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Coronavirus: Senate Wants N10.5trn 2020 Budget Cut, Subsidy Removal, Others
The Senate, yesterday, said a downward review of the N10.5trillion Appropriation Act 2020 had become inevitable amid the sharp drop in the price of crude oil.
It, however, said the modalities to be adopted in the budget review should be agreed to by both the legislature and the executive.
This followed consideration of a report of Senate Joint Committee on Finance, Appropriations, National Planning and Petroleum Resources (Upstream) on the urgent need to monitor and examine the current economic reality caused by sharp drop in the price of crude oil, the emergence of deadly Coronavirus and the uproar within the OPEC community.
The committee, chaired by Senator Solomon Adeola (APC, Lagos) was constituted last week to interface with the relevant stakeholders in the Executive and business community with the intention of bringing out suggestions, solutions and way forward out of the present economic reality.
Lawan warned, yesterday, that following the impact of the ravaging Coronavirus on the economy, Nigeria will be in deeper trouble if as a country, we are not ingenious enough.
Against this backdrop, the Senate has summoned the Minister of Finance, Budget and National Planning, Zainab Ahmed; Governor of Central Bank of Nigeria (CBN), Godwin Emefiele and the Minister of State for Petroleum, Timipre Sylva, to appear before it at plenary next week.
According to Lawan, the summon would enable the ministers and the CBN to abreast the la lawmakers with what was going on at the moment with the economy and then the senators can make suggestions, just as the apex bank boss will come up with some measures that are intended to support the economy.
According to Lawan, the system requires a holistic approach, both fiscal as well as monetary policies, just as he promised that the Senate would come up with speedy legislations that would help create an environment where the nation’s economy does not collapse.
Lawan has also urged the Executive to as a matter of urgency, forward to the Senate the Petroleum Industry Bill (PIB) for quick consideration and passage.
Lawan said: “I think we are in a very challenging period but every challenge normally presents some opportunities. I think like Senator Odebiyi asserted that we should take our opportunities.
“The PIB we had expected by now would have been in the National Assembly but it is not. We had thought we would be able to pass the PIB within this year so that we are able to make our petroleum industry to have the legal framework that investors would find attractive to be here. But we are still expecting that the executive would work faster and harder to present the PIB to the National Assembly in the shortest possible time.
“But before then, now that we know that it is difficult or even impossible to get the foreign loans that we had built our hopes and implementation of our capital budgets on, I think we have to be very ingenious as a country. We have to look inwards.
“The Central Bank of Nigeria has come up with some measures that are intended to support the economy. I think it requires a holistic approach, both fiscal as well as monetary policies and if need be we pass a speedy legislations to create an environment where our economy does not collapse; that our economy is sustained with internal resources.
“But we have to be very careful. If we have to now borrow as a government from the domestic available resources, we should be very careful that we do not crowd out the private sector from getting required loans. So, it is going to be walking a tight rope. But we need to have a plan in which both the executive and the legislature come together.
“We need to listen to them really. I would probably suggest that going forward, in the next one or two weeks that the entire Senate to have a briefing from the Ministries of Finance, Petroleum and the Central Bank so that we are abreast with what is going on and then we can make our suggestions.
“But meanwhile, our Joint Committee continues to engage them, but this is a very tough time and it is a time that we should not suffer only but we should also benefit from this tough time.
“We need to understand what the CBN is talking about. I saw about seven or eight measures that the CBN has come up with to support local investments. We need to engage them and find out whether that is good enough or we can do better because the truth is, every country now will be trying to stay alive.
“So, probably there may not be anything to spare for any other country and if we are not ingenious enough, I think we will be in a deeper trouble. But Nigeria is a very resilient country so we should come together with the executive arm of government and work out a way out of this mess and probably come up with more serious agenda for diversification.”
Citing the committee’s findings, the lawmaker said the effects of the sharp drop in the crude oil price would be felt from May, June and July.
The report therefore recommended that, “Downsizing the Appropriation Act 2020 as passed by the National Assembly is inevitable, but the modalities to be adopted in the review of the budget shall be as agreed to between the Federal Ministry of Finance, Budget and National Planning and the joint committee of the Senate.”
The report also said the revenue-generating agencies must be alive to their responsibility in line with the Fiscal Responsibility Act passed by the National Assembly and other relevant laws of the National Assembly.
Adeola said the committee, at its inaugural meeting with the Finance Minister, Zainab Ahmed, discussed issues bordering on the current Appropriation Act 2020; cost of production of a barrel of crude oil; loss of revenue as a result of gas flaring which runs into several billions of dollars; devaluation of Naira; removal of oil subsidy.
He said, “The Joint Committee looked at the issues discussed from two angles; the short and long term solution.
“The short term solution is to address the sharp drop in the crude oil price which is creating difficulties in funding the 2020 Appropriation Act as passed by the National Assembly.
“The long term solution discussed is the need to consider and pass the Petroleum Industry Bill (PIB), which is yet to be laid before the National Assembly. This will address the issue of cost of production and Gas flaring where the country’s resources are going down the drain and other issues that might affect the petroleum sector.”
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Fubara Seeks Full Resolution Of Bille Gas Leakage …Pledges Upgrade Of Community Health Centre
Rivers State Governor, Sir Siminalayi Fubara, has demanded quick and full resolution to the challenges arising from the gas leakage that occurred in Bille, Degema Local Government Area of the State.
The governor has also pledged to upgrade the Primary Healthcare Centre (PHC) in Bille with a view to addressing the health challenges confronting the community.
Fubara made the pledge on Wednesday at the Government House, Port Harcourt during an enlarged meeting of key stakeholders, comprising representatives of the Federal Government, the state government and leaders of the community.
