Business
Senate Washes Hands Off 2010 Budget Increase
The Senate has said that it is washing its hands off the over N400 billion increase in the N4.6 trillion budget estimate for 2010.
The legislative upper chamber, however insisted that the N4.06 trillion budget remains operational as well as an Act of the National Assembly until amended by the National Assembly.
The Upper House in a reaction said that the increase followed 27 additional requests and inputs from the executive in the 2010 appropriation bill.
Senate spokesman, Senator Ayogu Eze at a news briefing yesterday also insisted that the projected $67 per barrel benchmark for the year was fixed by the National Assembly after due consultation with the budget office in the presidency.
Although he said that Senate was not ready to trade blame with the executive on the budget, he however said “we did every thing together with the executive”.
According to him, it was the same executive that had initially presented a budget of N4.03 trillion that later introduced 27 more additional projects that increased the 2010 estimate.
He explained that the approved oil benchmark of $67 was largely informed by the then prevailing oil price of over $89 per barrel of crude oil at the international market.
He however said that Senate would take another look at the budget in line with the present economic realities, adding that until such amendment is done, the budget as it is, remains an Act of the National Assembly.
On state creation, Senator Eze said that Senate will be guided by the provision of Section 9 of the 1999 constitution.
Eze who confirmed that state creation was still on the card, however said that certain criteria will be considered by the Senate in recommending the states that will be created.
“I want to announce to you that as we come to the conclusion of that first phase, we are already getting ourselves ready for the next phase of the amendment of the Constitution, because there is a need for us to prove skeptics wrong because there are Nigerians that say states cannot be created under civilian dispensation.
“We want to prove in the next outing that indeed our democracy has come of age and we can do mutual discussion through dialogue, through debates and through consensus building among ourselves to restructure and realign the political framework of Nigeria in a manner that will be useful and beneficial and satisfy the aspirations of Nigerians.
“And having said so, when we start, we are going to take request for states creations on their merit. We will be guided by the basic provisions in Section 9 and the relevant sections in the Constitution and we are also going to be guided above all by some of the evidential parameters such as viability, such as ability of such a state being created to promote unity, promote harmony and promote the growth of the Nigerian state, because any state creation exercise that will be rancorous, unfortunately, we will stay away from it. “So, my advice is that those who want to request for state must go and organise themselves properly and do it consensually and come up with request that accord with the provision of 1999 Constitution and hopefully 1999 Constitution would be altered by that time as well as gain the positive response of the Houses of Assembly”.
The Senate spokesman however allayed fears that state governors will prevail on the State Assemblies to withhold their concurrence for the reviewed 1999 constitution
Senator Eze said that Senate has been in constant discussion with the governors and their states Assemblies, adding that the governors are eager to get the constitution amended by the National Assembly and therefore will not work against it now.
The Nigeria Customs Service (NCS) has intensified its anti-smuggling operations in Nigeria’s northeastern corridor, intercepting Premium Motor Spirit (PMS) and vehicles with a total Duty Paid Value (DPV) of over N63 million.
This success was recorded through Operation Whirlwind, a targeted enforcement drive against the smuggling of PMS outside Nigeria.
Disclosing the seizure in a statement at the Customs House in Yola, the Adamawa State Capital, last Friday, the National Coordinator of the operation, Assistant Comptroller-General of Customs (ACG), Hussein Ejibunu, who represented the Comptroller-General of Customs, Adewale Adeniyi, described the outcome as a clear result of intelligence-led and coordinated enforcement within Zone ‘D’.
He disclosed that 1,959 jerry cans, amounting to nearly 49,000 litres of PMS, were intercepted along with five vehicles used in their conveyance.
The seizures were made along well-known smuggling routes, including Dasin-Fufore, Belel-Farang, Mubi-Sahuda, Maiha, and Girei-Wuro Bokki.
“Smugglers fled upon sighting Customs operatives, abandoning their illicit consignments in their desperate bid to evade arrest”, ACG Ejibunu said.
