axxela CEO Mr Bolaji Osunsanya Governor Abdullahi Sule called on the indigenous people of the state to take advantage of respective opportunities in the gas value chain such as gas distribution CNG stations captive integrated power generation LPG trading the commercialization of gas torches among others It should be noted that these various agreements represent an important step in NNPC s marketing campaign and more importantly in the federal government s gas expansion program With the signing of the PIA and the subsequent transformation of the NNPC into a fully commercial entity operating under the Companies and Allied Matters Act the multiplier effects of these agreements on the ongoing reforms of the NNPC and the oil industry are truly enormous Also read NNPC reviews 2021 activities as Buhari inaugurates board Visit us at for more details Keep reading Source NAN
    NNPC Weekly: Company rallies workforce for higher efficiency, profitability
      The weekly activities of the Nigerian National Petroleum Company NNPC began as staff were urged to prepare for higher levels of efficiency in 2022 as it now operates under the Companies and Allied Affairs Act CAMA Addressing the workforce at the first corporate town hall meeting for 2022 NNPC GMD CEO Malam Mele Kyari outlined the changes ahead Kyari assured that no member of the NNPC workforce would lose their job as a result of the impending reforms to be introduced under the PIA transition but that they must be productive accountable and transparent in their work He called for maximum dedication in the performance of their duties in order to improve profitability noting that under the PIA the company would operate as a contractor to the nation at large The NNPC CEO also said that Nigerians were expecting nothing more than higher profit levels Kyari explained that all asset transfers and structural changes associated with the transition process will be completed before the end of the year Speaking on behalf of NNPC staff Group Executive Director Corporate Services Ms Aisha Katagum pledged the commitment of the entire workforce to accomplish the tasks set out as spelled out by CEO Meanwhile NNPC Limited executed various Memorandums of Understanding MoUs and agreements with some joint venture partners strategic allies and stakeholders in 2021 These agreements were aimed at strengthening the corporation s profitability throughout its operational value chain They were also designed in line with the national objectives of the oil and gas industry on the repositioning of gas for rapid expansion of the national regional and export markets The first execution of these agreements began with the signing of Final Investment Decision FID partners DSV Engineering and the Nigerian Content Development and Oversight Board NCDMB for the 3 6 billion Brass Methanol Plant dollars in Odioma Brass Island Bayelsa The project upon completion would be the largest methanol plant in Africa and the first in Nigeria Anchored Project Fertilizer and Petrochemical Company Limited BFPCL is an incorporated entity owned by DSV Engineering and NCDMB Speaking at the event NNPC Limited GMD CEO Malam Mele Kyari said he was pleased with the Government s ongoing efforts to provide value to Nigeria s gas resources He described the FID as one of the most significant investment developments in the gas sector in recent times noting that the project coincided with the previous declaration of 2020 as the year of gas and 2021 2030 as the decade of state gas for Petroleum Resources NNPC GMD Malam Mele KyariThe construction phase of the project would create some 30 000 temporary jobs in addition to the 5 000 permanent jobs that would be created when the plant comes online Another major gas development deal was the signing of a 260 million deal with Assa North Ohaji South ANOH Gas Processing Company Limited AGPC for the financing of the ANOH Gas Project in February ANOH Gas Processing Company Limited AGPC is an incorporated joint venture owned 50 50 by Gas Company NGC a wholly owned subsidiary of NNPC and Seplat Petroleum Development Company The ANOH Gas Project which has been described as a game changer another milestone in the journey to deliver more gas to the domestic market for the promotion of power generation and rapid industrialization in the country Gas flaring comes to an end in NigeriaIt would deliver 300 million standard cubic feet of gas per day mscfd and 1 200 megawatts of power when completed NNPC s gas development and commercialization program received another boost with the signing of the Oil Mining Lease OML 143 Gas Development Agreement GDA Sterling Oil Exploration and Production Company SEEPCO The project would boost the country s gas production by 1 2 trillion cubic feet tcf GMD CEO NNPC Ltd Kyari said gas from the project would be processed at the 125 million standard cubic feet mmscf per day Ashtavinayak Hydrocarbon Limited AHL gas plant located in Kwale Delta State SEEPCO Group Managing Director Mr Tony Chukwueke said the OML 143 GDA was unique in two ways First it is the first Agreement in Nigeria to completely separate gas development from oil production an agreement that will enable the holistic development of gas potential in the block And it is the first of its kind to expressly include terms that encourage the contractor to be effective in managing costs generating significant revenue for the Federal Government NNPC and other stakeholders Port Harcourt RefineryAlso in May 2021 GMD CEO Kyari directed the NNPC to sign a series of agreements with Shell Nigeria Exploration and Production Company SNEPCo and other PSC partners PSC partners include Total Exploration and Production Nigeria Limited TEPNG Esso Exploration and Production Nigeria Limited EEPNL and Nigerian Agip Exploration NAE to renew Oil Mining Lease OML 118 for a further 20 years The execution of these agreements resolved the disputes surrounding the Deep Offshore Block OML 118 which led to the renovation of that acreage with the prospect of a new investment of 10 billion naira in the development of the Bonga South East Field The five signed agreements include Dispute Settlement Agreement Settlement Agreement Historic Gas Agreement Custody Agreement and Renewed PSC Agreement all of these agreements would further boost the nation s oil production It is worth noting that the OML 118 dispute lasted for more than 12 years before Kyari intervened His knife of conciliatory leadership has cut through several seemingly irreconcilable and protracted disputes in the oil industry This is yet another indicator of the fact that NNPC places a priority on ensuring and maintaining a cordial and peaceful relationship between all of its stakeholders and partners Governor Nasir El RufaiStill in 2021 the Nigerian National Petroleum Corporation s NNPC push to increase refining capacity in the country was bolstered by contracts for the rehabilitation of the 210 000 barrel per day capacity Port Harcourt refinery in Alesa Eleme Rivers and the Warri and Kaduna refineries in July and August The PHRC rehabilitation project which had a completion time of between 18 and 44 months in a three phase agreement was awarded to Milan based Tecnimont SpA for an overall contract price of 1 5 billion including VAT and other legal payments An elated NNPC GMD Kyari described the PHRC rehabilitation project as a dream come true noting that the project was in line with President Muhammadu Buhari s promise to the Nigerian people to make the refineries work In August the NNPC responding to a presidential directive stepped in and provided a solution to the perennial power supply challenge in Maiduguri Borno State The intervention saw the execution of Engineering Procurement and Construction EPC and Equipment Procurement contracts for a 50 Megawatt MW Emergency Power Project in Maiduguri The project which had become an integral part of the ongoing efforts to deepen the NNPC s domestic gas utilization plan for the nation s socio economic growth had China Machinery Engineering Company CMEC as the EPC contractor while General Electric GE became the equipment manufacturer Governor Abdullahi SuleSpeaking at the opening ceremony NNPC GMD CEO Kyari explained that the Corporation through its subsidiary NNPC Gas and Power Investment Company NGPIC decided to intervene in the Maiduguri Energy Situation Project which is would fire with liquefied natural gas Gas LNG and operate commercially The Ajaokuta Kaduna Kano AKK Natural Gas Pipeline was also conceptualized to transport natural gas from Ajaokuta in Kogi State to Kano in Kano State through various states and urban centers as part of the pipeline trans nigeria Three of the contiguous states Kaduna Kano and Nasarawa signed different agreements with the NNPC in conjunction with the Gas Aggregation Company of Nigeria GACN for the expansion and utilization of gas supply to their states At the MoU Execution Ceremony NNPC GMD CEO Malam Mele Kyari described the signing of the agreement as another turning point in the Federal Government s Gas Decade initiative which aims to utilize the abundant gas resources of the nation to feed the nation s economy Kaduna State Governor Malam Nasir El Rufai said the state government was delighted at the prospect of having an additional energy source to power the state s businesses In Nasarawa the signing of the MoU which was the climax of the well organized Nasarawa Business Round Table was witnessed by the Governor of the State Ing Abdullahi Sule GMD CEO NNPC Limited Kyari and the Executive Director of the Gas Group amp Power NNPC Ltd Mr Mohammed Abdulkabir Ahmed Other attendees at the event included Group General Manager NNPC Group Public Affairs Malam Garba Muhammad Nigerian Gas Marketing Company General Manager Eze Justin Ezeala and Axxela CEO Mr Bolaji Osunsanya Governor Abdullahi Sule called on the indigenous people of the state to take advantage of respective opportunities in the gas value chain such as gas distribution CNG stations captive integrated power generation LPG trading the commercialization of gas torches among others It should be noted that these various agreements represent an important step in NNPC s marketing campaign and more importantly in the federal government s gas expansion program With the signing of the PIA and the subsequent transformation of the NNPC into a fully commercial entity operating under the Companies and Allied Matters Act the multiplier effects of these agreements on the ongoing reforms of the NNPC and the oil industry are truly enormous Also read NNPC reviews 2021 activities as Buhari inaugurates board Visit us at for more details Keep reading Source NAN
    NNPC Weekly: Company rallies workforce for higher efficiency, profitability
    General news1 year ago

    NNPC Weekly: Company rallies workforce for higher efficiency, profitability

    The weekly activities of the Nigerian National Petroleum Company (NNPC) began as staff were urged to prepare for higher levels of efficiency in 2022 as it now operates under the Companies and Allied Affairs Act (CAMA).

    Addressing the workforce at the first corporate town hall meeting for 2022, NNPC GMD/CEO Malam Mele Kyari outlined the changes ahead.

    Kyari assured that no member of the NNPC workforce would lose their job as a result of the impending reforms to be introduced under the PIA transition, but that they must be productive, accountable and transparent in their work.

    He called for maximum dedication in the performance of their duties in order to improve profitability, noting that under the PIA, the company would operate as a contractor to the nation at large.

    The NNPC CEO also said that Nigerians were expecting nothing more than higher profit levels.

    Kyari explained that all asset transfers and structural changes associated with the transition process will be completed before the end of the year.

    Speaking on behalf of NNPC staff, Group Executive Director, Corporate Services, Ms. Aisha Katagum, pledged the commitment of the entire workforce to accomplish the tasks set out as spelled out by /CEO.

    Meanwhile, NNPC Limited executed various Memorandums of Understanding (MoUs) and agreements with some joint venture partners, strategic allies and stakeholders in 2021.

    These agreements were aimed at strengthening the corporation's profitability throughout its operational value chain.

    They were also designed in line with the national objectives of the oil and gas industry on the repositioning of gas for rapid expansion of the national, regional and export markets.

    The first execution of these agreements began with the signing of Final Investment Decision (FID) partners, DSV Engineering and the Nigerian Content Development and Oversight Board (NCDMB), for the $3.6 billion Brass Methanol Plant. dollars in Odioma, Brass Island, Bayelsa.

    The project, upon completion, would be the largest methanol plant in Africa and the first in Nigeria.

    Anchored Project Fertilizer and Petrochemical Company Limited (BFPCL), is an incorporated entity owned by DSV Engineering and NCDMB

    Speaking at the event, NNPC Limited GMD/CEO Malam Mele Kyari said he was pleased with the Government's ongoing efforts to provide value to Nigeria's gas resources.

