News
NAEE President Wants Buhari To Sign PIGB
The President, Nigerian Association for Energy Economics (NAEE), Prof. Wumi Iledare, last Saturday urged President Muhammadu Buhari to sign the Petroleum Industry Governance Bill (PIGB) before 2019 elections campaigns begin.
Iledare made the call at a pre-conference news briefing in Abuja, ahead of the 11th NAEE/IAEE International Conference beginning today.
The National Assembly passed the bill on March 28 following the unanimous adoption of a report on the Bill presented by Chairman, Senate Committee on Petroleum (Upstream), Sen. Tayo Alasoadura.
In passing the bill, the lawmakers approved in it, five per cent levy on petroleum products sold in the country.
Iledare urged Buhari to assent to the bill quickly as it still had 12 months to 24 months transition period after the president’s assent “to cushion any event of macro-economic shock”.
“I am not saying he shouldn’t evaluate. He should not assent to it without reviewing it further and that is why we have separation of powers.
“I think he has sent the bill to some critical sectors in the executive arm to look at it to get informed. If I am to advise the executive, I will say look ahead, not the now.
“If I were the president, I will sign it before the election campaigns begin because it will give him something to say look, I have done it after 18 years.
“The president needs an energy council, a competent body of energy professionals to look at the energy supply mix for Nigeria, just like you have in some other places.
“The reason why you see the shale gas developments in the U.S. is because of the Potential Natural Gas Committee that has existed for many years.
“I said this when Buhari came to power, that there is an energy council that is moribund and should be revamped,’’ Iledare said.
He said the Nigeria National Petroleum Corporation (NNPC) was experiencing under-recovery because it could not recover what it pays for in dollars using naira in an unstable market.
“We warned the government then, at that particular time there was an opportunity not to put any price because the price on the street was already N200.
“Unfortunately, you cannot recover what you pay for in dollars using naira, when the exchange rate is unstable and that is what we have.
“I think also that if you look at the industry, we are not in any way operating a deregulated downstream, what we have is what I will call a price ceiling that has been misinterpreted as a price floor.
“This means that when you have a price ceiling, you do not want the price to go beyond that yet, the equilibrium price is somewhere high.
“This is because when you have a price floor, equilibrium is supposed to be below the price floor, and that is more or less a misinterpretation.’’
According to him, under-recovery will not continue for a long time because when the PIGB is assented to, the NNPC becomes a commercial entity with shareholders that will receive dividends.
“This means that there will be key performance indicators that whoever is heading NNPC will deliver to shareholders,’’ Iledare said.
On his part, Vice President of NAEE, Prof. Adeola Adenikinju, said he was worried about the structure of subsidy in Nigeria.
“If you look at Kerosene, the poor people buy it at market price; diesel, the companies buy at market price and petrol, which is the product that is widely used by the elite, is the one that has this kind of issue.
Rivers State Governor, Sir Siminalayi Fubara, has described the ongoing construction of the brand new 13.52-kilometre Ngo-Atlantic-Oyorokoto Road as a bold and visionary effort by his administration to open up the coastal region for economic growth and harness the full potential of the state’s blue economy.
The Governor made this remark during an inspection visit to the project site in Andoni Local Government Area. The road, being constructed by Monier Construction Company (MCC), cuts through challenging coastal terrain and leads to a newly identified beachfront facing the Atlantic Ocean.
Governor Fubara explained that while the original plan was to construct a road leading to Oyorokoto Town and its popular beach, his administration decided to expand the project to create an entirely new route that would open access to another pristine beachfront.
“We are doing another inspection today. This particular one is a virgin road, 13.52 kilometres of a new pathway to the blue economy,” Governor Fubara stated.
“Initially, we were constructing a road to Oyorokoto Beach, one of the finest tourist centres in this area. But as we progressed, we discovered another beach directly facing the Atlantic Ocean. It became clear that we shouldn’t limit development to just one site. We want to harness this new beach front as part of our broader plan to develop the blue economy.”
The Governor emphasised that the project, once completed, will not only improve access to coastal communities but also stimulate tourism and economic activities, boosting revenue for Rivers State.
Describing the area’s difficult terrain as challenging, he commended the contractor for its dedication, and expressed confidence that the road would be completed and commissioned by March next year.
“You can see for yourself, it’s a brand-new road in a very difficult terrain, just like the one we saw yesterday. But I strongly believe we will overcome it. From what we’ve seen today, the contractor, MCC, is doing their best, and by next year, hopefully by March, we’ll have the cause to commission this project and give God all the glory,” the Governor affirmed.
