Business
Senate Bars NNPC, Others From Spending Money
The Senate has directed the Nigerian National Petroleum Corporation (NNPC) and other revenue generating agencies to stop further capital expenditure until they comply with the Fiscal Responsibility Act.
It said that the agencies had violated the Act and gave them two weeks to submit their budgets in accordance with the provisions of Section 21 of the law.
The directive was sequel to a motion on “Non-submission of 2017 Budget by Public Corporations in Violation of the Fiscal Responsibility Act” moved by the Deputy Senate Leader, Bala Na’Allah, at Wednesday’s plenary.
He said that the Act stipulated that government’s revenue-generating agencies should submit to their supervising ministers, estimates of revenue and expenditure for three years ahead.
Na’Allah said that the submission of the estimates, as contained in the Act, should be done not later than six months from the commencement of the Act and for every three financial years thereafter.
“It should also not be done later than the end of the second quarter of every year’’.
He said that non-compliance with the provisions of the Act amounted to abuse of power and economic sabotage aimed at frustrating current economic measures being taken by the present administration to revive the economy.
He pointed out that the absence of penalties in the provisions of the Act had emboldened and encouraged the perpetration of infractions on it.
The legislator stated that the Fiscal Responsibility Commission was failing in its responsibility in executing of its mandate, owing to complacency.
In his contribution, Deputy President of the Senate, Mr Ike Ekweremadu, said “we are here talking about responsibility of governance, there cannot be any hard responsibility than Fiscal Responsibility because that is the beginning of all evils.
“We must begin to ensure that we live by the laws we make for ourselves.
“If we say that ministers are supposed to send the estimates of various agencies under them with the Appropriation Act of each year that has to be done.
“I recall in 2016, President Muhammadu Buhari sent to this National Assembly the Appropriation Act for that year together with those estimates.
“But, in 2017, the ministers find it impossible to accompany the same Appropriation Bill with those estimates of the agencies under them.
“We cannot be going forte and back. I believe that this is time for us to insist under Section 88 that gives us power of oversight that this has to be done.
“We make laws here for the good governance of this country and that is actually what we have to insist,” he said.
In his remarks, President of the Senate, Dr Bukola Saraki, said that the motion was at the heart of the fight against corruption.
“It is very important that some independent revenue agencies even exceed how much we get from oil revenue.
“So, this is a huge amount to our revenue line. We are talking about looking for money to fund projects, hospitals, education etc; this is where the source of the revenue is.
“And, I cannot see how we can continue in a society where we are fighting corruption, where people will be spending money without approval, without appropriation.
“It must stop; it will stop and is going to stop from now,” Saraki said.
The Board stated this in a statement released by its Corporate Communications Directorate to newsmen, recently, during the inauguration of 140 trainees for the Train 7 Project.
The trainees had undergone the Nigerian Content Human Capacity Development (NC-HCD) programme it organised in partnership with the Nigeria Liquefied Natural Gas (NLNG) Limited in Port Harcourt, the Rivers State capital.
The Tide gathered that the training programme was an intensive three-month Advanced NC-HCD Programme for the US$5 billion NLNG Train 7 Project on Bonny Island, Rivers State.
The trainees, The Tide further learnt are graduates in different academic disciplines who have completed a 12-month Basic Training Programme in diverse oil-and-gas-industry-related skill sets and are now set for an on-the-job phase which includes active hands-on participation in operational areas such as Turn Around Maintenance (TAM), Commissioning, and Desktop Programmes.
The Corporate Communications Directorate of the NCDMB told The Tide that in November 2024, a set of 331 trainees under Batch A of the NLNG T7 HCD Training Programme began capacity development in facility management, engineering, Information and Communication Technology (ICT), Health Safety and Environment (HSE), Quality Assurance and Quality Control, as well as welding and fabrication.
According to the Board, additional 77 trainees under Batch B of the same Training Programme began capacity development in data analytics and supply chain management among several other fields relevant to the operations of the oil and gas industry.
While addressing the trainees and trainers who were drawn from the Oil and Gas Trainers Association of Nigeria (OGTAN), Management Personnel of the NCDMB and NLNG, the Executive Secretary of NCDMB, Engr Felix Omatsola Ogbe, said the Advanced NC-HCD training is more than a milestone.
“The NC-HCD training programme is an expression of the collective commitment of the Board and the NLNG to nurturing world-class Nigerian professionals who will shape the future of our oil and gas industry.
“The Board has remained steadfast in its conviction that Human Capital Development is a critical investment in the sustainability and competitiveness of Nigeria’s oil and gas value chain”, the NCDMB boss said.
He said the situation has resulted in widened knowledge gaps and operational challenges.
As a globally regulated sector, he said it was important that stakeholders put measures in place to attract the talents required to move the industry forward.
Keyamo, therefore, called on stakeholders in the industry to be deliberate in identifying, encouraging, nurturing and harvesting young talents to ensure a sustainable supply of manpower to the aviation sector.
