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Reps Set To Pass PIB In April

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The Speaker, House of Representatives, Hon Femi Gbajabiamila says the lawmakers plan to pass the Petroleum Industry Bill (PIB) by April.

Gbajabiamila made the announcement while speaking at a public hearing on the Bill, organised by the House ad-hoc Committee on PIB on Wednesday in Abuja.
He said that the oil industry had been performing below expectations due to the absence of national legislation.
According to him, it is disappointing and frankly difficult to explain how successive governments have failed to deliver on the reform.
“This public hearing allows all stakeholders to contribute to the Bill for an Act to provide legal, governance, regulatory and fiscal framework for the Nigerian Petroleum Industry, the development of host communities, and for related matters.
“It is an opportunity for all of us to collaborate to improve this Bill, so when it becomes law, it will serve the best interests of all our people.
“The process of engaging with stakeholders will continue beyond this public hearing to accommodate the diversity of interests and ensure all critical views form part of the deliberations that inform the final legislation.
“We must first make sure our oil and gas industry is more productive, more efficient and more profitable at a time of declining global profitability,” he said.
Gbajabiamila explained that the PIB, when passed would address peculiar and localised concerns in ways that will allow the oil and gas industry to compete more effectively globally.
He said that Nigeria would borrow from what had worked for other countries and implement uniquely to suit the current needs locally.
The lawmaker said that the PIB was a necessary step towards reorganising the sector to respond to the new global reality of decreasing demand and the diminished profitability of fossil fuels.
“Our assignment here is first to ensure Nigeria’s oil and gas industry operates optimally for the benefit of all Nigerians.
“Then we must see to it that the industry generates the resources we need to prepare Nigeria for a future when fossil fuels are worth even less than they are now.
“Other countries have woken to the challenges of the new dynamics in the international market for crude oil and natural gas.
“Some have begun to adapt to these new realities, whilst others have already done so; so, my charge to everyone that will be participating is not to close our minds or our ears to the views and the positions that may be advanced by various interest groups.
“We are in a world, an economic world, so there must be interest groups, they will be interest groups and we cannot deny that.
“But what should guide the outcome of what we do here as we accommodate more views will be what will be in the best interest of the people,” he said.
Minister of State for Petroleum Resources, Chief Timipre Silva, expressed happiness that the Bill was about to be passed after 20 years of its introduction.
He said that both chambers of the National Assemble have shown sustained determination to pass the Bill.
The Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Mr Mele Kyari said that crude oil would still be relevant in the world in the next 30 years.
He said that the passage of the Bill would ensure the needed vigour and transparency that would in turn engender productivity in the petroleum industry.

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Tinubu Hails NGX N100trn Milestones, Urges Nigerians To Invest Locally

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President Bola Tinubu yesterday celebrated the Nigerian Exchange Group’s breakthrough into the N100tn market capitalisation threshold, saying Nigeria has moved from an ignored frontier market to a compelling investment destination.

Tinubu, in a statement signed by his Special Adviser on Information and Strategy, Bayo Onanuga, urged Nigerians to increase their investments in the domestic economy, expressing confidence that 2026 would deliver stronger returns as ongoing reforms take firmer root.

He noted that the NGX closed 2025 with a 51.19 per cent return, outperforming global indices such as the S&P 500 and FTSE 100, as well as several BRICS+ emerging markets, after recording 37.65 per cent in 2024.

“With the Nigerian Exchange crossing the historic N100tn market capitalisation mark, the country is witnessing the birth of a new economic reality and rejuvenation,” Tinubu said.

He attributed the stellar performance to Nigerian companies proving they can deliver strong investment returns across all sectors, from blue-chip industrials localising supply chains to banks demonstrating technological innovation.

The President added, “Year-to-date returns have significantly outpaced the S&P 500, the FTSE 100, and even many of our emerging-market peers in the BRICS+ group. Nigeria is no longer a frontier market to be ignored—it is now a compelling destination where value is being discovered.”

Tinubu disclosed that more indigenous energy firms, technology companies, telecoms operators and infrastructure firms are preparing to list on the exchange, a move he said would deepen market capitalisation and broaden economic participation.

