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Gov. Ugwuanyi Calls fora Designation Of Enugu As Oil-bearing State

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Gov. Ugwuanyi Calls fora Designation Of Enugu As Oil-bearing State
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Gov. Ugwuanyi Calls fora Designation Of Enugu As Oil-bearing State

Proposes 50-50 revenue formula among Enugu/Anambra/Kogi states.

Governor Ifeanyi Ugwuanyi of Enugu State has requested the leadership of the Revenue Mobilization, Allocation and Fiscal Commission (RMAFC) to expedite action on the process of formally designating Enugu as an oil-bearing state in the country.

Gov. Ugwuanyi made the request when he received Commissioners and top management team of RMAFC led by the Chairman, Indices and Disbursement Committee, Chris A. Akomas, who paid him a courtesy visit at the Government House, Enugu, on Monday.

The delegation from RMAFC is in Enugu for an interactive session with members of the Enugu State Executive Council (EXCO), 17 Local Government Chairmen and other stakeholders in line with the Commission’s ongoing nationwide sensitization tour of the 36 states and the Federal Capital Territory (FCT) on the review of the existing Revenue Allocation Formula in the spirit of equity, justice and fairness.

Speaking, Gov. Ugwuanyi represented by his Deputy, Hon. Mrs. Cecilia Ezeilo, stated that the request for designation of Enugu as an oil-bearing state became imperative because of the volume of crude oil being harvested from its territory.

The governor drew the attention of RMAFC to the fact that “Enugu is about the only state in Nigeria which produces crude oil in commercial quantities without being formally accorded the status of an oil-bearing state”.

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He pointed out that “years of oil exploration in the Enugu/Anambra/Kogi states joint border corridor have resulted in the successful exploitation of crude oil in the area which includes a large part of Enugu State’s territory”, stressing: “On a desirable allocation formula for the country, Enugu State government, after considering all the relevant factors and parameters, is proposing 50-50 to the three states”.

Gov. Ugwuanyi maintained that Enugu has continued to be the political capital and socio-cultural melting pot of the old Eastern Region of Nigeria “now carved into nine states”, stating that the South East geo-political zone is disadvantaged in terms of infrastructure.

Gov. Ugwuanyi Calls fora Designation Of Enugu As Oil-bearing State

While welcoming the team to Enugu, the governor described the nationwide sensitization and consultative engagement as timely and in conformity with changing realities, expressing delight that “RMAFC is laying the good foundations for considering the longstanding agitations of many Nigerians who have been asking for the use of the revenue allocation template to address and fulfill the collective aspirations of Nigerians for real and sustainable development”.

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The governor therefore commended RMAFC for its gallant and selfless decision in embarking on the exercise of full scale engagement of the representatives of various stakeholders and the people of Nigeria to enthrone a generally acceptable revenue sharing formula that would meet the yearnings and expectations of the nation’s three tiers of government in the overall interest of the citizenry.

“There is no doubt that the revenue allocation formula currently in use does not reflect the realities of the times and cannot be appropriate for Nigeria as well all seek to concretely move towards a proper federating state where the centre and the federating units have constitutionally-assigned spheres, powers and responsibilities.

“As a constitutionally-independent federation executive body, RMAFC is supposed to be a commission operating on behalf of all the federating units and component parts of the federation.

“The reality today in Nigeria is that state governments are overburdened with lots of responsibilities that need funding. As the tiers of government nearest to the people, the state and local governments bear the main crux of development of the nation.

“Issues of security, healthcare, education, agriculture and food production, social welfare and infrastructural development place enormous burdens on the shoulders of our subnational governments; and this revenue allocation formula review exercise needs to recognize the funding needs of these responsibilities”, the governor added.

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In his address, the leader of the team, Akomas revealed that the subsisting revenue allocation formula in Nigeria was last reviewed 29 years ago, pointing out that the need for its review is imperative to ensure equity, fairness and justice.

Also in her remark, the Enugu State Commissioner for Finance and Economic Development, Mrs. Ada Onah Uyanwune, explained that the nationwide sensitization tour of RMAFC on the review of the revenue allocation formula will also ensure equity and fairness in the distribution of the nation’s resources across the 36 states and the FCT.

Dignitaries at the event include the Speaker of Enugu State House of Assembly represented by the Deputy Speaker, Rt. Hon. Uche Ugwu, the Acting Chief Judge of the State, Hon. Justice Afojulu Raymond Ozoemena, the Secretary to the State Government, Prof. Simon Uchenna Ortuanya, the Deputy Chief of Staff to the Governor, Prof. Malachy Okwueze and the Commissioner for Budget and Planning, Dr. David Ugwunta.

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FG Scraps DPR, PPPRA, PEF, Sacks CEOs, Inaugurates New Agencies

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FG Scraps DPR, PPPRA, PEF, Sacks CEOs, Inaugurates New Agencies
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FG Scraps DPR, PPPRA, PEF, Sacks CEOs, Inaugurates New Agencies

The Department of Petroleum Resources, the Petroleum Products Pricing Regulatory Agency and the Petroleum Equalisation Fund are all officially scrapped and do not exist anymore, the Federal Government said on Monday.

