Nigeria lost an estimated $50 billion worth of oil and gas industry investments in ten years as a result of stagnation in the industry occasioned by uncertainties created by the failure to pass the Petroleum Industry Bill (PIB).
President Muhammadu Buhari disclosed this on Wednesday in his remarks at a ceremony on the passage of the Petroleum Industry Act (PIA) 2021, which preceded the Federal Executive Council (FEC) meeting at the State House, Abuja.
According to a statement by his Special Adviser on Media and Publicity, Femi Adesina, the President said the stagnation affected growth of the economy, citing lack of political will on the part of past administrations to actualise the needed transformation.
Buhari said assent of the Petroleum Industry Bill on August 16, 2021, marks the end of decades of uncertainty and under-investment in the petroleum industry.
“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 actualise this needed transformation.
“This lack of progress has stagnated the growth of the industry and the prosperity of our economy. In the past ten years, Nigeria has lost an estimated US$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.
“In view of the value our Nation and investors will derive from a stable fiscal framework for the oil and gas industry, our Administration has found it necessary to work with the two Chambers of the National Assembly to ensure the passage of the PIB, ’’ he said.
Buhari noted that signing of the bill was part of the administration’s commitment to building a competitive and resilient petroleum industry that will attract investment, improve our revenue base, create jobs and support our economic diversification agenda.
The President said as a “nation that depends on oil resources for the development of other sectors, 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.’’
He said the Presidential assent of the bill to “Petroleum Industry Act 2021” marked the beginning of the journey towards a competitive and resilient petroleum industry that will attract investments to support the nation’s Economic Recovery and Growth Plan.
President Has Recovered Over N1trn Stolen Funds, Says PACAC
•Funds used to finance annual budget
The Presidential Advisory Committee Against Corruption (PACAC) yesterday put the total amount of stolen assets recovered by the President Muhammadu Buhari’s administration since 2015 at over N1trn.
Briefing journalists in Lagos yesterday, the Chairman of PACAC, Prof. Itse Sagay, who reeled out the achievements of the committee said the federal government had been deploying some part of the recovered funds towards financing the annual budget, especially its social intervention scheme.
Sagay, who said the fight against corruption in the country had come a long way, describing it as both sweet and sour, stressed that a lot of work still needed to be done to rid Nigeria of corruption.
He also said PACAC has continued to carry out capacity building initiatives for the various anti-corruption agencies as well as Ministries, Departments and Agencies (MDAs).
“This has resulted in these stakeholders having an improved understanding of their individual roles in the criminal justice system, both in its substantive and procedural aspects. The impact of this effort is reflected in increased number of cases filed and concluded and the improvement in the rate of conviction of looters.
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“Total recoveries are hovering around the N1 trillion mark, and even more remarkably these recoveries have been recycled into the budget to uplift the oppressed and most vulnerable victims of corruption, namely, the young unemployed youths, young school children, who can now enjoy one free nutritional meal a day at school, extremely poor families who now receive the conditional cash transfer of N5,000 a month and women, youths, farmers, etc, who now receive interest free loans to capitalise their small scale businesses.
“So the recovered loot is pumped back into the lives of the most vulnerable Nigerians, in order to transform them into proud productive Nigerians, who will end up as employers themselves, contributing to the development of Nigeria,” he added.
According further, he said another contribution of PACAC in the war against corruption was the Committee’s concentration on illicit financial flows (IFF).
He claimed that very little was known about IFF in the country before PACAC brought it into centre stage nationally and internationally.
“Now, we know that this silent, quietly stalking source of financial bleeding, could even be worse in terms of volume of loss, than the typical looting we are all used to. Over invoicing of external expenses, under reporting of resources obtained from the developing countries, tax evasion, under declaration of profits, out sourcing of what could be done within the victim country, etc, all constitute IFFs,” he added.
The PACAC chairman disclosed that the massive losses underdeveloped countries like Nigeria were experiencing as a result of IFFs were recently documented and published by the Global Financial Integrity.
According to the report, Nigeria lost $83 billion in the period 1960 – 2011 and currently, “it is losing more than $45 billion annually.”
“Therefore, the importance of concentrating our minds on IFFs, as PACAC did for two consecutive years, through major international conferences and other strategic engagements, cannot be over stated.
“I have concentrated on only a few items of PACAC’s work, but the varied and extensive level of its work has been remarkable. We have organised Workshops for the Management and Protection of Assets, and an Asset Tracing Team/Central Asset Management Committee, was established in the first term of this Government with membership drawn from the Anti-Corruption Agencies, the Security Agencies, our Committee (PACAC) and from the highest echelons of Government.