Director of Public Affairs and Consumer Protection of the FAAN, Mrs Obiageli Orah, in a release made available to aviation correspondents, noted that the Minister deemed it necessary to attract the right quality of human resources required to move the sector forward.
“As a globally regulated sector, it is important that stakeholders put measures in place to continually attract the right quality and quantity of human resources required to move the industry forward.
“It is important to note that organising training programmes are avenues through which we can breed, nurture, and harvest such human resources.
“One of the critical challenges facing the industry is the ageing and retiring workforce, leading to widened knowledge gaps and operational issues.
“Training programmes, I believe, is among other things designed to make aviation appealing to the younger generation, while encouraging them to develop interest in taking up a career in the industry”, the statement stated.
Meanwhile, some aviation stakeholders have expressed concerns of countless young Nigerians who seek to make their mark in aviation, tourism, and the wider transport ecosystem but often face steep barriers to entry.
According to them, lack of access, limited mentorship, financial constraints, skill mismatches, and systemic gaps, among others, have posed some constraints to them.
The Tide gathered that by the appointment, Ogbe becomes Nigeria’s representative on the Board of the 18-member continental body, which has its headquarters at Brazzaville, Republic of the Congo.
Ogbe was picked for this role by the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, who doubles as the Chairman of the NCDMB Governing Council.
The notice of the Executive Secretary’s appointment was conveyed in a congratulatory letter signed by the Director of Support Services, APPO, Mrs. Philomena Ikoko, on behalf of the Secretary-General of the organisation, Dr. Omar Farouk Ibrahim.
She applauded the NCDMB boss on the confidence reposed in him by the Minister, expressing her belief that he would make immense contributions to the development of the African oil and gas industry.
Mrs Ikoko stated that Ogbe was joining the Executive Board of APPO at a challenging time for the oil and gas industry, especially in Africa.
“Your appointment is a major call to duty for Nigeria and the continent. The secretariat will give you the support you will need to make a success of your assignment”, she said.
According to a statement by the Directorate of Corporate Communications and Zonal Coordination, the NCDMB played key roles in catalysing the operations of APPO and the development of local content in Africa.
The statement added that the board was providing institutional support and mentorship to several oil producing countries in their formulation of local content policies.
“The NCDMB initiated the African Local Content Roundtable (ALCR) and hosted the inaugural edition in Yenagoa, Bayelsa state, in June 2021, and the event was attended by key officials of APPO and other oil industry players.
“The idea for the Africa Energy Bank (AEB) was mooted by NCDMB’s officials at the event, as one of the strategies that would accelerate the growth of the African oil and gas industry and deepen local content.
“The Board also collaborated with APPO to host subsequent editions of the African Local Content Roundtable (ALCR), including the 2023 edition held at Abuja.
“The Africa Energy Bank, which APPO is setting up at Abuja, is aimed at pooling financial resources needed to fund big-ticket oil and gas projects across the continent, and bridge funding challenges currently impeding the development of the sector”, the NCDMB’S said.
Meanwhile, the APPO Secretary-General has said the Africa Energy Bank seeks to fund oil and gas projects across economies in Africa and help to plug critical financing gaps that exist through the continent’s over reliance on financiers from the West.
He added that each APPO member country is expected to raise $83 million with an objective of raising $5 billion capital for the establishment of the Bank.
The Tide learnt that recently Nigeria, Angola and Ghana have contributed their share capital for the African Energy Bank, which represents 44 percent of the trio’s contributions to the minimum capital that is required from oil producing countries in the continent.
It would be recalled that at the Nigerian Oil and Gas Opportunity Fair (NOGOF) held recently, the NCDMB’s Scribe confirmed that the agency was part of key institutions that pooled resources for the formation of the Africa Energy Bank.
Ogbe announced that the Bank will open for business before the end of the 2nd quarter of this year, 2025, expressing hope that it will create more funding availability for local oil and gas projects and companies.
Similarly, the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, had stated at the Offshore Technology Conference that Afrexim Bank has already raised $19billion for the take-off of the Africa Energy Bank.
According to him, $14 billion out of the funds represents the bank’s financial exposure on African oil and gas projects, with the additional $5 billion as take-off capital.
-
Niger Delta3 days ago
Aide Lauds Oborevwori On Infrastructure, Educational Dev
-
Nation3 days ago
Unknown Assailants Kill 56-Year-Old Drug Dealer In Ondo
-
Politics3 days ago
2027: Defectors Are Sinners Seeking Forgiveness – Dalung
-
News3 days agoArmy Trains 604 Special Forces To Boost National Security
-
Features3 days ago
NDDC @25: A New Economy Emerges With Solar Light Project
-
Sports3 days agoUnity Cup Games Performance Excites NFF President
-
Business3 days ago
Train 7 Project: NCDMB, NLNG Launches On-The-Job Component
-
Nation3 days ago
Business Mogul Partners Students To Reach The Unreached