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Buhari Approves Committee On PIA Implementation

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President Muhammadu Buhari has approved a steering committee to oversee the process of implementation of the newly signed Petroleum Industry Act (PIA).
The steering committee is headed by the Minister of State, Petroleum Resources, Chief Timipre Sylva.
The president, who announced this while marking the passage of the PIA which he signed into law on August 16, said Nigeria lost an estimated $50billion worth of investments in 10 years, created by the uncertainty of non-passage of the PIB, lack of progress and stagnation in the petroleum industry.
According to the President, the committee was tasked with the completion of the implementation of this act within 12months.
He, therefore, directed all relevant Ministries, Departments and Agencies (MDAs) of government to fully cooperate in ensuring the successful and timely implementation of the PIA.
“The implementation process to be headed by the Hon Minister of State, Petroleum Resources is hereby tasked with the completion of the implementation of this act within 12months. I am therefore directing all relevant Ministries, Departments and Agencies of government to fully cooperate in ensuring the successful and timely implementation of this law.
“To consolidate the commitment of this administration to delivering the value proposition of this law, I have approved an implementation framework commencing immediately to ensure the industry envisaged in the new law begins to take shape.
“The implementation process to be headed by the Minister of State, Petroleum Resources is hereby tasked with the completion of the implementation of this act within 12months.
“I am, therefore, directing all relevant Ministries, Departments and Agencies of government to fully cooperate in ensuring the successful and timely implementation of this law,’’ he said.
The president maintained that the signing into law had become necessary in view of the fact that Nigeria runs a petroleum industry that is governed largely by laws enacted over 50 years ago such as the principal legislation; the Petroleum Act of 1969 and other obsolete legislations.
According to him, in the past 10 years, Nigeria has lost an estimated $50billion worth of investments due to uncertainty created by the non-passage of the PIB.
“We are all aware that past administrations have identified the need to further align the industry for global competitiveness, but there was lack of political will to actualize this needed transformation.
“This lack of progress has stagnated the growth of the industry and the prosperity of our economy.
“In the past 10 years, Nigeria has lost an estimated $50billion worth of investments due to uncertainty created by the non-passage of the PIB.
“This administration believes that the timely passage of the Petroleum Industry Bill will help our country attract investments across the oil and gas value chain.’’
The president commended the two Chambers of the National Assembly for ensuring the passage of the PIB.
He noted that his signing of the Petroleum Industry ill on August 16, 2021 to “Petroleum Industry Act 2021”, marked the beginning of the journey towards a competitive and resilient petroleum industry that would attract investments to support the nation economic recovery and growth plan.
According to the president, the PIA creates a regulatory environment that will ensure efficiency and accountability across the oil and gas value chain and reposition NNPC to a commercially driven National Petroleum Company that is accountable to the federation.
“The Act also provides for a direct benefit framework that will enable sustainable development of host communities. I appeal to the host communities to look carefully at the contents of the Bill which in the implementation will bring real and lasting benefits to them.”
“Furthermore, the act provides for deliberate end to gas flaring which would facilitate the attainment of Nigeria’s Nationally Determined Contributions of the Paris Agreement through a funding mechanism to support gas flare out project in host communities.
“Similarly, it acknowledges global energy transition and made necessary provisions for NNPC to invest in renewable energy,’’ he added.
The president commended the two Chambers of the National Assembly for ensuring the passage of the PIB.
“Let me now commend the leadership of the 9th Assembly for their continued pursuit of our national aspiration and demonstration of mutual harmony with the Executive in the pursuit of a patriotic outcome in the passage of the PIB.
“I also commend the entire team in the executive that worked tirelessly to ensure the delivery of this strategic legislation for our country,’’ he said.
Buhari also thanked Nigerians and other industry stakeholders for their contributions and support in achieving this historic landmark.
Other members of the implementation committee include: Permanent Secretary, Ministry of Petroleum Resources; Group Managing Director, NNPC; Executive Chairman, FIRS; representative of the Ministry of Justice; and representative of the Ministry of Finance, Budget and National Planning.
The Senior Special Assistant to the President on Natural Resources, OlufemiLijadu, will serve as External Legal Adviser; while the Executive Secretary, Petroleum Technology Development Fund, will serve as Head of the Coordinating Secretariat and the Implementation Working Group.
The primary responsibility of the steering committee shall be to guide the effective and timely implementation of the PIA in the course of transition to the petroleum industry envisaged in the reform programme.
It is also to ensure that the new institutions created have the full capability to deliver on their mandate under the new legislation.
The committee has 12months duration for the assignment, and periodic updates will be given to Mr President.