    He described the FID as one of the most significant investment developments in the gas sector in recent times, noting that the project coincided with the previous declaration of 2020 as the year of gas and 2021-2030 as the decade of state gas. for Petroleum Resources.

    NNPC GMD Malam Mele Kyari

    The construction phase of the project would create some 30,000 temporary jobs in addition to the 5,000 permanent jobs that would be created when the plant comes online.

    Another major gas development deal was the signing of a $260 million deal with Assa-North-Ohaji South (ANOH) Gas Processing Company Limited (AGPC) for the financing of the ANOH Gas Project in February.

    ANOH Gas Processing Company Limited (AGPC) is an incorporated joint venture owned 50:50 by Gas Company (NGC), a wholly owned subsidiary of NNPC and Seplat Petroleum Development Company.

    The ANOH Gas Project, which has been described as a game changer, another milestone in the journey to deliver more gas to the domestic market for the promotion of power generation and rapid industrialization in the country.

    Gas flaring comes to an end in Nigeria

    It would deliver 300 million standard cubic feet of gas per day (mscfd) and 1,200 megawatts of power when completed.

    NNPC's gas development and commercialization program received another boost with the signing of the Oil Mining Lease (OML) 143 Gas Development Agreement (GDA), Sterling Oil Exploration and Production Company (SEEPCO).

    The project would boost the country's gas production by 1.2 trillion cubic feet (tcf).

    GMD/CEO NNPC Ltd Kyari said gas from the project would be processed at the 125 million standard cubic feet (mmscf) per day Ashtavinayak Hydrocarbon Limited (AHL) gas plant located in Kwale, Delta State.

    SEEPCO Group Managing Director, Mr. Tony Chukwueke, said the OML 143 GDA was unique in two ways.

    “First, it is the first Agreement in Nigeria to completely separate gas development from oil production, an agreement that will enable the holistic development of gas potential in the block.

    “And it is the first of its kind to expressly include terms that encourage the contractor to be effective in managing costs, generating significant revenue for the Federal Government, NNPC and other stakeholders.”

    Port Harcourt Refinery

    Also in May 2021, GMD/CEO Kyari directed the NNPC to sign a series of agreements with Shell Nigeria Exploration and Production Company (SNEPCo) and other PSC partners.

    PSC partners include Total Exploration and Production Nigeria Limited (TEPNG), Esso Exploration and Production Nigeria Limited (EEPNL) and Nigerian Agip Exploration (NAE) to renew Oil Mining Lease (OML) 118 for a further 20 years.

    The execution of these agreements resolved the disputes surrounding the Deep Offshore Block, OML 118, which led to the renovation of that acreage with the prospect of a new investment of 10 billion naira in the development of the Bonga South-East Field.

    The five signed agreements include, Dispute Settlement Agreement, Settlement Agreement, Historic Gas Agreement, Custody Agreement and Renewed PSC Agreement; all of these agreements would further boost the nation's oil production.

    It is worth noting that the OML 118 dispute lasted for more than 12 years before Kyari intervened.

    His knife of conciliatory leadership has cut through several seemingly irreconcilable and protracted disputes in the oil industry.

    This is yet another indicator of the fact that NNPC places a priority on ensuring and maintaining a cordial and peaceful relationship between all of its stakeholders and partners.

    Governor Nasir El-Rufai

    Still in 2021, the Nigerian National Petroleum Corporation's (NNPC) push to increase refining capacity in the country was bolstered by contracts for the rehabilitation of the 210,000-barrel-per-day capacity Port Harcourt refinery in Alesa-Eleme, Rivers and the Warri and Kaduna refineries, in July and August.

    The PHRC rehabilitation project, which had a completion time of between 18 and 44 months in a three-phase agreement, was awarded to Milan-based Tecnimont SpA for an overall contract price of $1.5 billion, including VAT and other legal payments.

    An elated NNPC GMD, Kyari, described the PHRC rehabilitation project as a dream come true, noting that the project was in line with President Muhammadu Buhari's promise to the Nigerian people to make the refineries work.

    In August, the NNPC, responding to a presidential directive, stepped in and provided a solution to the perennial power supply challenge in Maiduguri, Borno State.

    The intervention saw the execution of Engineering, Procurement and Construction (EPC) and Equipment Procurement contracts for a 50 Megawatt (MW) Emergency Power Project in Maiduguri.

    The project, which had become an integral part of the ongoing efforts to deepen the NNPC's domestic gas utilization plan for the nation's socio-economic growth, had China Machinery Engineering Company (CMEC) as the EPC contractor, while General Electric (GE) became the equipment manufacturer.

    Governor Abdullahi Sule

    Speaking at the opening ceremony, NNPC GMD/CEO Kyari explained that the Corporation, through its subsidiary, NNPC Gas and Power Investment Company (NGPIC), decided to intervene in the Maiduguri Energy Situation Project, which is would fire with liquefied natural gas. Gas (LNG) and operate commercially.

    The Ajaokuta-Kaduna-Kano (AKK) Natural Gas Pipeline was also conceptualized to transport natural gas from Ajaokuta in Kogi State to Kano in Kano State through various states and urban centers as part of the pipeline. trans nigeria.

    Three of the contiguous states, Kaduna, Kano and Nasarawa signed different agreements with the NNPC in conjunction with the Gas Aggregation Company of Nigeria, GACN for the expansion and utilization of gas supply to their states.

    At the MoU Execution Ceremony, NNPC GMD/CEO Malam Mele Kyari described the signing of the agreement as another turning point in the Federal Government's Gas Decade initiative, which aims to utilize the abundant gas resources of the nation to feed the nation's economy.

    Kaduna State Governor Malam Nasir El-Rufai said the state government was delighted at the prospect of having an additional energy source to power the state's businesses.

    In Nasarawa, the signing of the MoU, which was the climax of the well-organized Nasarawa Business Round Table, was witnessed by the Governor of the State, Ing. Abdullahi Sule, GMD/CEO NNPC Limited, Kyari, and the Executive Director of the Gas Group & Power, NNPC Ltd, Mr. Mohammed Abdulkabir Ahmed.

    Other attendees at the event included Group General Manager, NNPC Group Public Affairs, Malam Garba Muhammad, Nigerian Gas Marketing Company General Manager, Eze Justin Ezeala, and Axxela CEO, Mr. Bolaji Osunsanya.

    Governor Abdullahi Sule called on the indigenous people of the state to take advantage of respective opportunities in the gas value chain, such as gas distribution, CNG stations, captive/integrated power generation, LPG trading, the commercialization of gas torches, among others.

    It should be noted that these various agreements represent an important step in NNPC's marketing campaign and, more importantly, in the federal government's gas expansion program.

    With the signing of the PIA and the subsequent transformation of the NNPC into a fully commercial entity, operating under the Companies and Allied Matters Act, the multiplier effects of these agreements on the ongoing reforms of the NNPC and the oil industry are truly enormous. .

    Also read: NNPC reviews 2021 activities as Buhari inaugurates board

    Visit us at for more details.

    Keep reading

    Source: NAN

  •   The Ugandan Parliament and Cabinet should dialogue with the Uganda Revenue Authority the Electricity Regulatory Authority and the Ministry of Finance to reduce VAT on electricity KAMPALA Uganda January 12 2022 APO Group The Gateway Research Center a nonprofit organization has asked members of parliament to review electricity and water rates saying it is greatly affecting business growth The organization led by Susanie Nannozi Ggoobi the Executive Director states that the Ugandan Parliament and Cabinet should discuss with the Electricity Regulatory Authority ERA to reduce Yaka s monthly service by 50 percent from Shs3 360 to Shs1 680 The team made these proposals while appearing before the Finance Committee chaired by Hon Keefa Kiwanuka on Tuesday January 11 2022 Geoffrey Lukyamuzi a policy analyst for the organization said the costs of utility and electricity units are very high and paralyze businesses He also asked that the Value Added Tax on electricity be reduced to lower the cost of doing business The Ugandan Parliament and Cabinet should dialogue with the Uganda Revenue Authority the Electricity Regulatory Authority and the Ministry of Finance to reduce VAT on electricity from 18 to 10 maximum to reduce the cost of living He says He also urged MPs to urge Umeme the power distributor to increase the amount of the first monthly household electricity units that can be charged and reduce the current average electricity connection charges for domestic and business consumers Susanie Nannozi Ggoob said that if these charges are reviewed there will be a reduction in illegal electrical connections power theft more new connections and higher revenues He also called for water and sewerage rates to be reviewed adding that monthly water rates should be lowered and that when meters are not in use Ugandans should not be charged Research Gate Center has also called for the reduction of the Internet tax of 12 percent which has led citizens to buy low volumes of data at high costs The Internet tax was introduced last year to replace the Over the Top OTT tax on data The tax was replaced due to its unpopularity and the fact that the tax agency failed to meet its revenue targets MPs who received the petition said that while the concerns raised by the organization were key they should be based on evidence and not simply narrative Hon Keefa Kiwanuka tasked the team with providing appropriate information regarding their concerns You speak of public dissatisfaction which is an overwhelming statement you can give us some evidence related to this You mention a 12 percent Internet data tax that has paralyzed the economic and social welfare of citizens but has not shown the effects in statistical terms he said Keefa Kiwanuka asked the team to return and prepare a detailed report of their investigation into the matter Otuke County MP Hon Paul Omara said the team needs to have real data in terms of the tax burden already on the population and what needs to be done Hon Basil Bayaringaya the parliamentarian from Kashari North said the proposals on electricity and water were vital but should still be well documented The team promised to report next month
    MPs asked to review electricity, water tariffs
      The Ugandan Parliament and Cabinet should dialogue with the Uganda Revenue Authority the Electricity Regulatory Authority and the Ministry of Finance to reduce VAT on electricity KAMPALA Uganda January 12 2022 APO Group The Gateway Research Center a nonprofit organization has asked members of parliament to review electricity and water rates saying it is greatly affecting business growth The organization led by Susanie Nannozi Ggoobi the Executive Director states that the Ugandan Parliament and Cabinet should discuss with the Electricity Regulatory Authority ERA to reduce Yaka s monthly service by 50 percent from Shs3 360 to Shs1 680 The team made these proposals while appearing before the Finance Committee chaired by Hon Keefa Kiwanuka on Tuesday January 11 2022 Geoffrey Lukyamuzi a policy analyst for the organization said the costs of utility and electricity units are very high and paralyze businesses He also asked that the Value Added Tax on electricity be reduced to lower the cost of doing business The Ugandan Parliament and Cabinet should dialogue with the Uganda Revenue Authority the Electricity Regulatory Authority and the Ministry of Finance to reduce VAT on electricity from 18 to 10 maximum to reduce the cost of living He says He also urged MPs to urge Umeme the power distributor to increase the amount of the first monthly household electricity units that can be charged and reduce the current average electricity connection charges for domestic and business consumers Susanie Nannozi Ggoob said that if these charges are reviewed there will be a reduction in illegal electrical connections power theft more new connections and higher revenues He also called for water and sewerage rates to be reviewed adding that monthly water rates should be lowered and that when meters are not in use Ugandans should not be charged Research Gate Center has also called for the reduction of the Internet tax of 12 percent which has led citizens to buy low volumes of data at high costs The Internet tax was introduced last year to replace the Over the Top OTT tax on data The tax was replaced due to its unpopularity and the fact that the tax agency failed to meet its revenue targets MPs who received the petition said that while the concerns raised by the organization were key they should be based on evidence and not simply narrative Hon Keefa Kiwanuka tasked the team with providing appropriate information regarding their concerns You speak of public dissatisfaction which is an overwhelming statement you can give us some evidence related to this You mention a 12 percent Internet data tax that has paralyzed the economic and social welfare of citizens but has not shown the effects in statistical terms he said Keefa Kiwanuka asked the team to return and prepare a detailed report of their investigation into the matter Otuke County MP Hon Paul Omara said the team needs to have real data in terms of the tax burden already on the population and what needs to be done Hon Basil Bayaringaya the parliamentarian from Kashari North said the proposals on electricity and water were vital but should still be well documented The team promised to report next month
    MPs asked to review electricity, water tariffs
    Africa1 year ago

    MPs asked to review electricity, water tariffs

    The Ugandan Parliament and Cabinet should dialogue with the Uganda Revenue Authority, the Electricity Regulatory Authority and the Ministry of Finance to reduce VAT on electricity.

