Politics

Reps Okay Bill To Plug Revenue Leakages In Oil Sector

Published

6 years ago

April 26, 2019

The House of Representatives, last Wednesday, passed a bill seeking to help plug leakages in government’s streams of income in the oil sector for second reading.
This followed a motion by the Deputy Majority Leader, Ahmed Wase, at plenary, presided over by Speaker Yakubu Dogara in Abuja.
Moving the motion, Wase (APC-Plateau) noted that as a result of lack of amendment of the Act, government has lost 21 billion dollars since 2008 when its review was due.
“Government loses about 8 million dollars daily as a result of lack of review,” he said.
According to him, a Bill for an Act to amend the Deep Offshore and Inland Basin Production Sharing Contracts Act, 1999, will help to provide more efficient methods of computing accruable revenue of government.
“It will improve the revenue of the government of the federation.
“Such additional revenue can adequately fund part of our budget deficit, boost the economy and improve living conditions of Nigerians.
“It will improve the petroleum industry governance,” he said.
According to the lawmaker, the bill seeks to effect an amendment in the Principal Act (Deep Offshore and Inland Basin Production Sharing Contracts Act, 1999) in order to plug leakages in government revenue streams and ensure the Federal Government maximises sufficient royalties from Production Sharing Contracts (PSC) between NNPC and International Oil Companies (IOCs).
“PSC was widely introduced in 1993 to address some of the issues faced by the Joint Operating Agreement (JOA) between the NNPC and IOCs and also to provide a suitable agreement structure for encouraging foreign investment in offshore acreage.
“Under these arrangements, the NNPC is the holder of the concession while the IOC is the contractor.
“In 1993, the NNPC entered into PSCs with eight IOCs and Nigeria is believed to have attracted much needed additional foreign investment as a result.
“These new PSCs attracted IOCs due to their favourable fiscal and legal regimes, as IOCs were given a higher profit share for the more marginal and high risk projects off shore,” he explained.
Wase said in 2000, eight new deep water licenses were offered, of which the terms of the PSC were considered to be tougher for IOCs.
He said the reduced risks involved in finding larger deep water reserves was the main reason for tougher profit oil splits in the 2000 PSC terms.
“In 2005, 14 deep water licenses were offered, of which certain alterations were again made to the PSC model contract,” he said.
He said Sections 16 of the Principal Act was amended by adding a new subsection (3) immediately after subsection (2) of the Principal Act.
Wase pointed out that: “Section 16 (3) In accordance with the provisions of subsection (1) stipulated that a royalty rate by price of 50 per cent should be for the additional revenue in the contract area of the Production Sharing Contracts under this Act.
“And the additional revenue shall be determined by the product of the volume of crude oil or condensate sold and the difference between the actual nominal sales price of the oil or condensate and the nominal value of $20 per barrel, (1993 real terms), at the time of sales, provided that the value of $20 per barrel (1993 real terms) shall be determined based on relevant US All Items Consumer Price Index (CPI) as published by the US Bureau of Labour Statistics,” he said.
He said the amendment was imperative to improving government’s revenue for the overall interest of the people.
“I therefore urge this Honorable House to consider it for passage,” he enjoined.
After a debate on the motion, the speaker, put it on a voice vote and the lawmakers unanimously supported it.
He then referred the bill to the House Committee on Petroleum Upstream for further legislative action.

Politics

APP Wants INEC To Conduct By-Election To Fill Rivers Assembly Vacant Seats

Published

3 days ago

January 10, 2025

The Tide

The Chairman of Action Peoples Party (APP) in Rivers State, Hon Sunny Wokekoro, has called on the Independent National Electoral Commission ( INEC) to conduct by-election to fill the vacant seats of the 27 lawmakers who defected from Peoples Democratic Party (PDP) to the All Progressives Congress. (APC).

He stated that INEC’s delay to conduct the election was also contributing to the political crisis in the State and becoming worrisome, saying that the recent judgement had confirmed the defection of the embattled 27 lawmakers in Rivers State House of Assembly led by Martins Amaewhule.

Hon. Wokekoro said this while reacting to the recent court judgement by Justice Sika Aprioku that dismissed the suit seeking to compel Governor Siminalayi Fubara to re-present the N800 billion 2024 budget to the 27 lawmakers.

According to him, the judgement had clearly mentioned that the Gov. Fubara was right to have presented the 2024 and 2025 budgets to the Rt Hon. Victor Oko-Jumbo led Assembly.

