Connect with us

Featured

MOMAN Seeks National Dialogue On Fuel Subsidy

Published

on

The Major Marketers Association of Nigeria (MOMAN) has called for a national dialogue as fuel subsidy rises, due mainly to the increased price of crude oil in the international market.
The price of Nigeria’s Bonny Light rose from $59 to $60.52, yesterday, thus, widening the level of fuel subsidy, currently being borne by the Federal Government, through the Nigerian National Petroleum Corporation (NNPC).
However, speaking virtually on, ‘After Deregulation, What Next?’ in Lagos, yesterday, Chairman, MOMAN, Mr. Adetunji Oyebanji, said, “With a fully deregulated downstream industry, the natural fear and anticipation of Nigerians is the increase in the price of transportation, food items, and the attendant economic hardships.
“Solutions to these challenges can only emanate from a collective resolve by all stakeholders to face up to these challenges together. We must as a national debate and share pragmatic and realistic initiatives to mitigate the impact of a pump price increase that could follow a fully deregulated downstream.
“We stand with Nigeria and Nigerians through this difficult time and support the Federal Government’s promise to pass the Petroleum Industry Bill (PIB) this year and fully deregulate the petroleum downstream sector. The benefit of a liberalized downstream is the most visible means of growing the economy in the medium to long term.
“Nigeria can become the refining hub of West and Central Africa and eventually the whole of Africa if we stick to this path of investing in new refineries, adopting a cost optimization initiative, building an environment that promotes competition, and creates a sustainable petroleum sector.
“These actions would lead to increased employment, reduced poverty, and reduced social inequity. We must take advantage of the opportunities brought by the African Continental Free Trade Area agreement (AfCFTA) and fully benefit from our barrels of crude, getting the maximum value it can bring Nigeria.
“MOMAN is calling for a national discourse among all stakeholders including Government, Labour, Civil Society Organizations, the Organized Private Sector, and Operators, not on the merits or demerits of petrol subsidy removal, but on the initiatives that can be taken to ease the impact of the subsidy removal on the most vulnerable in our society.”
He also said, “The public, which includes the downstream operators are key stakeholders in the Nigerian oil and gas industry. We believe that as a country, we have and should move beyond the debate on the arguments for the removal of petrol price subsidies. The discussion we should be having today is how best to maximise the benefits of the removal of price controls and subsidies while minimizing the adverse effects of this action on our citizens.”
Commenting on cost reduction, he said, “In line with the recently launched Nigerian Upstream Cost Optimization Program (NUCOP), efforts must be made to reduce costs of production, administration, and governance throughout the petroleum value chain in the Nigerian petroleum sector (particularly) the downstream, in order to promote efficiency and competitiveness within the industry and ensure value creation for all consumers.
“However, beyond this initiative being limited to the petroleum industry, we believe it is a notion that should be applied to the Nigerian landscape, particularly in the area of governance. As promised by the government, a visible and measured reduction in the cost of governance throughout the polity would bring about savings that can be directed toward improving the livelihood of the average Nigerian. This cost optimization initiative would demonstrate to Nigerians the good faith of the decision-makers in both the public and private sectors.”
He also added, “Despite being a country blessed with petroleum resources, we still import refined products. Even though refining would not start in Nigeria immediately, as a result of a whole catalogue of diverse and varied reasons which will not be listed here today, it is necessary that we as a country have some clarity as to when optimal internal refining capacity will return to Nigeria. We need to collectively and as a nation, track the progress of work at all the new refineries under construction across the country to ensure they are delivered timely, efficiently and sustainably.”

Featured

Fubara Redeploys Green As Commissioner For Justice

Published

on

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.

Continue Reading

Featured

Fubara Restates Commitment To Peace, Development …Commissions 10.7km Egbeda–Omerelu Road

Published

on

Rivers State Governor, Sir Siminalayi Fubara, has declared that his administration will ensure the delivery of developmental projects and the prevalence of peace in all parts of Rivers State.

The Governor emphasized that the achievement of these lofty ideals can only occur through the unwavering contributions of all Rivers stakeholders.

Speaking during the commissioning of the 10.7-kilometre Egbeda–Omerelu Road constructed by his administration, the governor said Rivers State can only move forward when its people choose unity over division.

He assured Rivers people that development projects would reach every part of the State but cautioned that progress cannot thrive where conflict persists.

Reflecting on the project, Governor Fubara recalled that the road was a promise he made during the inauguration of the first phase about a year ago.