    KAMPALA, Uganda, January 12, 2022 / APO Group / -

    The Gateway Research Center, a nonprofit organization, has asked members of parliament to review electricity and water rates saying it is greatly affecting business growth.

    The organization led by Susanie Nannozi Ggoobi, the Executive Director, states that the Ugandan Parliament and Cabinet should discuss with the Electricity Regulatory Authority (ERA) to reduce Yaka's monthly service by 50 percent from Shs3,360 to Shs1,680.

    The team made these proposals while appearing before the Finance Committee chaired by Hon Keefa Kiwanuka on Tuesday, January 11, 2022.

    Geoffrey Lukyamuzi, a policy analyst for the organization, said the costs of utility and electricity units are very high and paralyze businesses.

    He also asked that the Value Added Tax on electricity be reduced to lower the cost of doing business.

    “The Ugandan Parliament and Cabinet should dialogue with the Uganda Revenue Authority, the Electricity Regulatory Authority and the Ministry of Finance to reduce VAT on electricity from 18% to 10% maximum to reduce the cost of living ", He says.

    He also urged MPs to urge Umeme, the power distributor, to increase the amount of the first monthly household electricity units that can be charged and reduce the current average electricity connection charges for domestic and business consumers.

    Susanie Nannozi Ggoob said that if these charges are reviewed, there will be a reduction in illegal electrical connections, power theft, more new connections and higher revenues.

    He also called for water and sewerage rates to be reviewed, adding that monthly water rates should be lowered and that when meters are not in use, Ugandans should not be charged.

    Research Gate Center has also called for the reduction of the Internet tax of 12 percent, which has led citizens to buy low volumes of data at high costs.

    The Internet tax was introduced last year to replace the Over the Top (OTT) tax on data. The tax was replaced due to its unpopularity and the fact that the tax agency failed to meet its revenue targets.

    MPs who received the petition said that while the concerns raised by the organization were key, they should be based on evidence and not simply narrative.

    Hon Keefa Kiwanuka tasked the team with providing appropriate information regarding their concerns.

    “You speak of public dissatisfaction, which is an overwhelming statement; you can give us some evidence related to this. You mention a 12 percent Internet data tax that has paralyzed the economic and social welfare of citizens, but has not shown the effects in statistical terms, "he said.

    Keefa Kiwanuka asked the team to return and prepare a detailed report of their investigation into the matter.

    Otuke County MP Hon Paul Omara said the team needs to have real data in terms of the tax burden already on the population and what needs to be done.

    Hon Basil Bayaringaya, the parliamentarian from Kashari North said the proposals on electricity and water were vital but should still be well documented.

    The team promised to report next month.

  •   A pro northern youth political group Northern Youth Network has revealed that Governor Nyeson Wike s recent visits to People s Democratic Party governors across the country were aimed at picking a weak presidential candidate from the north that he can control Issuing a statement Wednesday in Kano the group s coordinator Abdulrahman Ahmed stressed that Wike would not be allowed to impose a weak presidential candidate in the North in 2023 He said We know that Governor Wike has never been a friend of the North and has never hidden his dislike for Northerners and everything related to the North Therefore he cannot pretend to have the interest of the Northerners now for his intention to impose a weak candidate from the North as the presidential candidate of the PPD Over the years we have seen Governor Wike denigrate the North and its heritage Wike has always used degrading words to refer to Northerners The North has been referred to in literature as illiterate and almajiris The politicization of the legal dispute over the value added tax VAT by Governor Wike is a deliberate attempt to cripple the income base and the economy of the northern states In recent times Wike has championed divisive policies designed to create hatred against Northerners Wike has said that the collection of VAT by the federal government is a deliberate way to change the South in favor of the North The group added that Mr Wike s stance as an advocate of good governance is hypocritical He was a minister in the administration of former President Goodluck Jonathan at that time BokoHaram ISWAP assumed a dangerous dimension in the country bombing churches and public places The insurgency and the level of insecurity we face today is because the government that Wike served refused to treat him seriously the group emphasized Abdulrahman therefore warned those running for the presidency in the north who think playing a secondary role to Wike will win the ballot to remember that the governor is a bad politician The group further recalled that in 2019 it supported Governor Aminu Tambuwal of Sokoto who sadly lost to former Vice President Atiku Abubakar If Governors Tambuwal or Bala Muhammed emerge as candidates it is not Governor Wike who should tell the North The North has everything it takes to get a candidate He is trying to be smart He wants to be vice president of whatever northern candidate he chooses and Ayim pius Ayim s chief of staff if power is shifted south Wike was among the southern governors who held a meeting and issued a statement that power should be transferred to the southern part of the country In another twist Governor Wike feeling that the PPD could elect a candidate from the north has begun to move across the country in a desperate attempt to impose a candidate The group insisted that Wike has expelled many people from the PDP as a result of his pushy arrogant and domineering behavior Recently he fought and removed the PDP s national president Prince Uche Secondus At the reception of Dr Iyorchia Ayu the new president of the party in Benue state it was cited that Wike warned him and threatened to work against him if he did not dance to his rhythm the group alleged We know that Wike s intention and his sudden love for the North is a ploy to deceive the region in its desperate attempt to impose on the PDP a presidential candidate that it can control Now that his term is coming to an end he is afraid of his political future hence his desperation to impose a candidate that he can control in the party the group added He concluded that the northern region has very experienced and successful veteran politicians and statesmen who understand the demand for leadership without the input of Governor Wike
    2023: Group uncovers Wike’s ‘evil plans’ against the North
      A pro northern youth political group Northern Youth Network has revealed that Governor Nyeson Wike s recent visits to People s Democratic Party governors across the country were aimed at picking a weak presidential candidate from the north that he can control Issuing a statement Wednesday in Kano the group s coordinator Abdulrahman Ahmed stressed that Wike would not be allowed to impose a weak presidential candidate in the North in 2023 He said We know that Governor Wike has never been a friend of the North and has never hidden his dislike for Northerners and everything related to the North Therefore he cannot pretend to have the interest of the Northerners now for his intention to impose a weak candidate from the North as the presidential candidate of the PPD Over the years we have seen Governor Wike denigrate the North and its heritage Wike has always used degrading words to refer to Northerners The North has been referred to in literature as illiterate and almajiris The politicization of the legal dispute over the value added tax VAT by Governor Wike is a deliberate attempt to cripple the income base and the economy of the northern states In recent times Wike has championed divisive policies designed to create hatred against Northerners Wike has said that the collection of VAT by the federal government is a deliberate way to change the South in favor of the North The group added that Mr Wike s stance as an advocate of good governance is hypocritical He was a minister in the administration of former President Goodluck Jonathan at that time BokoHaram ISWAP assumed a dangerous dimension in the country bombing churches and public places The insurgency and the level of insecurity we face today is because the government that Wike served refused to treat him seriously the group emphasized Abdulrahman therefore warned those running for the presidency in the north who think playing a secondary role to Wike will win the ballot to remember that the governor is a bad politician The group further recalled that in 2019 it supported Governor Aminu Tambuwal of Sokoto who sadly lost to former Vice President Atiku Abubakar If Governors Tambuwal or Bala Muhammed emerge as candidates it is not Governor Wike who should tell the North The North has everything it takes to get a candidate He is trying to be smart He wants to be vice president of whatever northern candidate he chooses and Ayim pius Ayim s chief of staff if power is shifted south Wike was among the southern governors who held a meeting and issued a statement that power should be transferred to the southern part of the country In another twist Governor Wike feeling that the PPD could elect a candidate from the north has begun to move across the country in a desperate attempt to impose a candidate The group insisted that Wike has expelled many people from the PDP as a result of his pushy arrogant and domineering behavior Recently he fought and removed the PDP s national president Prince Uche Secondus At the reception of Dr Iyorchia Ayu the new president of the party in Benue state it was cited that Wike warned him and threatened to work against him if he did not dance to his rhythm the group alleged We know that Wike s intention and his sudden love for the North is a ploy to deceive the region in its desperate attempt to impose on the PDP a presidential candidate that it can control Now that his term is coming to an end he is afraid of his political future hence his desperation to impose a candidate that he can control in the party the group added He concluded that the northern region has very experienced and successful veteran politicians and statesmen who understand the demand for leadership without the input of Governor Wike
    2023: Group uncovers Wike’s ‘evil plans’ against the North
    Headlines1 year ago

    2023: Group uncovers Wike’s ‘evil plans’ against the North

    A pro-northern youth political group, Northern Youth Network, has revealed that Governor Nyeson Wike's recent visits to People's Democratic Party governors across the country were aimed at picking a weak presidential candidate from the north that he can control.

    Issuing a statement Wednesday in Kano, the group's coordinator, Abdulrahman Ahmed, stressed that Wike would not be allowed to impose a weak presidential candidate in the North in 2023.

    He said: “We know that Governor Wike has never been a friend of the North and has never hidden his dislike for Northerners and everything related to the North.

    “Therefore, he cannot pretend to have the interest of the Northerners now for his intention to impose a weak candidate from the North as the presidential candidate of the PPD.

    “Over the years, we have seen Governor Wike denigrate the North and its heritage. Wike has always used degrading words to refer to Northerners. The North has been referred to in literature as illiterate and almajiris.

    “The politicization of the legal dispute over the value added tax (VAT) by Governor Wike is a deliberate attempt to cripple the income base and the economy of the northern states.

    “In recent times, Wike has championed divisive policies designed to create hatred against Northerners. Wike has said that the collection of VAT by the federal government is a deliberate way to change the South in favor of the North. "

    The group added that Mr. Wike's stance as an advocate of good governance is hypocritical.