Governor Fubara also visited Opobo/Nkoro Local Government Area to assess the progress of work on the Epellema axis of the ongoing 5.2km Kalaibiama-Epellema road project featuring a 450-meter bridge.
Rivers State Governor, Sir Siminalayi Fubara, has expressed satisfaction with the level of progress recorded on the ongoing Trans-Kalabari Road project, revealing that about 75 percent of the critical piling work has been completed.
Governor Fubara made this known while addressing journalists after an on-the-spot inspection of the 12.5-kilometre road project, which will connect the state capital to several Kalabari communities across the sea.
The Governor rode on a boat from a jetty at Rumuolumeni in Obio/Akpor Local Government Area through the rivers and creeks on the project route during the inspection.
The project was awarded to Lubrik Construction Company Limited, on May 15, 2024, with an initial 32-month completion timeline.
The Governor said the visit was aimed at verifying reports from the Ministry of Works regarding the project’s advancement. He commended the contractors for their dedication, and described the progress as “a true reflection of hard work and commitment to excellence.”
“The first phase of the project takes us to Bakana, and features four major river-crossing bridges and nearly five deck-on-pile structures. The terrain is difficult, and the engineering work required is complex. But to the glory of God, I can confirm that the reports I’ve been receiving are accurate. Almost 75% of the piling job, which is the most critical part of the project, has been achieved,” Governor Fubara said.
He emphasised that the Trans-Kalabari Road is one of the most technically demanding infrastructure projects in the state due to its challenging marine terrain but reaffirmed his administration’s resolve to deliver it on schedule.
Governor Fubara highlighted the strategic importance of the road in connecting the Kalabari Kingdom to Port Harcourt, and stimulating economic growth across riverine communities.
“This is a key project that will turn around the lives of the Kalabari people immediately it is concluded. By the grace of God, in the next six months, if we return here for inspection, we might be driving across the bridge,” he said.
Governor Fubara assured Rivers people that his administration remains focused on delivering transformative infrastructure projects that will improve lives and bring lasting development to rural communities.
“We have made a promise to our people to embark on projects that will change lives and bring development, and this is a testament to that commitment,” he added.
The Governor of Rivers State, Sir Siminalayi Fubara, says that the impact of flooding and erosion on the inhabitants of Rivers State, especially those living in coastal communities, are of great concerns to the government.
Governor Fubara lamented the consequences of flood on both human and biotic life, which sometimes lead to loss of life, property, and degradation of the environment.
The Governor made the remark in Port Harcourt during the launch of a book titled, ‘Coastal Zone Flooding And Erosion in Developing Communities, Principles, Cases and Strategies,” written by Emeritus Prof. Wiston Bell-Gam.
According to the Governor, who was represented by the Secretary to the State Government, Hon. Benibo Anabraba, his administration, would continue to undertake and encourage adaptation strategies to combat flooding.
In his words: “The Rivers State Government will continue to undertake and encourage adaptation strategies, such as construction of seawalls and breakers, canals and channels, restoring coastal ecology and ecosystem for coastal resilience and where necessary, the relocation of communities on the coastline.
“These issues are currently receiving the much needed attention and intervention by the recent approval of the construction of shoreline protection along the coastlines of more than five communities in Ogba/Egbema/Ndoni and Opobo/Nkoro LGAs respectively.”
“It is important that as stakeholders in the protection and preservation of marine environment, we all act and advocate for mitigation strategies such as reduction in emission of Green House Gasses that causes climate change and rise in sea levels. Let us promote the use of clean energy and against fossil fuel.
Governor Fubara further cautioned residents to desist from building on waterways.
“We also need to encourage our people to stop developing buildings on and along natural water courses, indiscriminate sea mining and dredging activities on our coastline without consideration for mangroves and swamps,” he stressed.
He appreciated the author for his advanced contributions to the body of knowledge in both Rivers State and globally.
Also speaking, a former Military Governor of the old Rivers State and Amayanabo of Twon Brass, King Alfred Ditte-Spiff, who was Royal Father at the Event, stated that the book was timely to enable stakeholders manage the challenges of global warming.
“Global warming is real. If it’s not addressed globally, a time will come coastal areas will find themselves under water. The coastline of Nigeria is shocking with many mangroves gone,” he noted.
The Reviewer of the Book, who is also the Vice Chancellor of Olusegun Agagu University of Science and Technology, Ondo State, Prof Temi Ologunorisa, explained that the 14-chapter book is timeous as it fills literary gaps between desire and available knowledge on coastal flood and erosion in developing communities.,
“A major beauty of the book that sets it apart is the detailed consideration of flood and erosion control from around the world,” he stated, adding that the book is based on detailed field investigation.