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South-South Governors, Leaders Demand 50% Oil Derivation

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South-South Governors, Leaders Demand 50% Oil Derivation
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South-South Governors, Leaders Demand 50% Oil Derivation

Six state governors in the South South region have demanded the upward review of oil derivation formula from the present 13 per cent to 50 per cent.

They have also demanded that Cross River State should be accorded a special status, following the ceding of Bakassi Peninsula and several oil wells to Cameroon by the Federal Government, without any consultation with the people of the state.

These were among several resolutions of the governors, local government chairmen and people of the region made at the two-day public hearing on revenue allocation formula review, organised by the Revenue Mobilization Allocation and Fiscal Commission (RMAFC), held in Port Harcourt, Rivers State.

Delta State Commissioner for Finance, Dr. Fidelis Ekenwo, who read the position of the South-South geopolitical zone, said the governors rather than balkanise their presentations, decided to put together one resounding voice, to address the situation as it concerns the zone.

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Ekenwo said allocation to the states should increase to the basis of 42 per cent to states, 35 and 23 to the Federal Government and local governments respectively.

South-South Governors, Leaders Demand 50% Oil Derivation

He added that allocating more money to the federal promotes wastes and inefficiency at the federal level.

They stated: “The people of South-South want the 13 per cent derivation to be moved up immediately. We are recommending that the new derivation should be 50 per cent. We are clearly unhappy because we believe that the current 13 per cent is not doing anything for us.

“Every state should take charge of their resources and contribute an agreed percentage to the centre for the services of the Federal Government.

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“Secondly, there should be a review of the legislative list and transfer some responsibilities to the states, such as agriculture, housing, water resources, transport, road construction. These items do not have any business with the Federal Government, because the states and local governments are closer to the people.

“In the last 25 years, has there been any federal housing estate project in the zone? Yet, money is budgeted yearly to the Federal Ministry of Housing.

“All funds generated by revenue generating MDAs should be added to RMAFC for onward distribution to the states and local governments, who are also co-owners of these MDAs.

“Oil companies should relocate their head offices and operational bases to areas of their operation.

“In the South-South, any state that suffers any negative impact also affects other states. We are asking that there should be a special status for Cross River State.

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“The country is clearly aware that Bakassi Peninsula and several oil wells in Cross River State were ceded away to Cameroon by the federal government of Nigeria, following the implementation of the Green Tree Agreement.

“This action was carried out unilaterally by the Federal Government without any consensus by the people of Cross River. Hence, a special status should be accorded the state and a special fund of 1.5 per cent of the federation account should be given to them.”

At the closing of the public hearing, six Commissioners for Finance in the zone, representatives of their various state governors, local government chairmen, civil society groups and stakeholders from the six states of the zone, were present.

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77 million Nigerians lack access to power, says NNPC

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77 million Nigerians lack access to power, says NNPC
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77 million Nigerians lack access to power, says NNPC

The Nigerian Bulk Electricity Trading Plc on Thursday provided statistics on misalignments in the power value chain, saying that about 14,000 megawatts of electricity was contracted to power generation companies.

Managing Director, NBET, Nnaemeka Ewelukwa, gave a breakdown of the quantum of Nigeria’s electricity demand, what was contracted, available capacity, what was produced, among others.

He provided these statistics while speaking during a plenary session at the World Energy Day Conference 2021, with the theme, ‘Energy Transition: Gas as Fuel of Choice’, organised by the Abuja Chamber of Commerce and Industry.

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This came as the Group Executive Director, Gas and Power, Nigerian National Petroleum Company, Mohammed Ahmed, told participants at the event that about 77 million Nigerians were currently without access to electricity.

Providing statistics on Nigeria’s power situation, Ewelukwa said, “In terms of situating the gas discussion within the context of the power sector, we have some misalignments in the value chain which the government is trying to address.

“And that misalignment starts with the fact that in terms of the demand for electricity in the country, it is about 28,000MW. But when you look at the contracted capacity for electricity, it is about 14,000MW.

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“You look at the current available capacity of electricity in terms of what was contracted, it is about 7,600MW. You look at transmission capacity, it is about 8,100MW.”

He added, “Now, of all these statistics the most important is what is the highest volume of electricity ever put on the grid; it is 5,800MW. So you see that it keeps dropping.”