    “He was a minister in the administration of former President Goodluck Jonathan at that time BokoHaram / ISWAP, assumed a dangerous dimension in the country, bombing churches and public places.

    "The insurgency and the level of insecurity we face today is because the government that Wike served refused to treat him seriously, the group emphasized.

    Abdulrahman therefore warned those running for the presidency in the north who think playing a secondary role to Wike will win the ballot to remember that the governor is a bad politician.

    The group further recalled that in 2019 it supported Governor Aminu Tambuwal of Sokoto, who sadly lost to former Vice President Atiku Abubakar.

    “If Governors Tambuwal or Bala Muhammed emerge as candidates, it is not Governor Wike who should tell the North. The North has everything it takes to get a candidate.

    “He is trying to be smart. He wants to be vice president of whatever northern candidate he chooses and Ayim pius Ayim's chief of staff if power is shifted south.

    “Wike was among the southern governors who held a meeting and issued a statement that power should be transferred to the southern part of the country. In another twist, Governor Wike, feeling that the PPD could elect a candidate from the north, has begun to move across the country in a desperate attempt to impose a candidate. "

    The group insisted that Wike has expelled many people from the PDP as a result of his pushy, arrogant and domineering behavior.

    “Recently, he fought and removed the PDP's national president, Prince Uche Secondus. At the reception of Dr. Iyorchia Ayu, the new president of the party in Benue state, it was cited that Wike warned him and threatened to work against him if he did not dance to his rhythm, ”the group alleged.

    “We know that Wike's intention and his sudden love for the North is a ploy to deceive the region in its desperate attempt to impose on the PDP a presidential candidate that it can control.

    "Now that his term is coming to an end, he is afraid of his political future, hence his desperation to impose a candidate that he can control in the party," the group added.

    He concluded that the northern region has very experienced and successful veteran politicians and statesmen who understand the demand for leadership without the input of Governor Wike.

  •   The Federal Government has yet to implement the payment of Value Added Tax VAT on imported Liquefied Petroleum Gas LPG reports the Nigerian News Agency LPG also known as cooking gas traders confirmed the development to NAN on Monday in Lagos as it reacted to the drop in the price of the product across the country The government had published in 2019 the elimination of VAT on LPG to increase its national use However in July 2021 marketers were notified about the reintroduction of VAT on the product when the government moved to shore up their sources of income Bassey Essien Executive Secretary of the Nigerian Association of Liquefied Petroleum Gas Traders NALPGAM urged the government to urgently clarify its position on the issue The announcement that the government was reintroducing VAT on imported LPG generated panic in the market that led to the spike we experienced in cooking gas prices in 2021 Some traders stopped importing and don t forget that around 60 percent of the LPG consumed in Nigeria is imported The NLNG only supplies around 450 000 MT and our LPG consumption exceeds one million metric tons so the imposition of VAT on imported LPG affected the market However the government has not yet started collecting VAT despite the announcement that has encouraged more traders to restart importing He said the shock currently felt as if cooking gas prices had dropped from about N10 000 and N10 500 for a 12 5 kg gas cylinder to about N7 400 and N9000 across the country According to Mr Essien the supply has increased and as it continues prices will continue to fall but it is still a long way from where we came from In January 2021 a 20 metric ton truck cost around 4 million naira but is currently around 9 7 million naira We have to look at all the factors that drove prices including the demand for LPG in the international market and find a way to tame the supply of LPG to ensure price stability In addition Michael Umudu National President Liquefied Petroleum Gas Retailers LPGAR branch of the National Union of Petroleum and Natural Gas Workers NUPENG said that the drop in cooking gas prices was a positive development Mr Umudu said We as retailers suffered a lot because many of our customers switched to charcoal and firewood because they could no longer afford to buy gas Now the supply is increasing and we hope that if it continues there will be a further reduction in the price of cooking gas We learned that the government has not implemented the VAT policy but the pressure that the pronouncement brought to the industry led to the rise in the price of LPG We want the government to openly say that they have eliminated VAT on imported LPG so that there is stability He stressed the need for the government to encourage more Nigerians to adopt gas because of the health benefits it brings to the nation The government has announced many policies aimed at deepening gas use such as the Decade for Gas Development initiative and the National Gas Expansion Program However these programs must be viable and not just on paper There needs to be infrastructure on the ground to support its implementation Umudu added YAYA
    Nigerian govt yet to implement VAT on imported LPG — Marketers
      The Federal Government has yet to implement the payment of Value Added Tax VAT on imported Liquefied Petroleum Gas LPG reports the Nigerian News Agency LPG also known as cooking gas traders confirmed the development to NAN on Monday in Lagos as it reacted to the drop in the price of the product across the country The government had published in 2019 the elimination of VAT on LPG to increase its national use However in July 2021 marketers were notified about the reintroduction of VAT on the product when the government moved to shore up their sources of income Bassey Essien Executive Secretary of the Nigerian Association of Liquefied Petroleum Gas Traders NALPGAM urged the government to urgently clarify its position on the issue The announcement that the government was reintroducing VAT on imported LPG generated panic in the market that led to the spike we experienced in cooking gas prices in 2021 Some traders stopped importing and don t forget that around 60 percent of the LPG consumed in Nigeria is imported The NLNG only supplies around 450 000 MT and our LPG consumption exceeds one million metric tons so the imposition of VAT on imported LPG affected the market However the government has not yet started collecting VAT despite the announcement that has encouraged more traders to restart importing He said the shock currently felt as if cooking gas prices had dropped from about N10 000 and N10 500 for a 12 5 kg gas cylinder to about N7 400 and N9000 across the country According to Mr Essien the supply has increased and as it continues prices will continue to fall but it is still a long way from where we came from In January 2021 a 20 metric ton truck cost around 4 million naira but is currently around 9 7 million naira We have to look at all the factors that drove prices including the demand for LPG in the international market and find a way to tame the supply of LPG to ensure price stability In addition Michael Umudu National President Liquefied Petroleum Gas Retailers LPGAR branch of the National Union of Petroleum and Natural Gas Workers NUPENG said that the drop in cooking gas prices was a positive development Mr Umudu said We as retailers suffered a lot because many of our customers switched to charcoal and firewood because they could no longer afford to buy gas Now the supply is increasing and we hope that if it continues there will be a further reduction in the price of cooking gas We learned that the government has not implemented the VAT policy but the pressure that the pronouncement brought to the industry led to the rise in the price of LPG We want the government to openly say that they have eliminated VAT on imported LPG so that there is stability He stressed the need for the government to encourage more Nigerians to adopt gas because of the health benefits it brings to the nation The government has announced many policies aimed at deepening gas use such as the Decade for Gas Development initiative and the National Gas Expansion Program However these programs must be viable and not just on paper There needs to be infrastructure on the ground to support its implementation Umudu added YAYA
    Nigerian govt yet to implement VAT on imported LPG — Marketers
    Headlines1 year ago

    Nigerian govt yet to implement VAT on imported LPG — Marketers

    The Federal Government has yet to implement the payment of Value Added Tax, VAT, on imported Liquefied Petroleum Gas (LPG), reports the Nigerian News Agency.

    LPG, also known as cooking gas traders, confirmed the development to NAN on Monday in Lagos as it reacted to the drop in the price of the product across the country.

    The government had published in 2019 the elimination of VAT on LPG to increase its national use.

    However, in July 2021, marketers were notified about the reintroduction of VAT on the product when the government moved to shore up their sources of income.

    Bassey Essien, Executive Secretary of the Nigerian Association of Liquefied Petroleum Gas Traders, NALPGAM, urged the government to urgently clarify its position on the issue.

    “The announcement that the government was reintroducing VAT on imported LPG generated panic in the market that led to the spike we experienced in cooking gas prices in 2021.

    “Some traders stopped importing and don't forget that around 60 percent of the LPG consumed in Nigeria is imported.

    “The NLNG only supplies around 450,000 MT and our LPG consumption exceeds one million metric tons, so the imposition of VAT on imported LPG affected the market.

    "However, the government has not yet started collecting VAT despite the announcement that has encouraged more traders to restart importing."

    He said the shock currently felt as if cooking gas prices had dropped from about N10,000 and N10,500 for a 12.5 kg gas cylinder to about N7,400 and N9000 across the country.

    According to Mr. Essien, the supply has increased and as it continues prices will continue to fall, but it is still a long way from where we came from.

    “In January 2021, a 20 metric ton truck cost around 4 million naira, but is currently around 9.7 million naira.

    "We have to look at all the factors that drove prices, including the demand for LPG in the international market, and find a way to tame the supply of LPG to ensure price stability."

    In addition, Michael Umudu, National President, Liquefied Petroleum Gas Retailers (LPGAR), branch of the National Union of Petroleum and Natural Gas Workers (NUPENG), said that the drop in cooking gas prices was a positive development.

    Mr Umudu said: “We as retailers suffered a lot because many of our customers switched to charcoal and firewood because they could no longer afford to buy gas.

    “Now, the supply is increasing and we hope that if it continues, there will be a further reduction in the price of cooking gas.

    “We learned that the government has not implemented the VAT policy but the pressure that the pronouncement brought to the industry led to the rise in the price of LPG.

    "We want the government to openly say that they have eliminated VAT on imported LPG so that there is stability."

    He stressed the need for the government to encourage more Nigerians to adopt gas because of the health benefits it brings to the nation.

    “The government has announced many policies aimed at deepening gas use, such as the Decade for Gas Development initiative and the National Gas Expansion Program.

    “However, these programs must be viable and not just on paper. There needs to be infrastructure on the ground to support its implementation, '' Umudu added.

