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2021-2023: NNPC, FIRS, Customs Target N43.5trn Revenue
Nigerian National Petroleum Corporation, NNPC; Federal Inland Revenue Service, FIRS, and the Nigerian Customs Service, NCS, have made projections to boost the nation’s revenue to the tune of N43.5 trillion between the year 2021 and 2023.
The three major revenue generating agencies of the nation disclosed this ain their separate presentations at an ongoing interactive session between the Senate Committee on Finance and national Planning and heads of ministries, departments and agencies of the governments on the 2021-2023 Medium Term Expenditure Framework and Fiscal Strategy Paper, MTEF/FSP.,
A breakdown of the N43.5 trillion projected revenues, shows that FIRS has planned to generate N19.1 trillion, NNPC, N19.5 trillion and NCS, N4.927 trillion each between 2021 and 2023.
However, each said that the realization of the projected revenues would be dependent on other intervening variables such as the crude price, among others.
In his presentation, the chairman of FIRS, MohmmedNami, ssid “The first assumption is that crude oil production will average 1.86 million barrels per day for 2021, 2.05 million barrels per day for 2022 and 2.38 million barrels per day for 2023. Crude oil price is projected to average $40 per barrel for three years. The exchange rate is projected at $360 to one United States dollar.
“The revenue projection for 2021 is N4.8 trillion, 2022 is N6.9 trillion and 2023 is N7.4 trillion.”
He added that the revenue projection of the agency was based on projected oil production of 1.86 million barrels per day for 2021, 2.05 million barrels per day for 2022 and 2.38 million barrels per day for 2023.
Also, the Group Managing Director of NNPC, GMD, MeleKyari, who was represented by the Chief Finance Officer, CFO of the corporation, Umar Ajiya, promised improved revenue generation into the coffers of the government in the next three years.
He said: “Our revenue projections for the three-year period of 2021-2023 are as follows: in 2021, we projected to generate N5.6 trillion; in 2022, we projected to generate a revenue of N6.575 trillion and in 2023, we expect to generate a total of N7.37 trillion.
The Comptroller-General of Customs, Col. Hameed Ali (rtd), said: “In 2021, all things being equal, we should be able to generate a total of N1.465 trillion. In 2022, we expect that we should be able to generate N1.704 trillion. Then in 2023, hopefully, we will be able to generate N1.758 trillion.
Meanwhile, Nigerian National Petroleum Corporation, NNPC, yesterday described media report that 48million barrels of crude oil was missing in the country as baseless.
Denying the report at an ongoing public hearing on the 2021-2023 Medium Term Expenditure Framework and Fiscal Strategy Paper, MTEF/FSP at the National Assembly, the Corporation challenges the Senate to carry out a forensic audit on the claim at its own cost insisting that the report is totally untrue.
Chairman of the Senate Joint Committees on Finance, and National Planning, Senator Solomon OlamilekanAdeola at the public hearing raised the issues of the alleged missing barrels of crude oil and unapproved yearly budget of the corporation.
Adeola equally demanded for proven evidence and not just verbal denial through media advertorials which the Corporation has been engaged in recently
Responding, the Group Managing Director, GMD of NNPC, MeleKyari represented by the Chief Finance Officer, CFO, Umar Ajiya, vehemently denied the report saying that there were no records of ships that sailed out of the Nigerian waters with such contrabands and clearance from the Nigerian Navy and Directorate of Petroleum and Resources, DPR.
Nneka Amaechi-Nnadi, Abuja
President Bola Tinubu has approved the nomination of four new members to the Governing Council of the Nigerian Content Development and Monitoring Board (NCDMB).
The Special Adviser to the President on Information and Strategy, Bayo Onanuga, in a statement yesterday, said the appointment is to fill existing vacancies and strengthen the board’s capacity.
The statement said the approved nominees are Mr. Olusegun Omosehin of the National Insurance Commission and Engr. Wole Ogunsanya of the Petroleum Technology Association of Nigeria.
Tinubu also endorsed the nomination of Sam Onyechi, who represents the Nigerian Content Consultative Forum and Barrister Owei Oyanbo from the Ministry of Petroleum Resources.
The President encouraged the new members to leverage their expertise and dedication to enhance local content development within Nigeria’s oil and gas industry.
It added, “The nominations arose from the exit of previous institutional representatives from the Governing Council.
“The NCDMB Governing Council, established under Section 69 of the Nigerian Oil and Gas Industry Content Development Act, 2010, comprises representatives from key institutions.
