FG adopts gas as strategy towards climate-change-net-zero-emission ― Sylva – Newstrends
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FG adopts gas as strategy towards climate-change-net-zero-emission ― Sylva

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3 years ago

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The Minister of State for Petroleum Resources, Timipre Sylva, Tuesday, disclosed that the Federal Government has adopted gas as a strategy to meeting the nation’s climate-change-net-zero-emission target.

 

Speaking at the Annual International Conference & Exhibition of the Society of Petroleum Engineers in Lagos with the theme: “The Future of Energy – A Trilogy of Determinants: Climate Change, Public Health, and the Global Oil Market”, he expressed the government’s concern about joining the rest of the world to transit from oil to cleaner fuels.

 

Specifically, he said: “Let me state categorically that our approach towards the climate-change-net-zero-emission debate is to optimize the use of our abundant gas resource domestically as a transition fuel option towards meeting our Nationally Determined Contributions to climate change.

 

“As a Government, we are determined to encourage more penetration of natural gas and its derivatives for domestic utilisation, power generation, gas-based industries, and propulsion in all aspects of the national economy. This would in a fundamental manner address the great challenge posed by volatile oil market, the environmental issues and public health concerns.”

 

The Minister of State, who reflected on current issues in the global oil market, said: “Regarding the global oil market in the foreseeable years, it is becoming obvious that a global migration from a fossil fuel-based economy to renewable would engender a corresponding decline in hydrocarbon including possible divestiture in the sector as deliberate frameworks are being championed to discourage the extraction of carbon-laden resources. The COVID-19 Pandemic has further exacerbated the investment decline.

 

“The Government of Nigeria in collaboration with global partners are exploring policies, technologies, and investments to address the current global challenge that will support migration from our reliance on carbon dependent fuels to meeting our commitment to the Paris Agreement.”

 

He, however, added: “It is our belief that the distinguished Society of Petroleum Engineers (SPE) will be at the forefront of our quest to achieve the desired balance of a clean environment, safe public health, and a renewed global oil market. This SPE Annual International Conference and Exhibition will be an appropriate platform to bring to the front-burner the critical discussions that would forge a robust and implementable clean energy solutions pathway for Nigeria.”

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Edo Election: Group accuses INEC of disenfranchising voters

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25 mins ago

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April 27, 2024

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Edo Election: Group accuses INEC of disenfranchising voters

A coalition of civil society organizations, under the aegis of the Conference of Non-Governmental Organizations (CONGOS), has raised an alarm over the alleged denial of the voting rights of Edo State citizens by the Prof. Yakubu Mahmood-led Independent National Electoral Commission (INEC).

Speaking at an emergency press conference in Benin City, the Edo State capital on Friday, president of the group, Comrade Abiola Daisy Igaga, accused INEC of flouting the provisions of the Electoral Act by not allowing potential voters register to vote.

According to Igaga, the press conference was organized to draw the attention of INEC and the general public to INEC’s disregard of Electoral Act 2022 as amended; and to the constitutionality of the continuous voter registration (CVR) exercise towards ensuring that people are not unjustly disenfranchised.

“This is very important if the election is to be seen as inclusive and credible,” Igaga said.

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Igaga expressed concerns that with the governorship election scheduled for September 21, INEC had not commenced the CVR exercise in Edo State despite clear provisions of the Electoral Law – specifically Section 10.1 of the electoral act – which states that: “There shall be continuous registration of all persons qualified to be registered voters.”

She therefore called on INEC to immediately obey the law, especially as a combined reading of Section 10.1 with Section 9.6 which states that CVR should end 90 days before an election means that INEC must conclude the exercise on or before the 21st of June, 2024.

“A reasonable percentage of the populace does not have confidence in the electoral process. It is the responsibility of INEC to consciously address the concerns of the people by delivering elections that are seen as free, credible and most importantly inclusive.We therefore call on the Chairman of INEC, Prof. Yakubu Mahmood to live up to his promise to strengthen our electoral process.” Comrade Igaga added.

The group pledged to work with INEC to deepen voter education and combat voter apathy.