    YAYA

  •   Consumer prices in Germany rose in December at their fastest pace since June 1992 official data showed on Thursday driven by rising energy costs and supply bottlenecks The annual inflation rate rose to 5 3 percent accelerating for the sixth month in a row after a rise of 5 2 in November the federal statistics agency Destatis said in preliminary figures For all of 2021 inflation was 3 1 percent the highest year end figure since 1993 The acceleration had a number of reasons the agency said including higher energy costs supply chain disruptions due to the pandemic and a temporary VAT cut in 2020 which reduces the basis against which taxes are measured current price increases The inflation figures for December were the last to take into account the tax moratorium introduced to mitigate the impact of the Covid 19 lockdowns on the economy The question that arose was whether inflation had peaked or if there would be a further increase so far unexpected said Fritzi Koehler Geib chief economist at public lender KfW Both are conceivable There are many indications that price growth will slow down as a result of the elimination of base effects while it remains uncertain how quickly bottlenecks or increases in energy prices will ease Gas prices have skyrocketed in Europe in recent months as demand has exploded with economies emerging from Covid induced restrictions The spike has been further fueled by geopolitical tensions surrounding Russia which supplies a third of Europe s gas Western countries accuse Russia of limiting gas deliveries to pressure Europe amid tensions over the Ukraine conflict to push for regulatory approval of the controversial Nord Stream 2 gas pipeline that will send gas to Germany Source Credit TheGuardian
    German inflation hits 5.3% in December, highest since 1992
      Consumer prices in Germany rose in December at their fastest pace since June 1992 official data showed on Thursday driven by rising energy costs and supply bottlenecks The annual inflation rate rose to 5 3 percent accelerating for the sixth month in a row after a rise of 5 2 in November the federal statistics agency Destatis said in preliminary figures For all of 2021 inflation was 3 1 percent the highest year end figure since 1993 The acceleration had a number of reasons the agency said including higher energy costs supply chain disruptions due to the pandemic and a temporary VAT cut in 2020 which reduces the basis against which taxes are measured current price increases The inflation figures for December were the last to take into account the tax moratorium introduced to mitigate the impact of the Covid 19 lockdowns on the economy The question that arose was whether inflation had peaked or if there would be a further increase so far unexpected said Fritzi Koehler Geib chief economist at public lender KfW Both are conceivable There are many indications that price growth will slow down as a result of the elimination of base effects while it remains uncertain how quickly bottlenecks or increases in energy prices will ease Gas prices have skyrocketed in Europe in recent months as demand has exploded with economies emerging from Covid induced restrictions The spike has been further fueled by geopolitical tensions surrounding Russia which supplies a third of Europe s gas Western countries accuse Russia of limiting gas deliveries to pressure Europe amid tensions over the Ukraine conflict to push for regulatory approval of the controversial Nord Stream 2 gas pipeline that will send gas to Germany Source Credit TheGuardian
    German inflation hits 5.3% in December, highest since 1992
    Foreign1 year ago

    German inflation hits 5.3% in December, highest since 1992

    Consumer prices in Germany rose in December at their fastest pace since June 1992, official data showed on Thursday, driven by rising energy costs and supply bottlenecks.

    The annual inflation rate rose to 5.3 percent, accelerating for the sixth month in a row, after a rise of 5.2 in November, the federal statistics agency Destatis said in preliminary figures.

    For all of 2021, inflation was 3.1 percent, the highest year-end figure since 1993.

    The acceleration had a "number of reasons," the agency said, including higher energy costs, supply chain disruptions due to the pandemic, and a temporary VAT cut in 2020, which reduces the basis against which taxes are measured. current price increases.

    The inflation figures for December were the last to take into account the tax moratorium, introduced to mitigate the impact of the Covid-19 lockdowns on the economy.

    The question that arose was whether inflation had "peaked" or if there would be a "further increase, so far unexpected," said Fritzi Koehler-Geib, chief economist at public lender KfW.

    Both are conceivable. There are many indications that price growth will slow down as a result of the elimination of base effects ”, while it remains“ uncertain ”how quickly bottlenecks or increases in energy prices will ease .

    Gas prices have skyrocketed in Europe in recent months as demand has exploded with economies emerging from Covid-induced restrictions.

    The spike has been further fueled by geopolitical tensions surrounding Russia, which supplies a third of Europe's gas.

    Western countries accuse Russia of limiting gas deliveries to pressure Europe amid tensions over the Ukraine conflict to push for regulatory approval of the controversial Nord Stream 2 gas pipeline that will send gas to Germany.

    Source Credit: TheGuardian

  •   The Senate on Tuesday passed Finance Bill 2021 transmitted to the National Assembly by President Muhammadu Buhari on December 7 2021 Approval of the bill two weeks later followed the consideration of a report from the Joint Finance Committee Customs Special Taxes and Duties Trade and Investment The Chairman of the Joint Committee Solomon Adeola in his presentation said that the bill seeks to support the implementation of the Federal Budget for Economic Growth and Sustainability 2022 by proposing tax customs special fiscal and other key specific relevant laws According to the legislator a total of twelve laws were amended under the finance bill that contains thirty nine clauses He added that the bill seeks to promote tax equity align national tax laws with global best practices introduce tax incentives for infrastructure and capital markets support small businesses and promote increased government revenue The Finance Law of 2020 was essentially based on having no new taxes or new incentives due to the impact of COVID 19 on the economy as such it was structured in four broad thematic areas Promulgate counter cyclical measures and crisis intervention initiatives Tax fiscal responsibility and public procurement reforms Reform tax incentive policies for job creation Ensure closer coordination of monetary trade and fiscal policies and Improvement of the tax administration said Adeola Accordingly the Joint Committee based on its observations recommended that a capital gains tax of 5 per cent be imposed on share alienation transactions where the proceeds exceed N250 million in 12 calendar months He recommended that gambling and lottery companies be taxed as well as oil and gas companies He underscored the need for Midstream and Downstream oil and gas companies to be subject to corporation tax without the benefit of tax breaks for companies that export goods to earn foreign exchange The Committee noted that doing so would avoid double dipping by gas utilization companies so they cannot claim both 1 3 year tax holidays as well as 2 Incentives from the Oil Income Tax Law or 3 pioneering tax holidays under IDITRA The Joint Committee advocated qualification of capital expenditure rules for small and pioneering companies in order to avoid double dip by requiring companies to not be able to deduct qualified capital expenditures to reduce their taxable profits when using the capital expenditures qualified capital expenditures to generate tax exempt income He sought more powers for the Federal Internal Revenue Service FIRS to collect NPTF levies from Nigerian companies on behalf of the fund and expedite the collection of taxes from Nigerian companies in accordance with the ease of President Buhari s administration to do business reforms The Joint Committee also insisted on the need for the Federal Government to ensure that FIRS implements both proprietary and third party technology applications to collect taxpayer information improve confidentiality and nondisclosure and allow them to investigate tax evasion and other crimes and sanction no compliant taxpayers In addition it requested that FIRS be empowered to assess non resident companies to tax on a fair and reasonable billing basis on billing obtained from digital services to Nigerian customers with an additional mandate to designate individuals in order to collect and send to non residents taxes The Committee demanded the necessary reforms in securities lending operations Minimum Tax for Insurance Companies and Companies in general Taxation of Trust Unit Income Real Estate Investment Trust and Capitalization of Insurance Companies by NAICOM in line with the Fiscal Equity He urged the government to direct FIRS as the Lead Tax Revenue Collection Agency to collaborate with other law enforcement MDAs in streamlining tax collection through improved Public Finance Management reforms According to the Joint Committee doing so would reduce revenue leakage and better track actual expenditures based on revenue performance in accordance with the provisions of the 1999 Federal Republic of Nigeria Constitution as amended tax rules and other laws on existing money He also called for the diversification of Nigeria s income from the oil sector to other sectors to finance critical expenditures The Committee while demanding a 0 5 percent increase in the education tax lobbied for closely monitoring development and policies on VAT tax incentives a projected rate increase for tobacco alcohol and beverages carbonated to fund vital spending on health education and security with a possibility of introducing new taxes duties and levies as the economy recovers Meanwhile the Senate also passed a bill Tuesday to amend the Appropriations Act of 2021 The bill sponsored by Senate Leader Yahaya Abdullahi went to a second and third reading after it was considered during plenary The 2021 Appropriations Act Amendment bill seeks to extend the implementation of the Capital aspect of the 2021 Appropriations Act from December 31 2021 to March 31 2022
    Senate passes Finance Bill, 2 weeks after transmission
      The Senate on Tuesday passed Finance Bill 2021 transmitted to the National Assembly by President Muhammadu Buhari on December 7 2021 Approval of the bill two weeks later followed the consideration of a report from the Joint Finance Committee Customs Special Taxes and Duties Trade and Investment The Chairman of the Joint Committee Solomon Adeola in his presentation said that the bill seeks to support the implementation of the Federal Budget for Economic Growth and Sustainability 2022 by proposing tax customs special fiscal and other key specific relevant laws According to the legislator a total of twelve laws were amended under the finance bill that contains thirty nine clauses He added that the bill seeks to promote tax equity align national tax laws with global best practices introduce tax incentives for infrastructure and capital markets support small businesses and promote increased government revenue The Finance Law of 2020 was essentially based on having no new taxes or new incentives due to the impact of COVID 19 on the economy as such it was structured in four broad thematic areas Promulgate counter cyclical measures and crisis intervention initiatives Tax fiscal responsibility and public procurement reforms Reform tax incentive policies for job creation Ensure closer coordination of monetary trade and fiscal policies and Improvement of the tax administration said Adeola Accordingly the Joint Committee based on its observations recommended that a capital gains tax of 5 per cent be imposed on share alienation transactions where the proceeds exceed N250 million in 12 calendar months He recommended that gambling and lottery companies be taxed as well as oil and gas companies He underscored the need for Midstream and Downstream oil and gas companies to be subject to corporation tax without the benefit of tax breaks for companies that export goods to earn foreign exchange The Committee noted that doing so would avoid double dipping by gas utilization companies so they cannot claim both 1 3 year tax holidays as well as 2 Incentives from the Oil Income Tax Law or 3 pioneering tax holidays under IDITRA The Joint Committee advocated qualification of capital expenditure rules for small and pioneering companies in order to avoid double dip by requiring companies to not be able to deduct qualified capital expenditures to reduce their taxable profits when using the capital expenditures qualified capital expenditures to generate tax exempt income He sought more powers for the Federal Internal Revenue Service FIRS to collect NPTF levies from Nigerian companies on behalf of the fund and expedite the collection of taxes from Nigerian companies in accordance with the ease of President Buhari s administration to do business reforms The Joint Committee also insisted on the need for the Federal Government to ensure that FIRS implements both proprietary and third party technology applications to collect taxpayer information improve confidentiality and nondisclosure and allow them to investigate tax evasion and other crimes and sanction no compliant taxpayers In addition it requested that FIRS be empowered to assess non resident companies to tax on a fair and reasonable billing basis on billing obtained from digital services to Nigerian customers with an additional mandate to designate individuals in order to collect and send to non residents taxes The Committee demanded the necessary reforms in securities lending operations Minimum Tax for Insurance Companies and Companies in general Taxation of Trust Unit Income Real Estate Investment Trust and Capitalization of Insurance Companies by NAICOM in line with the Fiscal Equity He urged the government to direct FIRS as the Lead Tax Revenue Collection Agency to collaborate with other law enforcement MDAs in streamlining tax collection through improved Public Finance Management reforms According to the Joint Committee doing so would reduce revenue leakage and better track actual expenditures based on revenue performance in accordance with the provisions of the 1999 Federal Republic of Nigeria Constitution as amended tax rules and other laws on existing money He also called for the diversification of Nigeria s income from the oil sector to other sectors to finance critical expenditures The Committee while demanding a 0 5 percent increase in the education tax lobbied for closely monitoring development and policies on VAT tax incentives a projected rate increase for tobacco alcohol and beverages carbonated to fund vital spending on health education and security with a possibility of introducing new taxes duties and levies as the economy recovers Meanwhile the Senate also passed a bill Tuesday to amend the Appropriations Act of 2021 The bill sponsored by Senate Leader Yahaya Abdullahi went to a second and third reading after it was considered during plenary The 2021 Appropriations Act Amendment bill seeks to extend the implementation of the Capital aspect of the 2021 Appropriations Act from December 31 2021 to March 31 2022
    Senate passes Finance Bill, 2 weeks after transmission
    Headlines1 year ago

    Senate passes Finance Bill, 2 weeks after transmission

    The Senate on Tuesday passed Finance Bill 2021, transmitted to the National Assembly by President Muhammadu Buhari, on December 7, 2021.