He added that the operation aligns with the Federal Government’s broader economic protection goals under the guidance of the Comptroller-General of Customs, Adewale Adeniyi, and the leadership of President Bola Tinubu.
He emphasised that dismantling illegal fuel supply chains curbs scarcity, stabilises market prices, and strengthens national security.
“This is our contribution to safeguarding national resources and fostering economic resilience”, he said.
In line with Section 245 of the Nigeria Customs Service Act, 2023, the flammable petroleum products will be auctioned immediately, and the proceeds will be paid into the Federation Account.
By: Nkpemenyie Mcdominic, Lagos
Towards advancing President Bola Tinubu’s vision of achieving a $1trillion economy, the Minister of State for Industry, John Owan, has emphasised the strategic importance of Nigeria’s sugar sector.
A statement obtained by The Tide’s source said Enoh stated this during a public hearing organised by the House of Representatives Committee on Industry, held as part of efforts to amend the Establishment Act of the National Sugar Development Council.
The Minister, while addressing stakeholders, shared insights from a recent Federal Executive Council (FEC) meeting, which disclosed President Tinubu’s recognition of the potential in the sugar sector.
He said, “about two weeks ago, the President spoke about sugar at the FEC meeting.
“That in itself reflects the importance of sugar as a strategic industrial and domestic product that no country should take lightly, and Nigeria should be no exception.
“The sugar sector has a significant role to play in the President’s commitment to a $1 trillion economy.
“Our approach must ensure it contributes effectively to job creation and rural economic development.”
Commenting on it, the Executive Secretary of the NSDC, Mr. Kamar Bakrin, said full implementation of the Nigeria Sugar Master Plan could save the nation over $1 billion in foreign exchange annually.
The NSDC scribe noted the plan’s potential to drive employment, attract large-scale investment, and stimulate rural development.
Bakrin explained that the proposed legislative amendments aim to redefine the council’s powers and align its financial structure with the 1999 Constitution.
Stressing the necessity of robust investor confidence to realise the NSMP’s vision, Bakrin said “We require about $4.5 billion in investments to fully achieve the NSMP’s objectives.
“Investor confidence is therefore crucial, and this can only be attained through transparent and rule-based policies.”
He, however, expressed concern over a recent government directive mandating that 50 per cent of the sugar levy be paid into the Consolidated Revenue Fund, warning that such a move could undermine sectoral progress.
“The sugar levy was not intended as a general revenue-generating mechanism but as a dedicated fund to support the sector’s growth.
“Redirecting it threatens to defeat its original purpose”, Bakrin stated.
The National Agency for Food and Drug Administration and Control, represented by Iba Edward, acknowledged the bill’s intent but cautioned against regulatory overlaps.
She said, “Some proposed provisions encroach on NAFDAC’s core responsibilities under Section 5 of our Act. We urge lawmakers to clearly define roles to avoid duplication”.
A former Minister, Aliyu Idi Hong, who represented BUA Group, highlighted the company’s commitment to sugar development, citing a 50,000-hectare plantation, with 20,000 hectares currently under cultivation.
He stressed the importance of policy stability to sustain investor interest.
Speaking, the Head of Government and Community Relations at Flour Mills of Nigeria, owners of the Golden Sugar Company in Sunti, Niger State, Mr. Onome Okurah, shared ongoing efforts to boost local production.
He noted that GSC cultivates over 6,000 hectares and currently sustains sugar production for four months each year.
“With stronger partnerships, we expect tangible results in the coming years”, he stated.
On his part, Chairman of the House Committee, Enitan Dolapo Badru, assured all stakeholders that the amendment process would be inclusive and aimed at empowering the NSDC to fulfil its mandate effectively.
Former Nigerian President, Dr. Goodluck Jonathan, has been awarded the “Lifetime Achievement Award” of the Nigerian Content Development and Monitoring Board (NCDMB).