“As a party we are calling on INEC to immediately conduct another election to the seats vacated by the 27 lawmakers following their defection.

“The party will explore the possibility of legal action to compel INEC to conduct the election if our call is not adhered to.

“The judgement has authenticated and confirmed that the Governor has the constitutional right to present both the 2024 and 2025 budgets to Rt. Hon. Oko-Jumbo”, Hon. Wokekoro said.

He expressed the confidence that the APP was poised to win all the seats, adding that the party has credible persons that have the capacity to achieve electoral success.

“Our party is one of the fastest growing parties currently in the country; it is the party to beat at any election”, he stated.

The APP boss noted that the respective constituencies of the defected members were deprived of representation in the state house of assembly as presently headed by the Rt Hon. Oko- Jumbo and enjoined all political parties to join hands in demanding for INEC to immediately conduct a bye election to fill the vacant seats occasioned by the defection.

The party chairman used the opportunity to laud the governor’s approach to developing the state, especially by not borrowing money to execute projects.

Tonye Orabere

Politics

NASS Sets Date For 2025 Budget Passage

Published

3 days ago

January 10, 2025

The Tide

The National Assembly has set Jan. 31 as the tentative date for passage of the N49.7 trillion 2025 appropriation bill presented to its joint session by President Bola Tinubu on Dec. 18, 2024.

Chairman, Senate committee on appropriations, Sen. Solomon Adeola, stated this on Monday in Abuja at a meeting with the chairmen of standing committees in the Senate.

According to him, Jan. 31 is the date for laying of reports on the appropriation bill before the Senate and the House of Representatives.

He said upon resumption from Christmas and New Year break on Jan. 14, both chambers of the national assembly would suspend plenary for two weeks for budget defence by ministries, departments and agencies (MDAs).

Sen. Adeola also said that NASS had fixed Jan. 9 for an open day on the budget to enable various stakeholders, aside heads of MDAs, to make inputs on the budget.

“A tentative time table has been drawn for consideration of the budget at committee level.

“Budget defence sessions begin from Jan. 7, while reports from various committees are expected to be submitted from 15th to 18th of this month.

“Afterwards, collation and tidying up of the various reports will be done by the appropriation committee, with the hope of laying final report on the budget at the Senate on 31st of this month.

“However, the 31st of January fixed for laying of the budget is tentative, as it is just given to guide our work,” he said.

The principal officers of the Senate who attended the meeting included: the Deputy Leader, Sen. Lola Ashiru and Senate Whip, Sen. Tahir Monguno.

They said that the timeframe for consideration and passage of the 2025 budget by the national assembly was short.

They, however, expressed hope on the timely passage of the budget.

The committee, thereafter, went into a closed door session with chairmen of the various standing committees in the Senate.

Politics

When Women Unite To Pray For SIM

Published

4 days ago

January 10, 2025

The Tide

“But we will give ourselves continually to prayer, and to the ministry of the word”, (Acts 6:4).

Rivers State is at the center of propagation of the gospel of Jesus Christ. This time around, all residents, irrespective of religious, tribal and political inclinations, have come together to pray for the Governor of the state, Sir Sim Fubara (GSSRS), in one accord. He’s the proverbial answered prayers of our people over the years from deliverance from Godfatherism, corruption and political wickedness.

In the light of recent happenings, it is clearly evident that God Almighty is securing and protecting the state and government against aggression by enemies of progress.

Indeed, God’s presence abides with the Government and the state under the present administration of Governor Fubara and all lovers of the state are therefore enjoined to continually pray and support the administration with prayers for our peaceful co-existence.

The governor’s peaceful disposition makes him a personality that nothing can pull down from the hill top of authority because the people’s ceaseless acidic prayers are pouring for him daily.

The peace and overall well-being of any Government is fundamental for the development of a strong society through daily prayers and Government needs that peace for meaningful development.

Our frequent, fervent and persistent prayers even in the mist of our daily activities is and will continue to avail for our growth and development.

Prayers can put an end to increase crime rate, moral decadence, bad governance, negative influence of science and technology and love for materialism of our people, which is detrimental of our development and growth. Prayers bring direction and orderliness to our state, eliminating confusion and anarchy. Prayers also help to address, reduce and resolve problems as well as tension in any state and body polity.