    Approval of the bill two weeks later followed the consideration of a report from the Joint Finance Committee; Customs, Special Taxes and Duties; Trade and Investment.

    The Chairman of the Joint Committee, Solomon Adeola, in his presentation, said that the bill seeks to support the implementation of the Federal Budget for Economic Growth and Sustainability 2022 by proposing tax, customs, special, fiscal and other key specific relevant laws.

    According to the legislator, a total of twelve laws were amended under the finance bill that contains thirty-nine clauses.

    He added that the bill seeks to promote tax equity, align national tax laws with global best practices, introduce tax incentives for infrastructure and capital markets, support small businesses, and promote increased government revenue.

    “The Finance Law of 2020 was essentially based on having no new taxes or new incentives due to the impact of COVID-19 on the economy, as such, it was structured in four broad thematic areas; Promulgate counter-cyclical measures and crisis intervention initiatives; Tax, fiscal responsibility and public procurement reforms; Reform tax incentive policies for job creation; Ensure closer coordination of monetary, trade and fiscal policies; and Improvement of the tax administration ”, said Adeola.

    Accordingly, the Joint Committee, based on its observations, recommended that a capital gains tax of 5 per cent be imposed on share alienation transactions where the proceeds exceed N250 million in 12 calendar months.

    He recommended that gambling and lottery companies be taxed, as well as oil and gas companies.

    He underscored the need for Midstream and Downstream oil and gas companies to be subject to corporation tax without the benefit of tax breaks for companies that export goods to earn foreign exchange.

    The Committee noted that doing so would avoid double dipping by gas utilization companies, so they cannot claim both (1) 3-year tax holidays; as well as (2) Incentives from the Oil Income Tax Law or (3) pioneering tax holidays under IDITRA.

    The Joint Committee advocated qualification of capital expenditure rules for small and pioneering companies, in order to avoid double-dip by requiring companies to not be able to deduct qualified capital expenditures to reduce their taxable profits when using the capital expenditures. qualified capital expenditures to generate tax-exempt income.

    He sought more powers for the Federal Internal Revenue Service (FIRS) to collect NPTF levies from Nigerian companies on behalf of the fund and expedite the collection of taxes from Nigerian companies in accordance with the ease of President Buhari's administration to do business reforms.

    The Joint Committee also insisted on the need for the Federal Government to ensure that FIRS implements both proprietary and third-party technology applications to collect taxpayer information, improve confidentiality and nondisclosure, and allow them to investigate tax evasion and other crimes and sanction no - compliant taxpayers.

    In addition, it requested that FIRS be empowered to assess non-resident companies to tax on a fair and reasonable billing basis on billing obtained from digital services to Nigerian customers, with an additional mandate to designate individuals in order to collect and send to non-residents. taxes.

    The Committee demanded the necessary reforms in securities lending operations, Minimum Tax for Insurance Companies and Companies in general, Taxation of Trust Unit Income, Real Estate Investment Trust and Capitalization of Insurance Companies by NAICOM in line with the Fiscal Equity.

    He urged the government to direct FIRS as the Lead Tax Revenue Collection Agency to collaborate with other law enforcement MDAs in streamlining tax collection through improved Public Finance Management reforms.

    According to the Joint Committee, doing so would reduce revenue leakage and better track actual expenditures based on revenue performance in accordance with the provisions of the 1999 Federal Republic of Nigeria Constitution (as amended), tax rules and other laws on existing money.

    He also called for the diversification of Nigeria's income from the oil sector to other sectors to finance critical expenditures.

    The Committee, while demanding a 0.5 percent increase in the education tax, lobbied for closely monitoring development and policies on VAT, tax incentives, a projected rate increase for tobacco, alcohol and beverages. carbonated to fund vital spending on health, education and security, with a possibility of introducing new taxes, duties and levies as the economy recovers.

    Meanwhile, the Senate also passed a bill Tuesday to amend the Appropriations Act of 2021.

    The bill sponsored by Senate Leader Yahaya Abdullahi went to a second and third reading after it was considered during plenary.

    The 2021 Appropriations Act (Amendment) bill seeks to extend the implementation of the Capital aspect of the 2021 Appropriations Act from December 31, 2021 to March 31, 2022.

  •   Nigeria s federal state and local governments shared N675 946 billion of the federation s account for November on Friday Olajide Oshundun spokesman for the Ministry of Finance Budget and National Planning said this in Abuja on Saturday The federal government received N261 441 billion of the money while the states and local councils got N210 046 billion and N155 456 billion respectively The oil producing states received an additional Naira 49 003 billion as a 13 percent diversion fund Total VAT revenue collected in November was N196 175 billion compared to N166 284 billion in October showing an increase of N29 891 billion Of the VAT revenues the federal government earned N27 402 billion while states and local councils received N91 339 billion and N63 937 billion respectively The Federal Internal Revenue Service the Nigerian Customs Service and the Nigerian Upstream Petroleum Regulatory Commission got N7 847 billion as revenue collection cost while the Northeast Development Commission project received N5 650 billion Mr Oshundun stated that the statutory revenue of N643 481 billion distributed in November was higher than the N407 864 billion received in October by N235 617 billion of which the federal government obtained N231 863 billion He explained that the states obtained N117 604 billion municipalities obtained N90 668 billion the derivation 13 percent of mineral income obtained N48 540 billion the collection cost N23 110 billion while transfers and reimbursements were N131 258 billion It added that VAT oil profit tax oil and gas royalties and corporate income tax increased markedly in November while import and consumer tariffs increased marginally By adding the revenue collected Oshundun stated that statutory distributable income of N488 674 billion VAT of N182 678 billion foreign exchange gain of N4 156 billion and recovery of bank charges in excess of N0 438 billion brought total distributable income to N675 946 billion Mr Oshundun stated that the revenue allocation was made in a virtual meeting of the Federation s Allocation Committee chaired by the Permanent Secretary of the ministry Aliyu Ahmed YAYA
    Nigerian federal, states, local govts share N676 billion for November
      Nigeria s federal state and local governments shared N675 946 billion of the federation s account for November on Friday Olajide Oshundun spokesman for the Ministry of Finance Budget and National Planning said this in Abuja on Saturday The federal government received N261 441 billion of the money while the states and local councils got N210 046 billion and N155 456 billion respectively The oil producing states received an additional Naira 49 003 billion as a 13 percent diversion fund Total VAT revenue collected in November was N196 175 billion compared to N166 284 billion in October showing an increase of N29 891 billion Of the VAT revenues the federal government earned N27 402 billion while states and local councils received N91 339 billion and N63 937 billion respectively The Federal Internal Revenue Service the Nigerian Customs Service and the Nigerian Upstream Petroleum Regulatory Commission got N7 847 billion as revenue collection cost while the Northeast Development Commission project received N5 650 billion Mr Oshundun stated that the statutory revenue of N643 481 billion distributed in November was higher than the N407 864 billion received in October by N235 617 billion of which the federal government obtained N231 863 billion He explained that the states obtained N117 604 billion municipalities obtained N90 668 billion the derivation 13 percent of mineral income obtained N48 540 billion the collection cost N23 110 billion while transfers and reimbursements were N131 258 billion It added that VAT oil profit tax oil and gas royalties and corporate income tax increased markedly in November while import and consumer tariffs increased marginally By adding the revenue collected Oshundun stated that statutory distributable income of N488 674 billion VAT of N182 678 billion foreign exchange gain of N4 156 billion and recovery of bank charges in excess of N0 438 billion brought total distributable income to N675 946 billion Mr Oshundun stated that the revenue allocation was made in a virtual meeting of the Federation s Allocation Committee chaired by the Permanent Secretary of the ministry Aliyu Ahmed YAYA
    Nigerian federal, states, local govts share N676 billion for November
    Headlines1 year ago

    Nigerian federal, states, local govts share N676 billion for November

    Nigeria's federal, state and local governments shared N675.946 billion of the federation's account for November on Friday.

    Olajide Oshundun, spokesman for the Ministry of Finance, Budget and National Planning, said this in Abuja on Saturday.

    The federal government received N261.441 billion of the money, while the states and local councils got N210.046 billion and N155.456 billion, respectively.

    The oil-producing states received an additional Naira 49.003 billion as a 13 percent diversion fund.

    Total VAT revenue collected in November was N196.175 billion compared to N166.284 billion in October, showing an increase of N29.891 billion.

    Of the VAT revenues, the federal government earned N27,402 billion, while states and local councils received N91,339 billion and N63,937 billion, respectively.

    The Federal Internal Revenue Service, the Nigerian Customs Service and the Nigerian Upstream Petroleum Regulatory Commission got N7.847 billion as revenue collection cost, while the Northeast Development Commission project received N5.650 billion.

    Mr. Oshundun stated that the statutory revenue of N643.481 billion distributed in November was higher than the N407.864 billion received in October by N235.617 billion, of which the federal government obtained N231.863 billion. .

    He explained that the states obtained N117,604 billion; municipalities obtained N90.668 billion, the derivation (13 percent of mineral income) obtained N48.540 billion, the collection cost N23.110 billion, while transfers and reimbursements were N131.258 billion .

    It added that VAT, oil profit tax, oil and gas royalties and corporate income tax increased markedly in November, while import and consumer tariffs increased marginally.

    By adding the revenue collected, Oshundun stated that statutory distributable income of N488.674 billion, VAT of N182.678 billion, foreign exchange gain of N4.156 billion, and recovery of bank charges in excess of N0.438 billion, brought total distributable income to N675.946 billion.

    Mr. Oshundun stated that the revenue allocation was made in a virtual meeting of the Federation's Allocation Committee chaired by the Permanent Secretary of the ministry, Aliyu Ahmed.