“These include the Ministry of Petroleum Resources, the Nigerian Upstream Petroleum Regulatory Commission, the Nigerian National Petroleum Company Limited, the Petroleum Technology Association of Nigeria, the Council for the Regulation of Engineering in Nigeria, the Nigerian Content Consultative Forum, and the National Insurance Commission.”
The Niger Delta Development Commission (NDDC) has announced plans to construct additional hostels, rehabilitate roads, and enhance power supply in the University of Port Harcourt (UNIPORT).
NDDC’s Managing Director, Dr Samuel Ogbuku, disclosed this during a visit to the commission’s headquarters in Port Harcourt, yesterday by a delegation from the UNIPORT’s Governing Council.
Ogbuku stated that the NDDC had committed to upgrading facilities at UNIPORT as part of efforts to foster partnership with educational institutions across the Niger Delta.
According to him, the implementation of additional projects at the university forms part of a broader strategy to improve education standards in the region.
“Aside from the construction of new hostel blocks and installation of a 300 KVA solar inverter system, the NDDC will also facilitate more projects in the university.
“The commission will also deploy its engineers to assess the condition of UNIPORT’s roads and hostels for potential rehabilitation,” he said.
Ogbuku noted that upon completion, the projects would add to various initiatives previously undertaken by the commission at the university.
“These and other projects reflect our commitment to actualising President Bola Tinubu’s Renewed Hope Agenda in the Niger Delta region,” he added.
He reaffirmed the NDDC’s dedication to fostering development and strengthening partnerships across the region.
Earlier, Sen. Mao Ohuanbunwa, Chairman of UNIPORT’s Governing Council, who led the delegation commended the current leadership of the NDDC for its achievements in accelerating development in the Niger Delta.
He highlighted the university’s infrastructural challenges, noting that it lacked adequate facilities to accommodate its growing student population, and appealed for the NDDC’s support in addressing the shortfall.
“Currently, UNIPORT has a total student population of about 50,000, while its hostel accommodation capacity can only cater for 5,000 students.
“We therefore urge the NDDC to assist in the construction of additional hostels, improve transportation facilities, and facilitate the acquisition of gas turbines to enhance power supply for our students,” Ohuanbunwa pleaded.
The Vice Chancellor of UNIPORT, Prof. Owunari Georgewill, commended NDDC for its impactful projects across the Niger Delta and extended an invitation to the commission to participate in the institution’s forthcoming 50th anniversary celebrations.
The Senate has rejected a motion to rename the Independent National Electoral Commission (INEC) headquarters after the former chairman of the defunct National Electoral Commission, late Prof Humphrey Nwosu.
Nwosu presided over the June 12, 1993, presidential election, which was truncated by the former military President, General Ibrahim Babangida (rtd).
The election which was won by the late business mogul, Chief MKO Abiola, was adjudged to be the freest and fairest in the electoral history of Nigeria.
The motion to rename INEC after Nwosu was re-sponsored by Senator Enyinnaya Abaribe yesterday after lawmakers threw it out last Wednesday.
Abaribe called for posthumous national honours to be conferred on Nwosu in recognition of his role in Nigeria’s democratic evolution.
However, the proposal sparked a heated debate once again, with lawmakers deeply divided over Nwosu’s legacy.
Senator Osita Ngwu acknowledged that Nwosu operated under a military regime, which restricted his ability to announce the results.
He argued that “there was no way he would have announced the results with a gun to his head. That doesn’t change the fact that some of us see him as a hero.”
Senator Austin Akobundu, however, described it as most uncharitable for lawmakers to dismiss Nwosu’s contributions, insisting that he deserved a place in Nigeria’s hall of honour.
On the other hand, several senators like Senator Jimoh Ibrahim dismissed the idea outright, questioning why the Senate should honour someone who failed to announce the results insisting that “nothing should be named after him”.
Senator Cyril Fasuyi argued that history does not reward efforts, but only results.
“As long as he did not announce the result, whether under duress or not, I am against naming INEC headquarters after him,” he submitted.
Also, Senator Sunday Karimi criticised Nwosu for lacking the courage to speak out, while Senator Afolabi Salisu warned that immortalising him would undermine the memory of MKO Abiola, the widely accepted winner of the June 12, 1993, annulled election.
“Any attempt to do anything beyond a one-minute silence is to rubbish Abiola’s legacy,” he tendered.
After intense deliberation, most senators rejected the motion through a voice vote.
They, however, agreed to honour him with a one-minute silence and extend condolences to his family, effectively dismissing the other prayers to immortalise Nwosu.