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Yahaya Bello: Senator Hails EFCC’s Probe Of N80.2bn Fraud

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Senator representing Kogi Central Senatorial District in the National Assembly, Natasha Akpoti-Uduaghan, has commended the efforts by the Economic and Financial Crimes Commission, (EFCC) to apprehend and prosecute the immediate past governors of Kogi State, Alhaji Yahaya Bello, over an alleged N80.2 billion fraud.
This is just as she also hailed the EFCC chairman, Ola Olukoyede, for ceding 14 properties that were initially forfeited to the federal government to the government and people of Enugu State.
Reacting to Bello’s excuse for not honouring the EFCC’s invitation, the lawmaker emphasized the need for the commission to investigate other corrupt public officials to avoid the impression that their actions against former governor were meant to witch hunt him.
In a now-viral video, the EFCC chairman had claimed Belloh told him that a female senator (name withheld) allegedly gathered journalists to humiliate him anytime he was at the agency’s Abuja office for interrogation.
“I called Yahaya Bello, as a serving governor, to come to my office to clear himself. I shouldn’t have done that. But he said because a certain senator had planted over 100 journalists in my office, he would not come.
“I told him that he would be allowed to use my private gate to give him a cover, but he said my men should come to his village to interrogate him,” Olukoyede was quoted as saying.
But Senator Natasha in a statement signed by her Chief Press Secretary, Arogbonlo Israel and issued at the weekend in Abuja, reminded Yahaya Bello of the importance of respecting Nigeria’s laws and constitution, given his former position as the chief security officer of Kogi.
“I was surprised to hear that Yahaya Bello evaded the invitation from the EFCC, despite having served as Kogi’s former chief security officer. As a former governor, he should understand the importance of respecting Nigeria’s laws and constitution.
“It’s a well-known fact that ‘he who comes into equity must come with clean hands’. As such, I advise him to honour the invitation and clear his name while he still has the chance.
“I’d also like to take this moment to appreciate the diligence of the EFCC in handling the case so far. No Nigerian is above the law, and therefore the agency must see this case through to the end if they are to gain the trust of both Nigerians and the international community in the fight against corruption,” she said.

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Senate  Frowns Over Continued Depreciation Of Naira

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Worried over the  latest depreciation of the Naira against major foreign currencies, the Senate through its Committee on Finance, has  stated that the Legislature  is  exploring a range of policy options to mitigate the impact of Naira depreciation and foster economic stability in the country.
These, according to the committee, in a statement signed by its chairman, Senator Sani Musa (APC Niger East) and released yesterday, includes robust oversight of fiscal policies, engagement with key stakeholders, and the formulation of targeted interventions to support key sectors of the economy.
Senator Musa said the statement became necessary “to address the current state of the economy and the need for concerted efforts at tackling the instability and continuous depreciation of the Naira.”
This is even as he hoped that the “economic managers will adhere strictly to the norms and standards set by this administration to ensure that we achieve the desired outcomes in taking Nigeria to its economic growth and prosperity”, pledging the support of the National Assembly to the executive arm of government to achieve the set goals.
He, however, urged Nigerians to remain vigilant and resilient as they navigate these uncertain times, saying “together, we can overcome the challenges facing our economy and chart a path towards prosperity for all.”
The statement titled: “State of the Nation Economy and Naira Depreciation’, reads “The Nigerian economy is facing significant challenges, exacerbated by both internal and external factors.

“Despite efforts to stabilize and bolster economic growth, the numerous initiatives and bold but necessary steps and policy decisions taken by President Bola Tinubu, the persistent depreciation of the Naira against major foreign currencies has become a pressing concern.

“The recent depreciation of the Naira underscores the need for proactive measures to safeguard the stability and resilience of our currency.

“The Senate Committee on Finance is closely monitoring the situation and is committed to working collaboratively with relevant stakeholders to implement effective policies and strategies.

“It is imperative that we address the root causes of Naira depreciation, including but not limited to fluctuations in global oil prices, fiscal deficits, and structural imbalances in the economy.”

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WIW: Banigo Advocates Legislative Impetus

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The Senator, representing Rivers West Senatorial District at National Assembly Sen.Dr. Ipalibo Harry Banigo has advocated for legislative backings to enforce immunisation as a pre-condition for admission into nursing, primary and secondary schools in Nigeria.
Banigo made the assertion recently in a statement to commemorate this year’s week-long immunisation campaign in line with the World Health Organisation advocacy.
Banigo, a Harvard-trained Public Health personnel, explained that such legislation would strengthen the National Immunisation Policy in the administration of vaccines, saves lives, helps in the child normal growth, prevents serious illness and disabilities such as poliomyelitis .
The former Deputy Governor of Rivers State who is also the Chairman, Senate Committee on Health (Secondary and Tertiary), noted that Nigeria must attain at least, 90 percent vaccine coverage for all childhood and adolescence; stressing that a fully vaccinated child should have received BCG, Mussels and three doses of DTP and Polio .
She emphasised the need for collective efforts by stakeholders in the campaign against preventable diseases .
The theme for this year’s World Immunisation Week is “Humanly Possible: Saving Lives Through Immunisation” while the national theme is “Vaccine Works For All”.

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