    YAYA

  •  Delta Governor Ifeanyi Okowa has called on the federal government and relevant policy makers to take steps to reduce the rising cost of liquefied petroleum gas LPG in the country The governor made the call in a two day LPG awareness and sensitization campaign organized by the LPG Expansion Implementation Plan Office of the Vice President in conjunction with the State Government on Monday in Asaba He said the campaign theme Stimulating Delta State s Socio economic Growth Through the Adoption and Expansion of LPG was appropriate as the world moved toward greener energy sources This according to him is due to the adverse effects of fossil fuels on the environment Okowa represented economic advisor Dr Kingsley Emu said stakeholders must work to reduce the rising cost of LPG if the goal of the national LPG expansion plan is to be achieved He thanked the Office of the Vice President for choosing Delta as one of the pilot states for the public illustration campaign Recently world leaders met in Glasgow Ireland at a Summit COP 26 to discuss the adverse effects of climate change caused by fossil fuels and the need to move towards cleaner energy This makes the adoption of LPG as a transitional fuel to greener sources a requirement and Delta State is eager to play a vital role in this process and will fully support this awareness program he said Okowa said Delta was home to 40 percent of the country s natural gas endowments so a large number of oil and gas companies operate in the state He said there were prospects for the establishment of gas processing plants and gas related industries in the state This the governor said has implications for job creation inclusive economic growth and sustainable development However as we adopt LPG as a fuel to drive the socioeconomic activities of the economy we must recognize a great challenge that the population is currently facing the issue of the high price of LPG in the market As the price skyrockets LPG is gradually falling out of the reach of the middle class and the common man The increase in prices has been linked to several factors including the reintroduction of VAT the devaluation of the naira and the large import of LPG in the face of low local production It is imperative that policymakers find a way to mitigate this rising trend in the price of LPG to bring relief to our people and if the goal of the LPG expansion plan is to be achieved he said Okowa was unhappy with the continued burning of gas and urged them to expand their production facilities to include the ability to convert gas to LPG for use He said this was due to the untapped potential in the LPG market The governor called on investors to enter the oil and gas sector and improve the availability of LPG in the market He said his administration had carried out major reforms to create an investor friendly climate in the state including fiscal harmonization easy access to land and dispute resolution mechanisms to handle conflicts when they arise As we embrace the use of LPG in all sectors of our economy as a source of energy safety concerns become paramount We cannot hastily forget the Agbor gas explosion incident in January this year which sadly claimed many lives As a government we have implemented mechanisms to prevent similar events and that includes the creation of a committee to advise the government on guidelines for the establishment of gas plants in the state said the governor The Senior Special Assistant to the President on LPG Mr Dayo Adesina said Delta State was strategic to the National LPG Expansion Plan in view of its contributions to oil and gas development in the country He said that the Federal Government would acquire 10 million gas cylinders and deliver them to marketers for later distribution to end users which would be exchanged from various households Adesina said there is no reason anyone should use firewood kerosene and charcoal for cooking especially when the country is blessed with an abundance of gas He congratulated Governor Ifeanyi Okowa for establishing four training centers for low emission cookstove manufacturing in the state Earlier in a welcoming speech the State Oil and Gas Commissioner Prince Emmanuel Amgbaduba said that the objective of the awareness raising was to show the economic and sustainability plan for the adoption of LPG for domestic use power generation agriculture and transportation among others He said that the adoption of LPG for clean cooking would mitigate deforestation reduce ozone layer depletion and boost income generation in the state The commissioner praised Okowa for passing an annual safety awareness campaign for LPG retailers in the state the first edition of which was held in 2020 Vista oil companies are encouraged to diversify into wealth rather than burning gas As the State prepares to embrace the new frontiers that this program aims to unveil the government is no stranger to the associated security dangers especially when they are not properly managed With the establishment of the Department of Monitoring and Compliance in the ministry all hands must be on deck to institute global best practices to keep all residents of the state safe as we reiterate our determination to adopt LPG as a transitional fuel in the path to a greener environment energy Amgbaduba said For his part the president of the Isoko Sur Local Government Council Mr Victor Asasa requested the establishment of a gas turbine power plant in Irri that will be fed with the gas that is burned in the area The event featured paper presentations from stakeholders in the oil and gas sector as well as a display of locally produced low emission stoves Source NAN
    Governor Okowa Tasks FG with reducing Cost of Cooking Gas
     Delta Governor Ifeanyi Okowa has called on the federal government and relevant policy makers to take steps to reduce the rising cost of liquefied petroleum gas LPG in the country The governor made the call in a two day LPG awareness and sensitization campaign organized by the LPG Expansion Implementation Plan Office of the Vice President in conjunction with the State Government on Monday in Asaba He said the campaign theme Stimulating Delta State s Socio economic Growth Through the Adoption and Expansion of LPG was appropriate as the world moved toward greener energy sources This according to him is due to the adverse effects of fossil fuels on the environment Okowa represented economic advisor Dr Kingsley Emu said stakeholders must work to reduce the rising cost of LPG if the goal of the national LPG expansion plan is to be achieved He thanked the Office of the Vice President for choosing Delta as one of the pilot states for the public illustration campaign Recently world leaders met in Glasgow Ireland at a Summit COP 26 to discuss the adverse effects of climate change caused by fossil fuels and the need to move towards cleaner energy This makes the adoption of LPG as a transitional fuel to greener sources a requirement and Delta State is eager to play a vital role in this process and will fully support this awareness program he said Okowa said Delta was home to 40 percent of the country s natural gas endowments so a large number of oil and gas companies operate in the state He said there were prospects for the establishment of gas processing plants and gas related industries in the state This the governor said has implications for job creation inclusive economic growth and sustainable development However as we adopt LPG as a fuel to drive the socioeconomic activities of the economy we must recognize a great challenge that the population is currently facing the issue of the high price of LPG in the market As the price skyrockets LPG is gradually falling out of the reach of the middle class and the common man The increase in prices has been linked to several factors including the reintroduction of VAT the devaluation of the naira and the large import of LPG in the face of low local production It is imperative that policymakers find a way to mitigate this rising trend in the price of LPG to bring relief to our people and if the goal of the LPG expansion plan is to be achieved he said Okowa was unhappy with the continued burning of gas and urged them to expand their production facilities to include the ability to convert gas to LPG for use He said this was due to the untapped potential in the LPG market The governor called on investors to enter the oil and gas sector and improve the availability of LPG in the market He said his administration had carried out major reforms to create an investor friendly climate in the state including fiscal harmonization easy access to land and dispute resolution mechanisms to handle conflicts when they arise As we embrace the use of LPG in all sectors of our economy as a source of energy safety concerns become paramount We cannot hastily forget the Agbor gas explosion incident in January this year which sadly claimed many lives As a government we have implemented mechanisms to prevent similar events and that includes the creation of a committee to advise the government on guidelines for the establishment of gas plants in the state said the governor The Senior Special Assistant to the President on LPG Mr Dayo Adesina said Delta State was strategic to the National LPG Expansion Plan in view of its contributions to oil and gas development in the country He said that the Federal Government would acquire 10 million gas cylinders and deliver them to marketers for later distribution to end users which would be exchanged from various households Adesina said there is no reason anyone should use firewood kerosene and charcoal for cooking especially when the country is blessed with an abundance of gas He congratulated Governor Ifeanyi Okowa for establishing four training centers for low emission cookstove manufacturing in the state Earlier in a welcoming speech the State Oil and Gas Commissioner Prince Emmanuel Amgbaduba said that the objective of the awareness raising was to show the economic and sustainability plan for the adoption of LPG for domestic use power generation agriculture and transportation among others He said that the adoption of LPG for clean cooking would mitigate deforestation reduce ozone layer depletion and boost income generation in the state The commissioner praised Okowa for passing an annual safety awareness campaign for LPG retailers in the state the first edition of which was held in 2020 Vista oil companies are encouraged to diversify into wealth rather than burning gas As the State prepares to embrace the new frontiers that this program aims to unveil the government is no stranger to the associated security dangers especially when they are not properly managed With the establishment of the Department of Monitoring and Compliance in the ministry all hands must be on deck to institute global best practices to keep all residents of the state safe as we reiterate our determination to adopt LPG as a transitional fuel in the path to a greener environment energy Amgbaduba said For his part the president of the Isoko Sur Local Government Council Mr Victor Asasa requested the establishment of a gas turbine power plant in Irri that will be fed with the gas that is burned in the area The event featured paper presentations from stakeholders in the oil and gas sector as well as a display of locally produced low emission stoves Source NAN
    Governor Okowa Tasks FG with reducing Cost of Cooking Gas
    General news1 year ago

    Governor Okowa Tasks FG with reducing Cost of Cooking Gas

    Delta Governor Ifeanyi Okowa has called on the federal government and relevant policy makers to take steps to reduce the rising cost of liquefied petroleum gas (LPG) in the country. The governor made the call in a two-day LPG awareness and sensitization campaign organized by the LPG Expansion Implementation Plan, Office of the Vice President in conjunction with the State Government on Monday in Asaba. He said the campaign theme "Stimulating Delta State's Socio-economic Growth Through the Adoption and Expansion of LPG" was appropriate as the world moved toward greener energy sources. This, according to him, is due to the adverse effects of fossil fuels on the environment. Okowa, represented economic advisor, Dr. Kingsley Emu, said stakeholders must work to reduce the rising cost of LPG if the goal of the national LPG expansion plan is to be achieved. He thanked the Office of the Vice President for choosing Delta as one of the pilot states for the public illustration campaign. “Recently, world leaders met in Glasgow, Ireland, at a Summit (COP-26) to discuss the adverse effects of climate change caused by fossil fuels and the need to move towards cleaner energy. "This makes the adoption of LPG as a transitional fuel to greener sources a requirement, and Delta State is eager to play a vital role in this process and will fully support this awareness program," he said. Okowa said Delta was home to 40 percent of the country's natural gas endowments, so a large number of oil and gas companies operate in the state. He said there were prospects for the establishment of gas processing plants and gas-related industries in the state. This, the governor said, has implications for job creation, inclusive economic growth and sustainable development. “However, as we adopt LPG as a fuel to drive the socioeconomic activities of the economy, we must recognize a great challenge that the population is currently facing, the issue of the high price of LPG in the market. “As the price skyrockets, LPG is gradually falling out of the reach of the middle class and the common man. “The increase in prices has been linked to several factors, including the reintroduction of VAT, the devaluation of the naira and the large import of LPG in the face of low local production. "It is imperative that policymakers find a way to mitigate this rising trend in the price of LPG to bring relief to our people, and if the goal of the LPG expansion plan is to be achieved," he said. Okowa was unhappy with the continued burning of gas and urged them to expand their production facilities to include the ability to convert gas to LPG for use. He said this was due to the untapped potential in the LPG market. The governor called on investors to enter the oil and gas sector and improve the availability of LPG in the market. He said his administration had carried out major reforms to create an investor-friendly climate in the state, including fiscal harmonization, easy access to land and dispute resolution mechanisms to handle conflicts when they arise. “As we embrace the use of LPG in all sectors of our economy as a source of energy, safety concerns become paramount. “We cannot hastily forget the Agbor gas explosion incident in January this year, which sadly claimed many lives. "As a government, we have implemented mechanisms to prevent similar events and that includes the creation of a committee to advise the government on guidelines for the establishment of gas plants in the state," said the governor. The Senior Special Assistant to the President on LPG, Mr. Dayo Adesina, said Delta State was strategic to the National LPG Expansion Plan in view of its contributions to oil and gas development in the country. He said that the Federal Government would acquire 10 million gas cylinders and deliver them to marketers for later distribution to end users, which would be exchanged from various households. Adesina said there is no reason anyone should use firewood, kerosene and charcoal for cooking, especially when the country is blessed with an abundance of gas. He congratulated Governor Ifeanyi Okowa for establishing four training centers for low-emission cookstove manufacturing in the state. Earlier, in a welcoming speech, the State Oil and Gas Commissioner, Prince Emmanuel Amgbaduba, said that the objective of the awareness raising was to show the economic and sustainability plan for the adoption of LPG for domestic use, power generation, agriculture and transportation, among others. He said that the adoption of LPG for clean cooking would mitigate deforestation, reduce ozone layer depletion and boost income generation in the state. The commissioner praised Okowa for passing an annual safety awareness campaign for LPG retailers in the state, the first edition of which was held in 2020. “Vista, oil companies are encouraged to diversify into wealth rather than burning gas. “As the State prepares to embrace the new frontiers that this program aims to unveil, the government is no stranger to the associated security dangers, especially when they are not properly managed. “With the establishment of the Department of Monitoring and Compliance in the ministry, all hands must be on deck to institute global best practices to keep all residents of the state safe as we reiterate our determination to adopt LPG as a transitional fuel in the path to a greener environment. energy, ”Amgbaduba said. For his part, the president of the Isoko Sur Local Government Council, Mr. Victor Asasa, requested the establishment of a gas turbine power plant in Irri that will be fed with the gas that is burned in the area. The event featured paper presentations from stakeholders in the oil and gas sector, as well as a display of locally produced low-emission stoves. Source: NAN