The NBET boss explained that the 5,800MW was the highest peak ever attained in the history of Nigeria, but stressed that what was actually available on a day-to-day basis was between 4,000MW and 5,000MW.

“And of that 4,000MW to 5,000MW, because of issues relating to tariff, such as concerns about cost reflective tariff, what actually is paid on a monthly basis by the distribution companies is not up to that 4,000MW that is available,” Ewelukwa stated.

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He, however, noted that the good thing was that there were plans within the government space to address the anomalies.

On his part, Ahmed, who was represented by the Managing Director, NNPC Gas and Power Investment Limited, Salihu Jamari, said Nigeria had about 200 trillion cubic feet of gas reserves that could be used for power generation, among others.

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With eNaira, FG To Pay Nigerians Directly Will Be Easy – CBN

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With eNaira, FG To Pay Nigerians Directly Will Be Easy - CBN
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With eNaira, FG To Pay Nigerians Directly Will Be Easy – CBN

The Central Bank of Nigeria (CBN) has stated that the eNaira can serve as a medium for the government to send direct payments to citizens eligible for specific welfare programs.

The Central Bank revealed this in a document seen by Nairametrics titled, “Design Paper for the eNaira.”

According to the apex bank, the eNaira will make it possible for government to make targeted welfare payments to citizens directly, without the need for any intermediary.

What the CBN is saying

The CBN acknowledge that the pandemic exposed a significant challenge to the payment system globally particularly regarding welfare distribution.

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It stated, “The COVID-19 pandemic tested the effectiveness of payment systems globally and highlighted gaps especially in the distribution mechanism of welfare incentives. In some instances, cash was distributed due to lack of visibility and adaptability of existing payment infrastructure to new and emerging modes of value transfer.”

The Central Bank acknowledges the eNaira as a means by which the challenge of government’s monetary distribution to citizens can be effectively and efficiently addressed to ensure accountability is achieved.

“The eNaira provides a clear means for the government to send direct payments to citizens eligible for specific welfare programs more rapidly than through other means. This ensures that accountability is achieved, and the right persons get the funds. When a need arises, such as in times of economic crises, the central bank can also serve as a government agent and execute eNaira transfers to individuals and businesses affected,” the bank stated.

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CBN added that, “The eNaira will make it possible for governments to make targeted welfare payments to citizens directly, without the need for any intermediary. This will reduce the cost of delivering welfare benefits to citizens in need of welfare support and ensure the right people are receiving support.”

With eNaira, FG To Pay Nigerians Directly Will Be Easy – CBN

This capacity for the eNaira to provide seamless process for government to send direct payments to citizens would be an added advantage in the adoption of the eNaira in Nigeria.

In case you missed it

The CBN stated earlier that the eNaira is meant to create a secure and cost-effective process for remittance inflow to the country, amongst other benefits.

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The apex bank also stated that eNaira’s usability would definitely improve as Nigerians without internet-enabled phones would be able to transact without having to subscribe to data or having an internet-enabled phone.

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OBcrex Promises Better and Fast Services To Customers – Obi Emmanuel Anthony

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OBcrex Promises Better and Fast Services To Customers - Obi Emmanuel Anthony
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OBcrex Promises Better and Fast Services To Customers – Obi Emmanuel Anthony

The Founder and CEO of Obcrex Mr Obi Emmanuel Anthony has Revealed the New Identity of Rebranded Obcrex and promise better and Quick Services Response rate to customers as he poises to be the leading Crypto Trader in Nigeria.

In His Statement Mr Obi Emmanuel Anthony said
“We’re thrilled to unveil our refreshed brand identity. The updates show the evolution of our company since its founding in 2019. While this is a significant change, our core beliefs haven’t changed.
He stated that the last few months, obcrex have put in alot into creating a new image that would accurately depict who we are,

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Obcrex have made it a purpose to grow with intention as individuals and as a brand targeting to be the best, fast, secure & most trusted crypto / exchange brand. We are empowered by these changes and an overwhelming sense of kinship

Obi Emmanuel also Assured Customers that the New team of like-minded, determined professionals will continue to enable our customer’s success as well as each other’s success within our industry, and beyond

We have an actively ready team of attendant to listen to all issues you might have. The credibility of the company is beyond compromise as we always work towards 3 values which are speed, reliability and credibility. We’re well known by our regular users as the best.

OBcrex Promises Better and Fast Services To  Customers - Obi Emmanuel Anthony

Obi Emmanuel Anthony

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