The meeting was held to review the situation in the community and explore available opportunities to save the people from the adverse impacts of environmental pollution.
Addressing the journalists at the end of the meeting, the governor acknowledged the determination of the Federal Government and its agencies to get to the root cause of the problem in Bille and ensure that it is resolved permanently.
“The meeting is in respect of the situation in Bille. You’re aware that there is a case of gas leakage somewhere in Bille and the people have been making some requests that the government should come to their rescue to resolve the situation.
“As a state, we have gone to see the situation in the community, not alone but in conjunction with the industry operators and officials of the Federal Ministry of Petroleum Resources. What we are doing today is an enlarged meeting where all the parties are sitting together to look at the cause of the issue and the most possible way to get the problem resolved,” he said.
Fubara described the outcome of the meeting as successful, stressing that more action would be taken in the next couple of weeks to ensure that the issue is fully resolved.
The Minister of State, Petroleum Resources (Gas), Hon Ekperikpe Ekpo, who led the Federal Government’s delegation to the meeting, expressed appreciation to the governor for his warm hospitality and efforts to address the challenge in Bille community.
Ekpo explained that contrary to the perception in certain quarters, the Federal Government has not been silent over the “gas seepage” but has been working tirelessly towards finding a sustainable solution.
The minister explained that as soon as the incident was reported, the Federal Government deployed experts to the area to understudy the cause of the problem.
According to him, it was difficult at first to understand the cause of the problem since there were no oil or gas infrastructure within the vicinity of the incident, hence the need to conduct a more detailed investigation.
“The investigation is still going but we decided to do a follow-up visit to the area to talk to the people of Bille Community that we need collaboration on their part so that we would be able to arrive at a lasting solution.
“The safety of the people is paramount. We can understand their anxiety, the worry and the danger that this thing poses within the area, but the Federal Government is committed to finding a lasting solution to the problem. The primary responsibility of government is to take care of the welfare and security of the people and that is exactly why we are here to go and see things for ourselves,” he said.
The Chief Executive Officer (CEO), Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Mrs Oritsemeyiwa Eyesan, also explained that as the regulatory agency at the centre of the issue, no effort will be spared in the task of resolving the issue.
Eyesan pledged that the NUPRC and operators in the industry were prepared to address the requests of the impacted people in terms of the provision of potable water and fire trucks to the community.
The Public Relations Officer, Council of Chiefs, Bille Kingdom, Chief Rena Dappa, had during the meeting, presented the challenges facing the community and pleaded for government’s support to save the lives and livelihoods of the people.
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Tinubu Unveils Training Programme For 5,000 Metre Installers
President Bola Tinubu has announced the launch of a training programme for 5,000 young Nigerians as meter installers and technicians under the Presidential Metering Initiative.
The President stated that the scheme is aimed at creating jobs, closing the country’s metering gap and improving electricity supply.
The President disclosed this in a statement on his verified X handle yesterday, describing the initiative, tagged “The Power Force,” as part of his administration’s Renewed Hope Agenda to expand employment opportunities for young people.
According to Tinubu, the programme will equip participants with practical technical skills and connect them to employment opportunities in Nigeria’s power sector.
“Through the Presidential Metering Initiative (PMI), which I established to close Nigeria’s metering gap, end estimated billing, protect consumers and strengthen the electricity market, we are opening a new pathway for 5,000 young Nigerians to be trained as meter installers and technicians under The Power Force. This programme is about jobs, skills and dignity,” he said.
Tinubu said the training would be open to eligible Nigerians who have completed their secondary school education, with a dedicated quota reserved for members of the National Youth Service Corps.
He noted that expanding electricity metering was critical to improving service delivery and promoting transparency in the power sector.
“When homes and businesses are properly metered, Nigerians can pay for what they actually use. When electricity distribution companies collect revenues more transparently and fairly, they are better able to reduce losses, maintain infrastructure, expand connections and invest in better service.
“This is how we build a power sector that is fairer to consumers, stronger for investors and better able to deliver reliable electricity to the Nigerian people,” the President said.
Tinubu said he had directed the Presidential Metering Initiative to work with the Federal Ministry of Youth Development, the National Power Training Institute of Nigeria, and other relevant stakeholders to commence the programme within the next 30 days.
He encouraged qualified young Nigerians to apply, saying the initiative would provide them with marketable skills while supporting efforts to eliminate estimated billing and improve electricity access nationwide.
“I encourage eligible young Nigerians to apply. Join The Power Force. Learn a skill. Earn with dignity. Help us end estimated billing and be part of the work to light up Nigeria,” he added.
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Xenophobia: Third Evacuation Flight From S’Africa Arrives Today -FG
The Federal Government has announced that the third evacuation flight for Nigerians voluntarily returning from South Africa will arrive Lagos today having departed Johannesburg at midnight yesterday with 271 returnees on board.
The Ministry of Foreign Affairs disclosed this in a statement issued yesterday by its spokesperson, Mr Kimiebi Imomotimi Ebienfa.
According to the ministry, the Air Peace-operated flight is expected to arrive at the Murtala Muhammed International Airport, Lagos, at about 5:30 a.m. on Friday, July 3, 2026.
It said the evacuation is part of the Federal Government’s ongoing efforts to facilitate the voluntary return of Nigerians from South Africa.
“The third evacuation flight operated by Air Peace will depart Johannesburg today by 12 midnight with 271 returnees. The estimated time of arrival in Lagos is 5:30 a.m. on Friday, July 3, 2026,” the statement read.
The latest batch of returnees follows earlier evacuation flights that brought hundreds of Nigerians back to the country under the Federal Government’s voluntary repatriation programme.
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