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Budget Defence: Senate Adjourns Plenary To Oct 29

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The Senate, yesterday, adjourned plenary for two weeks to engage Ministries, Departments and Agencies (MDAs) in defence of their 2020 budget.
The President of the Senate, Dr Ahmad Lawan, announced the adjournment during Tuesday’s plenary.
Lawan said that the adjournment was to engage Ministries, Departments and Agencies for the purpose of budget defence of the Appropriation Bill 2020.
The President of the Senate had on October 8, urged MDAs to appear before committees of the Senate in October to defend their 2020 budget.
According to Lawan, the exercise is supposed to last for two weeks.
“And like we said before, for the sake of emphasis, all MDAs should take this opportunity to come forward to the various committees in the National Assembly to defend their budget within the two weeks.
“This is the only window available. And for our committees, we wish you the best of the outing.
“We will be coming to the National Assembly those of us who are not members of the committees to give the moral support that is required,” he said.
However, the Senate, in a bid to shore up Nigeria’s revenue earning, yesterday, passed the Deep Offshore and Inland Basin Production Sharing Contract Act 2004 (amendment) Bill 2019.
This was just as the upper chamber received a formal request from President Muhammadu Buhari seeking the amendment of the Act.
The bill was passed by the upper chamber after consideration of the report of the Joint committees on Petroleum (Upstream), Gas and Finance.
With the passage of the bill, it is estimated that Nigeria stands to benefit about N400billion being revenue due to the Federal Government from International Oil Companies (IOCs) operating in the country.
The Senate, during the clause-by-clause consideration of the committee’s report, however amended clause 17 of the Act, which recommended 10 years for a future review of the law.
The Deputy President of the Senate, Ovie Omo-Agege, during consideration of the report, demanded explanation from the Joint committee as to why the timeline for review of Production Sharing Contracts was amended from five years to 10 years.
In his response, Chairman of the Committee, Senator Albert Bassey Akpan, explained that the Nigerian National Petroleum Corporation (NNPC) and International Oil Companies (IOCs) bemoaned the five-year period which they said was insufficient to take certain final investment decisions.
“It takes about five years for an investor to take a Final Investment Decision oil investment (FID). So, the NNPC and others are saying for you to review the law, you must give them a stable law; something they can project on”, Akpan said.
Some lawmakers, including Senators Danjuma Goje (APC, Gombe Central) and Jibrin Barau (APC, Kano North), who were not swayed by Akpan’s explanation, insisted on the retention of the existing five-year periodic timeline provided in the Act.
Senator Ibikunle Amosun (APC, Ogun Central), however, prevailed on his colleagues, and moved a motion for an amendment of clause 17 to specify eight years as the timeline for the review of the Production Sharing Contracts.
The motion was seconded by Senator Kabiru Gaya (APC, Kano South) and thereafter adopted by the upper chamber when put to a voice vote by the President of the Senate, Dr Ahmad Lawan.
In his remarks, the President of the Senate said the National Assembly made history with the passage of the Bill for an amendment of Production Sharing Contracts Act.
While, commending President Muhammadu Buhari for his commitment towards ensuring the amendment of the Act, he stressed that Nigeria stands to benefit N1.5billion as a result of the amendment.
He said: “We have done what could not be done since 2003 to date. Today marks a milestone in the history of the Senate, and particularly the National Assembly.
“With the passage of this bill, Nigeria will gain at least $1.5billion in 2020 as a result of this amendment. The Senate will do more.
“I must commend President Buhari, who mentioned the need to amend this bill in his speech when he presented the 2020 budget to the National Assembly last week, and of course, we also received an executive communication from him.”
Lawan emphasised the amendment of the Production Sharing Contract Act will create a level playing ground for the government and International Oil Companies doing business in Nigeria.
“For the IOCs doing business in Nigeria, the amendment will not in any way discourage investment. We expect that they will continue to do business in Nigeria”.

 

Nneka Amaechi-Nnadi, Abuja

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FG Targets Production Of Locally Made Vehicles By Dec

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The Minister of Industry, Trade and Investment, Dr Doris Uzoka-Anite, has affirmed that Nigeria now has the capacity and materials to manufacture Made-In-Nigeria cars for local use and export.
With the enabling environment being provided by the government, she said manufacturers should be held responsible if the cars are not rolling out by December 2024.
Currently, Nigeria produces less than 10 per cent of the vehicles used in the country.
Last year, Nigeria’s vehicle assembling industry, estimated to be worth around N302billion, tanked to a new low due to increasing production costs and weakened demand for locally assembled automobiles.
According to the Manufacturers CEOs Confidence Index, activities of motor vehicles and miscellaneous assembly deteriorated further below the benchmark (50 points) from 48.6 to 46.7 points.
But speaking at the Automotive Component Manufacturers meeting in Abuja, she noted that the automobile industry is faced with both challenges and opportunities.
A statement issued last Friday by the Director of Information and Public Relations, Adebayo Thomas, said, “In a significant move aimed at fostering sustainable growth and development in Nigeria’s automobile industry, the Federal Government has issued a clarion call to all stakeholders, including manufacturers, dealers, regulatory bodies, and other players in the automobile ecosystem.
“The call comes as part of a broader strategy to enhance the sector’s contribution to the nation’s economy.”
Encouraging the stakeholders to key into the Nigerian Automotive Development Policy, the Minister said, “As far as we are concerned, the auto industry is now set to go.
“We are counting on all stakeholders to make that happen. If we do not produce made-in-Nigeria cars before the end of this year (December), it will be your fault, because I am sitting down here giving you all the assurances that this administration has created the enabling environment to make sure that the auto policy kicks off.”
Anite emphasised the need for collaboration among manufacturers, dealers, regulatory bodies, and other players in the automobile ecosystem, saying by working together, they can address challenges, streamline processes, and drive innovation.
She also urged stakeholders to maintain high-quality standards across the board, including vehicle manufacturing, safety features, emissions control, and after-sales services.
Stringent adherence to quality, she said, will boost consumer confidence and attract investment.
The minister assured all that the government would continue to encourage increased investment in research and development, adding that, innovations in electric vehicles, fuel efficiency, and alternative energy sources are critical for long-term sustainability.
On local content, she also emphasised the importance of promoting local content by sourcing materials and components locally.
By doing this, she said, the sector can create jobs, reduce import dependency, and contribute to economic diversification
In his introductory comments, the ministry’s Permanent Secretary, Nura Rimi, emphasised the significance of team action and shared vision as outlined in the Nigerian Automotive Development Policy.
He also urged stakeholders that the country “will overcome obstacles and unleash the full potential of Nigeria’s automotive component sector.”
He encouraged NADDC and other stakeholders to use the chance to form alliances, explore new areas of collaboration, and devise ways to catapult the automotive components manufacturing industry to new heights of success.
The statement added, “The government’s charge underscores the pivotal role stakeholders play in shaping its trajectory. Their commitment to sustainable practices will drive Nigeria’s automotive sector towards a brighter and more prosperous future.
“Environmental Responsibility: Stakeholders are reminded of their environmental responsibilities. Sustainable practices, recycling, and eco-friendly manufacturing processes are essential for a greener future.”