It also said while workers of the three agencies would be protected, their chief executives had been relieved of their various appointments.

The Minister of State for Petroleum Resources, Chief Timipre Sylva, stated this while speaking on the side-lines of the inauguration of the boards of the Nigerian Midstream and Downstream Petroleum Regulatory Authority and the Nigerian Upstream Regulatory Commission in Abuja.

He explained that with the passage of the Petroleum Industry Act, the NPRA and NURC had taken over the functions of the DPR, PPPRA and PEF.

Responding to a question on what would happen to DPR following the inauguration of the board of NURC, Sylva said, “It is now a matter of law.

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“The law states that all the assets and even the staff of the DPR are to be invested on the commission and also in the authority. So that means the DPR doesn’t exist anymore.

“And, of course, the law specifically repeals the DPR Act, the Petroleum Inspectorate Act, the Petroleum Equalisation Fund Act and the PPPRA Act. The law specifically repeals them. It is very clear that those agencies do not exist anymore.”

On what would happen to the chief executives and employees of DPR, PEF and PPPRA, the minister replied, “The law also provides for the staff and the jobs in those agencies to be protected.

“But I’m sure that that doesn’t cover, unfortunately, the chief executives, who were on political appointments.”

FG Scraps DPR, PPPRA, PEF, Sacks CEOs, Inaugurates New Agencies

He stated that the process for aligning the workers of the defunct agencies with the new regulatory bodies had already commenced, as the staff had to be rationalised.

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Sylva said, “The authority has its staff coming from the defunct PEF, PPPRA and DPR. The commission has staff coming over from DPR and the process is going on for the next few weeks.”

Sylva stated that the inauguration of the boards on Monday marked the beginning of the successor agencies.

He said, “The PIA provides for the upstream regulatory commission and the establishment of the midstream and downstream authority.

“So far, the chief executives of these agencies have not been in place, but of course, Mr President in his wisdom made the appointment a few weeks ago and they went through a rigorous process of confirmation at the National Assembly.

“The agencies have now taken off because they now have clear leadership and today’s event marks that beginning for the new agencies.”

He further stated that with the passage of the PIA into law, after spending over 20 years in the process, the coast was now clear for investors to fully invest in Nigeria’s oil sector.

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“Today, the PIA has clarified the legal framework around the sector and the agencies are now in place. So I don’t see anything now stopping investors from coming,” the minister stated.

He said competent hands were now handling the business, adding, “Nigerians should brace up for exponential growth in the oil and gas sector.”

The Chief Executive, NURC, Gbenga Komolafe, said the commission would deliver on its mandate as captured in the new petroleum Act.

“Nigerians should expect massive deliverables in the sense that the PIA has ended the regime of uncertainty in terms of the governance of the industry,” he said.

He also said the commission would ensure that the country hits its OPEC quota in crude oil production, as the NURC would be an enabler of investments.

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Nigeria-China N720 Billion Currency Swap Collapses

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FG Scraps DPR, PPPRA, PEF, Sacks CEOs, Inaugurates New Agencies
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Nigeria-China N720 Billion Currency Swap Collapses

•Operators allege sabotage –Expert

Three years after the Central Bank of Nigeria (CBN) signed a currency swap deal with the People’s Bank of China (PBoC), Nigerians are yet to feel the impact of that arrangement, especially as the free fall of naira, currently standing at N570/$1 at the parallel market persists.

In April 2018, the CBN issued the regulations for a US$2.5 billion currency swap agreement in June same year; designed to facilitate trade between the two countries and enhance foreign reserve management.

But tongues have already started wagging that the N720 billion swap deal for at least 15 billion Yuan (Renminbi) (equivalent of $2.4 billion in June 2018) between the two countries has failed to achieve its purpose since it was sealed.

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The Bilateral Currency Swap (BCS) agreement was inspired by trade facilitation. It was to allow importers of goods from China to conclude their transactions in Yuan instead of the US Dollar) and vice-versa. This was done to reduce the demand of the US dollars, lift the undue pressure on the naira at the time, consistent with the CBN’s naira management strategies.

While the CBN has continued with the implementation of the BCS with the Peoples’ Bank of China through fortnightly Renminbi auctions, it was gathered that bureaucratic bottlenecks have become a major challenges for traders and importers transacting business with China.

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Npower: Batches A And B Make Ready Your Login Details

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Npower: Batches A And B Make Ready Your Login Details
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Npower: Batches A And B Make Ready Your Login Details

All N-Power Batches A and B are advised to make ready their login details as information regarding the N-EXIT package might be sooner than expected.

If you have forgotten your password and username start searching for it, because it is a necessary credential for the N-Power N-EXIT package as this will be used to login into the loans portal.

Npower: Batches A And B Make Ready Your Login Details

Few months ago the Ministry for Humanitarian Affairs revisited the issues surrounding the N-Power Batch A and B and that issue will be resolved very soon.

The breakdown of the N-Power N-EXIT package is still unclear, but their are hints that it will be a soft loan given to all exited N-Power beneficiaries.

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