“We have also produced manuals and protocols to assist the ACAs (Anti-Corruption Agencies) in their work. These include one on Effective Prosecution, entitled Corruption Case Management Manual, a Plea-Bargaining Manual, and Sentencing Guidelines for High Profile Cases, and A Frame Work for the Management of Recovered Assets, etc,” he added.
Sagay said the committee believes that productivity would be greatly enhanced and corruption greatly curbed if parents arouse themselves to inculcate the needed core values in the children; if schools at all levels become centres of character moulding and manpower development and religious values are deployed by Pastors and Imams in both theory and practice to re-mould the character and orientation of Nigerians.
He also advised the federal government, labour unions, civil society organisations and main stream civil servants to work together to reform the civil service to make it productive rather than a drain on the nation.
LPG, Nigeria’s most viable way to zero emissions – Osinbajo
The use of liquefied petroleum gas (LPG) as a transition fuel is the viable option for Nigeria to address climate change and energy poverty, Vice-President Yemi Osinbajo has said.
Laolu Akande, the VP’s spokesperson, said this in a statement on Tuesday.
According to Laolu, Osinbajo made the declaration while delivering his keynote address in Dubai, United Arab Emirates, at the week-long World Liquified Petroleum Gas Association (WLPGA) forum themed ‘Energizing Tomorrow.’
Osinbajo said LPG and natural gas are sustainable energy fuels that could address both climate change and energy poverty simultaneously.
“The world should not have to choose between energy poverty and climate change as this can be addressed with both natural gas and Liquified Petroleum Gas as transition fuels alongside other renewable sources,” the VP reportedly said..
- The VP said that it was ‘worrying that a growing number of wealthy nations have banned or restricted public investment in fossil fuels, including natural gas.’
This, according to the vice-president, resulted from increasing pressures to address climate concerns in the world without reviewing the economic importance of such investments to developing countries.
“Such policies often do not distinguish between different kinds of fossil fuels, nor do they consider the vital role some of these fuels play in powering the growth of developing economies, especially in sub-Saharan Africa,” he said.
“As development finance institutions try to balance climate concerns against the need to spur equitable development and increase energy security, the United Kingdom, the United States, and the European Union have all taken aggressive steps to limit fossil fuel investments in developing and emerging economies.
“The World Bank and other multilateral development banks are being urged by some shareholders to do the same. The African Development Bank, for instance, is increasingly unable to support large natural gas projects in the face of European shareholder pressure.”
While acknowledging that all countries should play important roles in the fight against climate change, he emphasised that ‘a global transition away from carbon-based fuels must account for the economic differences between countries and allow for multiple pathways to net-zero emissions.
FG: We have enough COVID vaccines to cover 70% Nigerians
Nigeria has enough vaccines that can cover over 70 per cent of the country’s population before the end of 2022, Secretary to the government of the federation (SGF), Boss Mustapha, has said.
The SGF said this at the national COVID-19 summit held at Muhammadu Buhari Conference Centre in Abuja, tagged ‘Pushing Through the Last Mile to End the Pandemic and Build Back Better’.
He said, “Nigeria has invested in enough vaccines that can cover over 70 per cent of our population before the end of 2022. These vaccines are safe and efficacious; hence, it is better and safer to be vaccinated against this virus, now.”
He said the summit was to create the opportunity to identify successes, gaps and lessons learnt so far in Nigeria’s national response to the pandemic since March 2020 to date.
He added that the summit is also aimed at developing strategies to actualise the international commitments towards ending COVID-19 before the end of 2022.
“Today, we are here to assess the level of impact of our national response and develop strategies as we push through the last mile to end the pandemic while we build back better,” he said.
The SGF said, “There is no gainsaying that the outbreak of COVID-19 pandemic in Nigeria, which was triggered when the index case was confirmed on the 27th of February 2020, precipitated significant disruptions to the healthcare system and socio-economic lives of Nigerians.
”Due to the evolving dynamics of COVID-19 pandemic with progressive mutations of the virus to more transmissible and deadly variants, the international community has corroborated the insinuation that the pandemic will persist for few more years.
“This understanding has impelled world leaders recently to come to a conclusion that if efforts are not renewed and aggressive measures are not taken, COVID-19 pandemic will continue to ravage humanity well longer than earlier envisaged. Hence, the need to adopt an ambitious (but cautious) agenda to end the COVID-19 pandemic by the year 2022.”
He said the summit is a follow-up towards Nigeria’s commitment to the ambitious global agenda/movement to end the COVID-19 pandemic by 2022 and build back better.
“Global efforts at ending COVID-19 pandemic are intrinsically linked to the call for nations of the world to take steps towards strengthening their health system and bio-security- which will make for better pandemic preparedness and the ability to respond more robustly and swiftly to future pandemics,” Mustapha said.
He asked stakeholders to encourage all eligible persons to get vaccinated and keep observing the necessary preventive COVID-19 measures.
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