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Waive Tax On Electronic Imports, Women Engineers Appeal To Tinubu

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The Association of Professional Women Engineers of Nigeria (APWEN), Lagos Chapter, has called on President Bola Tinubu to exempt the importation of electronic components from taxation for inventive engineers.
Chairman of APWEN, Ms Atinuke Owolabi, said this a in statement yesterday in Lagos, in commenration of the 2024 World Creativity and Innovation Day, with the theme: “Step Out and Innovate”.
The Tide source reports that World Creativity and Innovation Day is a global UN Day, celebrated on April 21, to raise awareness about the importance of creativity and innovation in problem solving.
This is with respect to advancing the United Nations’ sustainable development goals, also known as the global goal.
Owolabi explained that such a measure would significantly enhance technological progress, support local innovators, and elevate Nigeria as a leading hub for innovation globally.
She stated that in a world marked by dynamic challenges and unprecedented opportunities, creativity and innovation stand as the driving forces behind progress and transformation.
According to her, women engineers recognise the critical role that innovation plays in shaping our societies and driving sustainable development.
”On this occasion, we affirm our commitment to fostering a culture of creativity and innovation within our organisation and the broader engineering community.
”Together, let us step out, innovate, and inspire the next generation of women engineers to reach even greater heights of achievement and impact.
”We believe that by stepping out of our comfort zones and embracing new ideas, technologies, and approaches, we can unlock innovative solutions to the complex challenges facing our world today,” she said.
According to her, the theme: ‘step out and innovate’, serves as a call to action for women engineers everywhere to break barriers, challenge conventions.
She noted that it would also pioneer groundbreaking solutions that would propel them toward a brighter and more sustainable future.
Owolabi disclosed that in celebration of the World Creativity Day, APWEN Lagos had inaugurated an artificial intelligence club tailored for female engineering students and young engineers.
She said that the proactive initiative aimed to inspire and equip young engineers with cutting-edge technological insights.
Th chairman said, “Additionally, we already have a 200-capacity hall to set up a resource, technology, and innovation hub to empower women and girls in engineering.
”This endeavour serves as a catalyst for encouraging aspiring female engineers to embrace innovation and stay abreast of emerging trends in the field.
”APWEN Lagos stands united in its dedication to promoting diversity, inclusivity, and excellence in engineering.
“We encourage all female engineers to seize this opportunity to unleash their creativity, explore new frontiers, and make an indelible mark on the world.”

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Pan-Igbo Group Hails Dangote Group For Reducing Diesel Price

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A pan-Igbo group, Ndigbo Unity Forum (NUF), has commended the Chairman of the Dangote Group, Alhaji Aliko Dangote, and his management for reducing the price of diesel from N1,600 to N,1000 per litre.
The Tide’s source reports that diesel is the major fuel used by heavy duty vehicles and generating sets to transport goods as well as run industries across the country.
The President of NUF, Mr Augustine Chukwudum, told The Tide’s source in Enugu, yesterday, that Dangote’s timely response to suffering masses of Nigerians, going through hell to get a meal a day, “is highly commendable”.
According to Chukwudum, Nigerians need to appreciate the patriotism of Dangote since what he has done will go a long way in reducing prices of goods, especially food stuff which has gone out of the reach of the poor.
He called on Nigerians, who wish and pray always for the betterment of the country, to appreciate and thank God for answering their prayer through Dangote’s move.
“It is clear that if Dangote Refinery starts fully and gets all the crude oil needed from Nigeria, the prices of petrol, kerosene and diesel will further reduce.
“We commend President Bola Tinubu for being a listening President and supporting the Dangote Group on our crude oil needs.
“We appeal to Tinubu to encourage Dangote by providing the company with crude oil at a reduced rate as we have been demanding,” he said.
Chukwudum said that this move and subsequent further reduction, would bring industries in comatose back to life, jobs created for unemployed youths and reduction in crime as well.
“We call on governors of oil-producing Anambra, Imo and Abia States to bring investors, who shall build refineries in each of the states to refine thousands of barrels of crude in commercial quantities,” he said.

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