Jonathan was bestowed the award at the maiden edition of the “Champions of Nigerian Content Awards”,recently, as part of events for the 5th edition of the NCDMB’S Nigerian Oil and Gas Opportunities Fair (NOGOF), which took place at the content tower, headquarters of the Board in Yenagoa, the Bayelsa State capital.
Receiving the award, the ex-President commended the management and staff of the Board for the milestones achieved by the Board in the implementation of the Nigerian Content in the Oil and Gas industry.
He noted that prior to the enactment of the Nigeria Oil and Gas Industry Development Act (NOGIC-D Act), there were no better laws regulating operations in the hydrocarbon industry in the nation, save for a few that post- existed the discovery of oil in commercial quantity in the Niger Delta region.
The ex-Nigerian leader also lauded former Senator Lee Maeba of Rivers State, who he said sponsored the NOGIC-D Act as a private member bill, noting that the Nigerian National Assembly then was made up of people of integrity and honesty.
“Before the NOGIC-D Act was enacted by the Nigerian National Assembly when I was President, there wasn’t any good law guiding the operations in the oil and gas industry in this nation.
“As Deputy Governor of Bayelsa State under the late Chief DSP Alamieyeseigha’s administration, I led a state business delegation to China to understudy certain things in that nation, especially the oil industry.
“So, when we came back, Alamieyeseigha asked me to interface with President Obasanjo, the then President. I met him in the State House and discussed our findings with him, but there wasn’t any enabling law to save the situation.
“As God may have it, in 2010 when I became Acting President, the bill, which established the Nigerian Content Development and Monitoring Board, was sponsored as a private member bill by Senator Lee Maeba and upon its passage, I hurriedly, but meticulously assented to it to create the NCDMB.
“I’m happy with the milestone achievements of the NCDMB under various Executive Secretaries. The Board is doing tremendously well. I’m happy to hear that the Board has implemented the Local Content policy to about 56 percent”, he said.
The Tide reports that some firms and other individual stakeholders in the oil and gas industry also received awards in various categories.
They include, Dangote Refinery and Petrochemical Company, which received the award of the “Nigerian Content Downstream Operator of the year”, Dorman Long Engineering Limited, was awarded the “Nigerian Content Indigenous Service Company of the year”, while TechnipFMC clinched the “Nigerian Content International Service Company of the year” award.
Others are: This Day Newspapers, which received the award of the “Nigerian Content Media Organisation of the year”; Bank of Industry (BOI), which got the award of the “Nigerian Content Financial Service Provider of the year”; the Nigerian Liquified Natural Gas (NLNG) took the “Nigerian Content Midstream Operator of the year” award; Aradel Holdings Plc clinched the “Nigerian Content Independent Upstream Operator of the year” award; while Shell Petroleum Development Company (SPDC), now Renaissance Africa Energy Company Ltd., was given the “Nigerian Content International Upstream Operator of the year” award.
In other categories, Mr. Tony Attah of Renaissance Africa Energy Company Ltd, won the “Nigerian Content Icon of the year” award; Professor Emenike of the University of Nigeria (UNN) clinched the “Nigerian Content Innovator of the year” award; while Mrs. Iroghama Ogbeifun of Starzs Gas Ltd. won the “Nigerian Content Women in Leadership” award for promoting Women Empowerment in the oil and gas industry.
Earlier in their separate remarks, the duo of the Executive Secretary, NCDMB, Engr. Felix Omatshola-Ogbe, and the Chairman of the NCDMB award advisory committee, one time Executive Secretary of the Board, Engr. Ernest Nwapa, underscored the need for the award.
The NCDMB’S Scribe, Ogbe, who reiterated his desire to improve on the gains of the Board, promised a continued implementation of the NOGIC-D Act within its guidelines, saying the new Presidential executive orders has also strengthened the Board under his stewardship.
By: Ariwera Ibibo-Howells, Yenagoa