Business
FG Directs JVCs To Cut 2015 Budget
As a precautionary mea
sure to the fall in crude oil prices in the global market, which has affected many projections in the nation’s oil and gas industry, the Federal Government has directed the Joint Venture Companies (JVCs) to cut their 2015 budget by 40 per cent.
The directive is based on the realisation that at the present price of crude oil in the global market, it would be impossible for the joint ventures to execute all their projects earlier drawn up in 2014.
The National Petroleum Investment Management Services, NAPIMS which overseas activities of the JVCs, Production sharing companies (PSCs) as well as Services Contract Companies (SCCs) issued the directive on behalf of the government.
NAPIMS reminded the JVCs, PSCs, and SCC that their budgets were drawn early in 2014 when crude oil prices were above $100 per barrel, insisting it must be slashed in line with funding constraints as at present.
The Tide gathered that consequent upon the directive most International Oil Companies operating the joint ventures with the Nigerian National Petroleum Corporation (NNPC) have started cutting down their budgets.
Top on the list are Nigerian Agip Oil Company (NAOC), Shell Petroleum Development Company (SPDC), Chevron Nigeria Limited, (CNL), Mobil Producing Nigeria Unlimited (MPNU), and Total Exploration and Production Nigeria Limited (TEPNG).
South Africa’s oil and gas explorer (SacOil) said it may cancel an agreement to complete an appraisal on a prospective oil asset in Nigeria as a result of the effect of the oil slump.
Spokesman of SPDC, Precious Okolobo, in his own reaction, said the cut in oil price is a global thing and that SPDC has already concluded plans to cut its global capital spending by $15 billion from 2015 to 2017 because of the oil price cut.
Business
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Business
Senate Orders NAFDAC To Ban Sachet Alcohol Production by December 2025 ………Lawmakers Warn of Health Crisis, Youth Addiction And Social Disorder From Cheap Liquor
The upper chamber’s resolution followed an exhaustive debate on a motion sponsored by Senator Asuquo Ekpenyong (Cross River South), during its sitting, last Thursday.
He warned that another extension would amount to a betrayal of public trust and a violation of Nigeria’s commitment to global health standards.
Ekpenyong said, “The harmful practice of putting alcohol in sachets makes it as easy to consume as sweets, even for children.
“It promotes addiction, impairs cognitive and psychomotor development and contributes to domestic violence, road accidents and other social vices.”
Senator Anthony Ani (Ebonyi South) said sachet-packaged alcohol had become a menace in communities and schools.
“These drinks are cheap, potent and easily accessible to minors. Every day we delay this ban, we endanger our children and destroy more futures,” he said.
Senate President, Godswill Akpabio, who presided over the session, ruled in favour of the motion after what he described as a “sober and urgent debate”.
Akpabio said “Any motion that concerns saving lives is urgent. If we don’t stop this extension, more Nigerians, especially the youth, will continue to be harmed. The Senate of the Federal Republic of Nigeria has spoken: by December 2025, sachet alcohol must become history.”
According to him, “This is not just about alcohol regulation. It is about safeguarding the mental and physical health of our people, protecting our children, and preserving the future of this nation.
“We cannot allow sachet alcohol to keep destroying lives under the guise of business.”
According to him, “This is not just about alcohol regulation. It is about safeguarding the mental and physical health of our people, protecting our children, and preserving the future of this nation.
“We cannot allow sachet alcohol to keep destroying lives under the guise of business.”
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