News
We lost $50bn due to non-passage of PIB – Buhari
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.
News
Lagos GDP hits N41tn, earns N433bn from IGR
Lagos GDP hits N41tn, earns N433bn from IGR
According to Ope George, Commissioner for Economic Planning and Budget, Lagos State’s Gross Domestic Product (GDP) has surged from N27 trillion to N41 trillion over the past four years.
George highlighted that this achievement positions Lagos as the 7th largest economy in Africa based on GDP.
At the ministerial press briefing marking the first year of Governor Babajide Sanwo-Olu’s second term, held at Alausa, Ikeja, Lagos, George emphasized the state’s significant contribution, constituting over 20% of Nigeria’s GDP.
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He remarked, “Currently, we are ranked 7th in GDP in Africa. Our trajectory demonstrates positive growth despite past challenges.”
The commissioner revealed that the state government recorded a total revenue of N433.408 billion in the first quarter of the 2024 fiscal year.
George elaborated, “Quarterly performance indicates 92% revenue realization at N433.408 billion. Recurrent expenditure reached 80%, totalling N189.624 billion, while capital expenditure achieved 54% performance at N178.728 billion. Total expenditure (budget size) stood at 65% performance, amounting to N368.352 billion.”
He further outlined the details of the approved Y2024 budget, which includes a total revenue projection of N1.880 trillion, deficit financing of N387.125 billion, capital expenditure of N1.315 trillion, and recurrent expenditure of N952.431 billion (including debt charges), maintaining capital to recurrent ratio of 58:42.
Lagos GDP hits N41tn, earns N433bn from IGR
News
Three senior govt officials arrested over alleged illegal citizenship for foreigners
Three senior govt officials arrested over alleged illegal citizenship for foreigners
The Kano State government said three of its top civil servants have been apprehended for engaging in citizenship racket.
The indicted government officials were arrested by the State Public Complaint and Anti-corruption Agency.
According to the anti-graft agency, the three senior officials allegedly recommending Nigerian citizenship to illegal migrants.
Speaking to newsmen on Thursday in Kano, the chairman of the agency, Muhuyi Magaji, disclosed that the suspects collected bribes from the foreign nationals for the the illegal activity.
He alleged that the suspects planned to write letters of recommendation to the Federal ministry of internal affairs, using government letter-headed papers.
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He named the suspects as Kabiru Shehu of the ministry of information; Hassan Aminu from Office of the state Head of Service; and one AMusa Falgore, a retired staff of the information ministry.
“These are senior officials of Kano state government conniving to write fake letters recommending illegal aliens to secure Nigerian citizenship.
“We have arrested them. They are giving us useful information. We will keep interrogating them and at the end, if found wanting, they will be prosecuted.
“We will not tolerate this kind of unpatriotic action from senior government officials.
“This government abhors corruption, and we will do everything possible to ensure that anybody found neck-deep in corruption is exposed,” Mr Muhuyi said.
Three senior govt officials arrested over alleged illegal citizenship for foreigners
(NAN)
News
Group protests alleged imposition of Imam in Osun
Group protests alleged imposition of Imam in Osun
A Muslim group in Inisa, Odo-Otin Local Government area of Osun State, has threatened to embark on mass protest over alleged imposition of Imam on the community’s central mosque.
The mosque had been without leadership since the demise of the imam, his deputy, and third in command, within the space of two months, in 2020, following the crisis over succession plan.
However, in December 2023, Osun State governor, after observing Juma’at prayer in the mosque, adopted one Hakeem Jamiu as the imam.
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But a Muslim group in the town, Inisa Muslim Elites Association, IMEA, while addressing newsmen in Osogbo, yesterday, described the governor’s action as an affront on Islamic teachings and provided guidelines on the appointment of an imam.
Fielding questions from journalist, Imam Raji Oladejo said the Muslim Ummah in the town are ready to lay down their lives to the dictates of the religion on the matter and would not succumb to any imposition from any quarter.
His words: “We have called the attention of every stakeholder on this matter over the illegalities of those who imposed an imam on us in Inisa. We have repeatedly stressed the need to follow due process, and a case is still in court.”
Group protests alleged imposition of Imam in Osun
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Lagos GDP hits N41tn, earns N433bn from IGR
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