He also cited what he described as a sustained decline in inflation over eight months—from 34.8 per cent in December 2024 to 14.45 per cent in November 2025—projecting that the rate would fall below 10 per cent before the end of 2026.

“Indeed, inflation is likely to fall below 10 per cent before the end of this year, leading to improved living standards and accelerated GDP growth. The year 2026 promises to be an epochal year for delivering prosperity to all Nigerians,” he said.

The President attributed the trend to monetary tightening, elimination of Ways and Means financing, and agricultural investments, which he said helped stabilise the naira and ease post-reform pressures.

Nigeria’s current account surplus reached $16bn in 2024, with the Central Bank projecting $18.81bn in 2026, reflecting a trade pattern shift toward exporting more and importing less locally-producible goods.

Non-oil exports jumped 48 per cent to N9.2tn by the third quarter of 2025, with African exports nearly doubling to N4.9tn. Manufacturing exports grew 67 per cent year-on-year in the second quarter.

Foreign reserves have crossed $45bn and are expected to breach $50 billion in the first quarter, giving the CBN ammunition to maintain currency stability and end the volatility that previously fuelled speculation, according to the President.

Tinubu also highlighted infrastructure expansion in rail networks, arterial roads, port revitalisation, and the Lagos-Calabar and Sokoto-Badagry superhighways, alongside improvements in healthcare facilities that are reducing medical tourism costs, and increased university research grants funded through the Nigeria Education Loan Fund.

“Our medicare facilities are improving, and medical tourism costs are declining. Our students benefit from the Nigeria Education Loan Fund, and universities are receiving increased research grants,” he said.

He described nation-building as a process requiring hard work, sacrifices, and citizen focus, pledging to continue working to build an egalitarian, transparent, and high-growth economy catalysed by historic tax and fiscal reforms that came into full implementation from January 1.

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RSG Kicks Off Armed Forces Remembrance Day ‘Morrow  …Restates Commitment Towards Veterans’ Welfare

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The Rivers State Government has reiterated its commitment towards the welfare of veterans, serving officers and widows of fallen officers in the State.

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?The Secretary to the Rivers State Government, Dr. Benibo Anabraba, in a statement by ?Head, Information and Public Relations Unit, SSG’s ?Office, ?Juliana Masi, stated this during the Central Planning meeting of the 2026 Armed Forces Remembrance Day in Port Harcourt, yesterday.

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?Anabraba thanked the Committee for their contributions to the success of the Emblem Appeal Fund Ceremony recently held in the State and called on them to double their efforts so that the State can record resounding success in the remaining activities.

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?According to him, the remembrance day events will begin with Jumaàt Prayers on Friday, 9th January at the Rivers State Central Mosque, Port Harcourt Township, while a Humanitarian Outreach/Family and Community Day will be hosted on Saturday, 10th January, by the wife of the governor, Lady Valerie Siminalayi Fubara, for widows and veterans.

?”On Sunday, 11th January, an Interdenominational Church Thanksgiving Service will hold at St. Cyprian Anglican Church, Port Harcourt Township while the Grand-finale Wreath- Laying Ceremony will hold on Thursday, 15th January at the Isaac Boro Park Cenotaph,  Port Harcourt”, he said.

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?The SSG noted that one of the highlights of the events is the laying of wreaths by Governor Siminalayi Fubara and Heads of the Security Agencies.

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Fubara Redeploys Green As Commissioner For Justice

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The Governor of Rivers State, Sir Siminalayi Fubara, has approved a minor cabinet reshuffle in the State Executive Council.

Under the new disposition, Barrister Christopher Green, who until now served as Commissioner for Sports, has been redeployed to the Ministry of Justice as the Honourable Attorney General and Commissioner for Justice.

This is contained in an official statement signed by Dr. Honour Sirawoo, Permanent Secretary, Ministry of Information and Communications.

According to the statement, Barrister Green will also continue to coordinate the activities of the Ministry of Sports pending the appointment of a substantive Commissioner to oversee the ministry.

The redeployment, which takes immediate effect, was approved at the last State Executive Council meeting for the year 2025, underscoring the Governor’s commitment to strengthening governance, ensuring continuity in service delivery, and optimising the performance of key ministries within the state.

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