  •   Kano State beat all five Southeastern states in value added tax and VAT collection for the first eight months of 2021 It follows a raging VAT dispute legal fireworks and political negotiations between the federal government and some states According to an exclusive Daily Trust report the VAT revenue records of the federal tax services FIRS viewed by the newspaper indicate that Kano raised 24 4 billion naira ahead of the five states that have accumulated a collection of 20 billion naira of nairas The data further revealed that Kaduna State with a cumulative N19 billion also did better than Akwa Ibom N 9 3 billion Bayelsa N 13 billion Delta N 13 billion Edo N 9 billion and Ogun N 11 billion For example Kaduna s 19 8 billion naira is greater than the combined collection of Abia Cross River Osun Ekiti Ondo and Imo Abia according to the graph collected 2 2 billion naira representing 0 22 Cross River collected 1 9 billion naira or 0 19 Osun raised 2 07 billion naira or 0 20 Ekiti made 6 2 billion naira or 0 62 Ondo collected 4 8 billion naira or 0 48 while Imo collected 1 01 billion or 0 10 Yobe in the northeast raised 9 3 billion naira by rubbing shoulders with Akwa Ibom 9 3 billion naira Edo 9 billion naira Ebonyi 7 2 billion naira and Ekiti 6 2 billion naira Lagos and the CTF combined contribute 65 22 of the total while the remaining 35 states contribute 34 78 of the total Statistics show that Lagos leads the rankings with 41 5 of the total VAT amounting to 421 2 billion naira while Zamfara collected the fewest records 762 5 million naira or 0 08 percent of the total sum Lagos is followed by the FCT which collected 241 billion naira or 23 74 Rivers collected N 92 3 billion or 9 09 while Oyo followed with N 61 billion representing 6 01
    Kano beats entire 5 South East in VAT collection
      Kano State beat all five Southeastern states in value added tax and VAT collection for the first eight months of 2021 It follows a raging VAT dispute legal fireworks and political negotiations between the federal government and some states According to an exclusive Daily Trust report the VAT revenue records of the federal tax services FIRS viewed by the newspaper indicate that Kano raised 24 4 billion naira ahead of the five states that have accumulated a collection of 20 billion naira of nairas The data further revealed that Kaduna State with a cumulative N19 billion also did better than Akwa Ibom N 9 3 billion Bayelsa N 13 billion Delta N 13 billion Edo N 9 billion and Ogun N 11 billion For example Kaduna s 19 8 billion naira is greater than the combined collection of Abia Cross River Osun Ekiti Ondo and Imo Abia according to the graph collected 2 2 billion naira representing 0 22 Cross River collected 1 9 billion naira or 0 19 Osun raised 2 07 billion naira or 0 20 Ekiti made 6 2 billion naira or 0 62 Ondo collected 4 8 billion naira or 0 48 while Imo collected 1 01 billion or 0 10 Yobe in the northeast raised 9 3 billion naira by rubbing shoulders with Akwa Ibom 9 3 billion naira Edo 9 billion naira Ebonyi 7 2 billion naira and Ekiti 6 2 billion naira Lagos and the CTF combined contribute 65 22 of the total while the remaining 35 states contribute 34 78 of the total Statistics show that Lagos leads the rankings with 41 5 of the total VAT amounting to 421 2 billion naira while Zamfara collected the fewest records 762 5 million naira or 0 08 percent of the total sum Lagos is followed by the FCT which collected 241 billion naira or 23 74 Rivers collected N 92 3 billion or 9 09 while Oyo followed with N 61 billion representing 6 01
    Kano beats entire 5 South East in VAT collection
    Headlines1 year ago

    Kano beats entire 5 South East in VAT collection

    Kano State beat all five Southeastern states in value-added tax and VAT collection for the first eight months of 2021.

    It follows a raging VAT dispute, legal fireworks and political negotiations between the federal government and some states.

    According to an exclusive Daily Trust report, the VAT revenue records of the federal tax services, FIRS, viewed by the newspaper indicate that Kano raised 24.4 billion naira, ahead of the five states that have accumulated a collection of 20 billion naira. of nairas.

    The data further revealed that Kaduna State with a cumulative N19 billion also did better than Akwa Ibom (N 9.3 billion), Bayelsa (N 13 billion), Delta (N 13 billion) , Edo (N 9 billion) and Ogun (N 11 billion).

    For example, Kaduna's 19.8 billion naira is greater than the combined collection of Abia, Cross River, Osun, Ekiti, Ondo and Imo.

    Abia, according to the graph, collected 2.2 billion naira representing 0.22%; Cross River collected 1.9 billion naira or 0.19%; Osun raised 2.07 billion naira or 0.20; Ekiti made 6.2 billion naira or 0.62; Ondo collected 4.8 billion naira or 0.48, while Imo collected 1.01 billion or 0.10%.

    Yobe, in the northeast, raised 9.3 billion naira by rubbing shoulders with Akwa Ibom (9.3 billion naira), Edo (9 billion naira), Ebonyi (7.2 billion naira) and Ekiti (6.2 billion naira).

    Lagos and the CTF, combined, contribute 65.22% of the total, while the remaining 35 states contribute 34.78% of the total.

    Statistics show that Lagos leads the rankings with 41.5% of the total VAT amounting to 421.2 billion naira while Zamfara collected the fewest records, 762.5 million naira or 0.08 percent of the total sum.

    Lagos is followed by the FCT which collected 241 billion naira or 23.74%; Rivers collected N 92.3 billion or 9.09% while Oyo followed with N 61 billion representing 6.01%.

  •  President Nayib Bukele said El Salvador plans to build the world s first Bitcoin City powered by a volcano and financed by cryptocurrency bonds Bitcoin City is gonna include everything residential areas commercial areas services museums entertainment airport port rail Bukele said at the Latin American Bitcoin and Blockchain Conference on Saturday El Salvador which has used the US dollar for two decades was the first country in the world to legalize bitcoin as legal tender Bukele said the Conchagua volcano will power the whole city and will also power the mining Bitcoin mining is the process by which new bitcoin is created using computers that solve complex mathematical problems a process which demands huge amounts of energy In El Salvador some of that energy comes from a geothermal plant fed by the Tecapa volcano Bukele said the city would initially be powered by the Tecapa plant before his government builds a new geothermal plant powered by Conchagua Zero Co2 emissions This is a fully ecological city Bukele told the crowd To fund the project El Salvador will issue 1 billion bitcoin bonds in 2022 according to Samson Mow chief strategy officer of Blockstream a blockchain tech provider On stage with Bukele Mow said half of volcano bonds would be invested in bitcoin and the other half in infrastructure El Salvador will be the financial center of the world Mow said Bukele said that Bitcoin City will only charge value added tax VAT We will have zero income tax Zero percent forever Zero capital gains tax zero property tax zero payroll tax he said No timeline was given for Bitcoin City s construction Source Credit TheGuardian
    El Salvador president plans ‘Bitcoin City’ financed by crypto bonds
     President Nayib Bukele said El Salvador plans to build the world s first Bitcoin City powered by a volcano and financed by cryptocurrency bonds Bitcoin City is gonna include everything residential areas commercial areas services museums entertainment airport port rail Bukele said at the Latin American Bitcoin and Blockchain Conference on Saturday El Salvador which has used the US dollar for two decades was the first country in the world to legalize bitcoin as legal tender Bukele said the Conchagua volcano will power the whole city and will also power the mining Bitcoin mining is the process by which new bitcoin is created using computers that solve complex mathematical problems a process which demands huge amounts of energy In El Salvador some of that energy comes from a geothermal plant fed by the Tecapa volcano Bukele said the city would initially be powered by the Tecapa plant before his government builds a new geothermal plant powered by Conchagua Zero Co2 emissions This is a fully ecological city Bukele told the crowd To fund the project El Salvador will issue 1 billion bitcoin bonds in 2022 according to Samson Mow chief strategy officer of Blockstream a blockchain tech provider On stage with Bukele Mow said half of volcano bonds would be invested in bitcoin and the other half in infrastructure El Salvador will be the financial center of the world Mow said Bukele said that Bitcoin City will only charge value added tax VAT We will have zero income tax Zero percent forever Zero capital gains tax zero property tax zero payroll tax he said No timeline was given for Bitcoin City s construction Source Credit TheGuardian
    El Salvador president plans ‘Bitcoin City’ financed by crypto bonds
    Foreign1 year ago

    El Salvador president plans ‘Bitcoin City’ financed by crypto bonds

    President Nayib Bukele said El Salvador plans to build the world’s first “Bitcoin City”, powered by a volcano and financed by cryptocurrency bonds. 

    Bitcoin City “is gonna include everything: residential areas, commercial areas, services, museums, entertainment… airport, port, rail,” Bukele said at the Latin American Bitcoin and Blockchain Conference on Saturday. 

    El Salvador, which has used the US dollar for two decades, was the first country in the world to legalize bitcoin as legal tender. 


    Bukele said the Conchagua volcano “will power the whole city and will also power the mining.”

    Bitcoin mining is the process by which new bitcoin is created using computers that solve complex mathematical problems — a process which demands huge amounts of energy. 

    In El Salvador, some of that energy comes from a geothermal plant fed by the Tecapa volcano. 

    Bukele said the city would initially be powered by the Tecapa plant before his government builds a new geothermal plant powered by Conchagua.

    “Zero Co2 emissions. This is a fully ecological city,” Bukele told the crowd.

    To fund the project, El Salvador will issue $1 billion “bitcoin bonds” in 2022, according to Samson Mow, chief strategy officer of Blockstream, a blockchain tech provider. 

    On stage with Bukele, Mow said half of “volcano bonds” would be invested in bitcoin, and the other half in infrastructure. 

    “El Salvador will be the financial center of the world,” Mow said.

    Bukele said that Bitcoin City will only charge value added tax (VAT). 

    “We will have zero income tax. Zero percent forever. Zero capital gains tax… zero property tax, zero payroll tax,” he said. 

    No timeline was given for Bitcoin City’s construction.

    Source Credit: TheGuardian

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