Business

NASS Moves To Tackle Revenue Leakages

Published

7 years ago

September 27, 2017

The House of Representatives Adhoc Committee on Abuse of Pioneer Status Incentive for Companies in Nigeria has initiated moves to tackle leakages in revenue for the country.
To that end, the adhoc committee has began to visit companies and institutions across the country, as a part of its oversight functions towards tackling the matter.
Speaking to aviation correspondents at the Port Harcourt International Airport.Omagwa at the end of the committee’s visit to Rivers State, chairman of the committee, Hon Gaza Gbefwi stated that they were in Port Harcourt on oversight function as adhoc committee to visit some companies to ensure that what they do is in line with the Federal Government Constitution.
Hon Gbefwi who represents Karu/Keffi and Kokana Federal Constituency of Nasarawa State noted that there had been a lot of leakages in revenue to the Federal Government.
He said that the House of Representative under the leadership of the Speaker in the eight Assembly, Rt Hon Yakubu Dogara, is determined to block all leakages on the revenue to ensure that Nigerian people get the dividends of democracy.
“Some companies visited, we had an interface with their executives to ascertain that all they did was in conformity with the laws of the Federal Republic of Nigeria.
This is timely, because the resources and revenue from oil and petroleum is now dwindling and we have to look at other sources to boost the revenue,” he stated.
The law maker, however, applauded the developmental efforts of the Rivers State governor, Chief Nyesom Wike, especially in infrastructure, stressing that they are satisfied with what he has put on ground so far.

Corlins Walter

Business

REA, RESCOs Sign Agreement To Establish 23 Mini-grids

Published

1 second ago

February 5, 2025

The Tide

As parts of its quest for a closeout on rural electrification, the Rural Electrification Agency (REA) said it has signed a grant agreement with 18 Renewable Energy Service Companies (RESCOs) to establish 23 new mini-grids across the country.

The REA disclosed this in a post on its X (formerly Twitter) handle at the Weekend.

It said over 70,000 Nigerians would benefit from the Africa Mini-Grids Programme (AMP) supported by the Global Environment Facility (GEF), as part of a major push for rural electrification.

The agency stated that the initiative was supported by the United Nations Development Programme (UNDP), adding that the move was aimed at improving access to clean, reliable, and affordable energy for underserved and off-grid communities.

According to REA, the Africa Mini-Grids Program (AMP) is a multi-country initiative designed to accelerate the adoption of renewable energy solutions in rural areas.

It said the programme, in Nigeria, is expected to drive economic growth, enhance energy security, as well as reduce carbon emissions.

The agency insisted that the selected RESCOs would deploy innovative renewable energy technologies, including solar hybrid mini-grids, to power homes, businesses, and public facilities.

It further noted that the project aligns with Nigeria’s commitment to achieving universal energy access and transitioning to cleaner energy sources.

“70,000+ Nigerians to be impacted as the Global Environment Facility (@theGEF), @UNDP and Rural Electrification Agency (REA) Sign Grant Agreements with 18 Renewable Energy Service Companies, to Deliver 23 New Mini-Grids Nationwide through the GEF-Funded Africa Mini-Grids Program (AMP)”, REA tweeted.

Business

Ekpo Urges For Domestic, Export Market Boost In Gas Supply

Published

39 seconds ago

February 5, 2025

The Tide

The Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, has urged Seplat Energy Producing Nigeria Unlimited (SEPNU) to accelerate its natural gas delivery efforts for domestic use and export markets.

The Minister shared this statement on his official X (formerly Twitter) account.

Ekpo made the appeal during a meeting with Seplat’s senior management team, led by the Managing Director, Dotun Isiaka, at the Nigeria National Petroleum Corporation (NNPC) Towers, Abuja.

Speaking in his Official X account, Ekpo said “our disiscussions centered on expediting natural gas supply for both domestic use and export, particularly in light of Seplat’s recent takeover of assets from ExxonMobil in December 2024”.

Ekpo, who commended Seplat Energy for successfully assuming operatorship of these assets, urged the company to fast-track Gas Sales Agreements (GSAs), which, he said, were critical for unlocking Nigeria’s gas potential.

He emphasized the importance of timely execution of these agreements, insisting that they would drive industrialization, energy security, and economic growth.

The Minister further stressed the need for strong engagement with stakeholders, particularly host communities, to ensure a stable operational environment.

Ekpo noted the challenge of Nigeria’s low domestic gas utilization despite its vast reserves, urging operators like Seplat Energy to collaborate with the government to address the issue.

“Despite being one of the most gas-endowed nations in the world, Nigeria’s domestic utilization remains disappointingly low. Operators like Seplat Energy must collaborate with the government to reverse this trend.

“My office remains committed to supporting indigenous players by addressing legislative and regulatory bottlenecks to facilitate their gas production and distribution efforts”, he stated.

He reaffirmed his commitment to supporting indigenous players by addressing legislative and regulatory challenges to enhance gas production and distribution.

The Minister further pledged to collaborate with Seplat Energy to maintain its commitments and work alongside the government and private sector to unlock Nigeria’s full gas potential.

Business

FG Targets Power Sector Transition To Cost-Effective Tariffs

Published

1 min ago

February 5, 2025

The Tide

Nigeria’s electricity tariffs are expected to rise in the coming months as the Federal Government works towards transitioning to a cost-efficient, cost-reflective pricing model.

The Special Adviser to the President on Energy, Olu Verheijen, disclosed this while speaking to Journalists in Dar es Salaam, Tanzania.

In a Statement, Verheijen, who stressed the need for higher electricity tariffs to ensure the sustainability of the power sector, noted however that while tariffs must reflect the actual cost of power supply, subsidies would be maintained to protect low-income consumers.

“One of the key challenges we’re looking to resolve over the next few months is transitioning to a cost-efficient but cost-reflective tariff.

“This is needed so the sector generates revenue required to attract private capital, while also protecting the poor and vulnerable”, she explained.

According to her, Nigeria’s power industry requires substantial investment to meet its development targets.

Out of the country’s 14 gigawatts of installed power capacity, only 8 gigawatts can be transmitted nationwide, and merely 4 to 5 gigawatts are reliably delivered to homes and businesses.

Verheijen insisted that Nigeria’s energy policies must be aligned with its long-term economic goals.

“Your energy policies have to be closely linked with your own ambition for your country.

“Our own ambition is to be a $1 trillion economy in five years and to move to an upper-middle-income country in 25 years”, she said.