Not long ago, some happenings in the state elicited condemnations from well meaning people. These include the closure of the 23 local government areas secretariats by the police, following the expiration of the tenure of the former Chairmen, for three months; the bomb attack on the secretariat of the Action People’s Party (APP) in August.

Also worthy of note is the burning of some local government areas secretariats after failed attempts to stop the local government elections on October 5th 2024, by detractors of the government, resulting to some killings among other political happenings intended to make our state ungovernable.

Their intention to cause a Presidential declaration of a “state of emergency” in Rivers State coupled with the conflicting judicial pronouncements regarding matters emanating from Rivers State House of Assembly among others, all failed to achieve their sinister objectives because of the prayers of the saints, especially a group of dedicated women under the aegis of Rivers Women Unite for SIM.

The cry of these children of Zion and others against the impending storm was answered.

The women prayer group under the leadership of Mrs (Hon.) Sotonye Toby Fulton is steadfast in praying for the peace and growth of Rivers State with presence in the 23 local government areas of the State.

Their persistent, exemplary and unwavering commitment to prayer against the enemies when they came against the government of Gov.Sim Fubara like a big Tsunami brought the group to limelight.

Its advocacy of good governance and dedication to prayer for peace and development of the State in recent times also highlights their activities to society watchers. Members have kept merry making apart to seek the face of God for the state.Their spirit of oneness of purpose is worthy of emulation by other groups irrespective of religious, tribal and political affiliation.

For Rivers State, Sir Siminialayi Fubara, like the Biblical Daniel, has come to judgement to liberate our people from political stagnation and darkness.

Rivers people need to rally round the governor and his dispensation to find a common solution to the crisis by enemies of the State through prayers. Detractors of the Governor and his administration are undemocratic and unacceptable. Their rantings are distractive.

If our hope for Rivers State is for development through conducive business and work atmosphere, and to live without undue interference of unwholesome political disputations, then all must rise up to pray with this women prayer group for our governor, and the present administration.

We need, at this critical period, as stakeholders, to come together peacefully and give the present administration the needed boost and encouragement.

Already, with patriotic zeal, some groups have vowed to support the administration by speaking to the world in different forms, especially through press conferences, releases and interviews.Their voices are speaking against the negative onslaught being focussed to run down the present administration by enemies of the state. One of such groups is The Coalition of Rivers State Leaders of Thought (CORSLOT), an elite group of elders, chiefs and opinion leaders, founded as a non partisan, very potent pressure group for good governance.

The Coalition of Rivers State Leaders of Thoughts are a pro-state group that has sponsored over 5 press conferences in 2024 to speak to the sensibility of the present matter in the state by the Convener, High Chief Sunnie Chukwumele.

The group intends, in the near future, to raise letters to the British government, UN,EU,the African Union, ECOWAS and the Commonwealth besides other stringent steps, to inform them of the negative effects of the enemies of Rivers State, anticipating that the political situation may escalate into a disaster if not addressed.

It is their belief that the brazen actions of opposition are bent at state capture and to destabilize it, without minding unhelpful interventions like Abuja Presidential Peace Accord.

Though the Accord was skewed against an elected governor and leader of the state, yet the governor, as a man of peace, did not mind the sacrifice for the sake of peace, tranquility and development. However, the problem is being exacerbated by the opposition enemies.

Nobody is happy with the recent political crises and other criminal activities in the state, but negative and unbalanced criticism and name calling by leaders of the opposition party is not the way forward.

Rivers people have taken solace in God while Gov. Sim Fubara is advised to continually fashion out strategies to address the situation where peace and prosperous transformation will thrive, instead of engaging in negative counter criticism that will not solve problems.

Happily, our answered prayers continue to crumble the undeserved, irrelevant and sponsored criticisms against the state chief executive by enemies of the progress of Rivers State. They have never wished our great state well in it’s desire to become the economic and development hub of Africa via the quality leadership provided by Gov Sim Fubara.

By all standards, the governor has, a little after one year in office, shown capacity in governance with indelible positive actions on our teeming citizenry, especially in human capital and well fare of our people.

Gov Fubara has been roundly commended for his ability to conduct one of the most peaceful elections of our time, despite non participation of the security agencies admist provocative threats and challenges against the state.

This is nothing short of answers to prayers. The battle is truly of the Lord’ and with continuous daily prayers,we are winning the battle to the glory of God.

By Odinaka Osundu

His Highness OSUNDU, Media Practitioner, Traditional Ruler And Secretary of CORSLOT writes from Port Harcourt.