It called on the commission to show good faith by immediately resuming the CVR exercise in Edo State, adding that it is a mandatory provision of the law.

Edo Election: Group accuses INEC of disenfranchising voters

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FG borrows N3.8trn from CBN in 6 months, says new report

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37 mins ago

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April 27, 2024

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Nigeria’s Minister of Finance, Mr Wale Edun

FG borrows N3.8trn from CBN in 6 months, says new report

In the last six months of 2023, the Federal Government of Nigeria received an additional N3.8 trillion in what appeared to be a fresh Ways and Means borrowing, according to a provisional data published in the latest statistics bulletin for the fourth quarter of the year recently released by the Central Bank of Nigeria (CBN).

This is despite claims by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, that the President Bola Tinubu government had not borrowed money from the CBN.

The CBN’s provisional data showed that the total figure rose from N4.4 trillion at the end of June 2023, meaning that the cumulative Ways and Means balances due by the government grew to N8.2 trillion as at December 2023.

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Total Ways and Means balances as at May 2023 when the Tinubu administration took over was N26.95 trillion. However, the balances were securitised as included as part of the federal government’s domestic debt profile.

A breakdown of the data shows that the balance at the end of June 2023 was N4.36 trillion, indicating that the prior month balances may have been moved to the Debt Management Office.

However, from July 2023, the balances increase every month, first to N4.5 trillion in July, then N5.1 trillion in August, crossing the N5.1 trillion mark for the first time.

By September, the total was N6.4 trillion, representing the single largest additional borrowing for a month with about N1.3 trillion. It then climbed to N7.2 trillion in October before rising marginally to N7.6 trillion in November.

At the end of the year, in December, the total hit N8.21 trillion, suggesting that Ways and Means increased by 88 per cent in six months.

FG borrows N3.8trn from CBN in 6 months, says new report

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GRA regeneration scheme: Alake endorses housing projects

Published

41 mins ago

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April 27, 2024

By

Dele Alake, Nigerian minister of Solid Minerals

GRA regeneration scheme: Alake endorses housing projects

The Alake and Paramount Ruler of Egbaland, Oba Adedotun Aremu Gbadebo has declared his support for the initiative of the Ogun State government to holistically transform the Government Reservation Areas (GRAs) across the state to bring back the faded glory.

Oba Gbadebo made this declaration when the management team of the Ogun State Ministry of Housing led by the Commissioner, Jamiu Akande Omoniyi, paid a courtesy visit to the Alake’s Palace, to intimate the Egba Traditional Council on GRA Regeneration Programme.

Alake, who expressed his delight about the project promised to rally Egba indigenes both home and in the diaspora to buy into the new scheme.

“I am very excited today because of the project you brought to me; you can count on my support. I just don’t support, but I realised the development that the project will bring to Egbaland. I’m sure with the location of the project, the housing units to be built will be over-subscribed”, the traditional ruler stated.

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The monarch, however, implored the Ogun State government to allocate the Third Phase of the Prince Court Estates in Kobape and Kemta Idi -Aba, Abeokuta, to the remaining successful applicants.

Addressing members of the Traditional Council members earlier, the Commissioner for Housing, Jamiu Akande Omoniyi, reeled out the successes recorded by the incumbent administration in the provision of affordable housing to the people of the state, saying the positive response received from people prompted the government to continue to build more for various categories.

He emphasised that the new GRA Regeneration Scheme is meant to create a modern, vibrant smart city.

“The programme is not merely about demolishing and reconstructing, it will bring a total transformation geared towards enhancing economic value of the state. Save for unforeseen circumstances, the project should be completed within 18 months.

“The project when commenced will also create employment benefits with the engagement of artisans within the host communities”, Omoniyi stated.

Responding respectively on behalf of the Egba Traditional Council, the duo of Asiwaju Onimoro and Onimoro of Egbaland, Chiefs Tokunbo Odebunmi and Adeniyi Akanni, appreciated the state government under the leadership of Governor Dapo Abiodun for taking the bull by the horn with the GRA Regeneration Scheme, advising the government to be transparent about the project.

GRA regeneration scheme: Alake endorses housing projects

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