“We made a promise that we were going to do this project, and today I am happy that the government has fulfilled that promise made to Emohua people, Egbeda community and Omerelu people,” he said.

He noted that the essence of governance is service to the people, adding that responding to their needs is a core responsibility of any administration.

“We decided to do this because you know where we are coming from, and if we don’t tell our story, many won’t know what we are doing. Even in the face of tribulations, we have remained focused on delivering the dividends of democracy. We will continue to serve our people with respect and honour,” he affirmed.

Governor Fubara also reiterated his support for President Bola Ahmed Tinubu, pledging to back all groups working towards securing the President’s victory in 2027.

Giving technical details of the project, the Permanent Secretary of the Ministry of Works, Dr. Austin Ezekiel-Hart, explained that the contract was awarded on October 27, 2024, to Messrs Johnson Roadworks Limited.

He said the road links communities in Emohua and Ikwerre LGAs and shortens travel time for motorists commuting from Ahoada East, Ahoada West and Omoku through Egbeda to Owerri in Imo State.

He added that the infrastructure features a 12-metre clearing width and an 8-metre asphalt surface, comprising a 50mm binder course and a 40mm wearing course. It is complemented by 24 kilometres of drainage channels with a 1.05m² cross-sectional capacity to ensure durability and efficient water flow.

In his remarks, the Chairman of Emohua Local Government Area, Dr. Chidi Lloyd, described the road as a crucial link for surrounding communities, significantly easing movement for residents.

He praised the governor for demonstrating continuity and consolidation and prayed for God’s strength to enable him to achieve even more for the people.

 

 

Continue Reading

Featured

Oil & Gas: Rivers Remains The Best Investment Destination – Fubara

Published

on

Governor Siminalayi Fubara says Rivers State remains the best investment destination for investors in the oil and gas sector.

Governor Fubara stated that since the economic development of Rivers State is closely connected to the growth of the oil and gas industry, his administration has continued to collaborate with the Federal Government and host communities to protect natural assets in the sector.

The Governor stated this during the Nigeria and Entrepreneurship Summit and Honours (NESH) Foundation Oil and Gas Roundtable in Port Harcourt.

Represented by the Secretary to the State Government, Dr. Benibo Anabraba, he pointed out that since the economy of Nigeria relies substantially on the oil and gas sector, his administration will continue to collaborate with relevant stakeholders to ramp up production.

“The Nigerian oil and gas sector is the lifeblood of our nation’s economy, contributing over 90% of Federal Government’s foreign exchange earnings. Similarly, Rivers State, home to numerous national and multinational oil and gas companies, is the centre of Nigeria’s hydrocarbon industry, with the State’s oil and gas resources generating over 40% of the country’s revenue.

“?Considering this, the survival and economic development of Rivers State are closely connected to the growth of the oil and gas industry. That is why, since the beginning of this administration, we have focused on safeguarding the national oil and gas assets in collaboration with the Federal Government, security agencies, communities and other stakeholders, and we will maintain this commitment for as long as it is necessary.

“Furthermore, we have established and maintained a conducive, peaceful, and secure environment for companies to open and flourish in the State as part of a strategic plan to stimulate our economy, generate jobs, and enhance the well-being of our citizens.

“We therefore recognise and applaud the vital role that indigenous companies are currently playing in bridging gaps and advancing the development of Nigeria’s oil and gas industry,” he stressed.?

Governor Fubara affirmed that Nigerian-funded companies can only succeed and make meaningful contributions to the nation’s economic prosperity when challenges that limit the nation are effectively tackled, and expressed his administration’s stand to support indigenous organisations such as the Nigeria and Entrepreneurship Summit and Honours (NESH) Foundation.

Declaring the roundtable open, the Governor assured the Nigerian-Owned companies in the oil and gas sector, that “we are ready and willing to respond positively to any administrative, policy, or legislative recommendations within our jurisdiction as a subnational State.”

The Founder of the Nigeria and Entrepreneurship Summit and Honours (NESH) Foundation, Mr Emeka ugwu-Ozu, disclosed that the summit, held only in an oil and gas producing place, is a forum for all in the industry to brainstorm and suggest best practices for local players.

“This roundtable discussion takes place in only oil and gas producing states, and it is intentional. And that is to make sure that sooner, it becomes like what we say is the equivalent of Houston in the United States of America.

“I would say that from what I have seen so far, Rivers State is back and open, safe and good for business. The oil and gas players should come and see what we have seen,” he said.

Continue Reading

Trending

Decoration sticker
Decoration sticker
Decoration sticker
Decoration sticker