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Reps To Recover Lost $20bn In Oil Sector

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The House of Representatives Committee on Petroleum Resources (Downstream) says it plans to conduct a comprehensive audit of the subsidy regime of Premium Motor Spirit (PMS) in the country.
The chairman, Ikeagwuonu Ugochinyere, said this at the committee’s inauguration in Abuja, last Friday.
He said the committee’s legislative priorities included ensuring energy security, enhancing professionalism in the petroleum sector and driving economic transformation.
Mr Ugochinyere said others included fostering accountability, institutional reforms, and focusing on revenue recovery and generation.
‘‘The committee’s specific objective is to assist the federal government in recovering the $20 billion revenue lost in the sector,” the lawmaker said.
He said the committee would also prioritise early remittance of federal revenues and the recovery of unremitted funds in the coming days.
Mr Ugochinyere emphasised the importance of addressing the challenges faced by Nigerians due to the fuel subsidy removal.
He said the committee also plans to probe the subsidy beneficiaries, scrutinise loan transactions and pre-export financing arrangements, and review loans related to crude oil.
The lawmaker said the committee would examine the direct sales and direct purchase method, which he said involved using crude for importing refined petrol and other associated value chains.
He said the committee would collaborate with other relevant committees in the upstream, mainstream, gas, and petroleum training fund sectors to achieve its objectives.
In reviewing the PIA, he said the committee plans to assess the actions taken before and after its implementation, the status of national assets, and the achievement of energy security.
He also said the committee would examine competition in the downstream sector, as originally intended in the PIA.
Mr Ugochinyere said the committee would also address the issue of NNPCL being the primary petrol importer, contrary to the PIA’s vision of diverse downstream operators.
He said the committee would address the challenges related to domestic crude supply for modular refineries and local refineries, which is a constitutional provision under the PIA.
‘’The committee will also ensure adequate supply of domestic crude to achieve energy security,’’ he said.

 

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Rivers Assembly Backs RSIEC

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The Rivers State House of Assembly under the leadership of Rt Hon. Victor Oko-Jumbo has endorsed the October 5, 2024 local government elections in Rivers State.
Rt Hon. Oko-Jumbo said this on the floor of the House during its legislative sitting on Wednesday in Port Harcourt.
He said the House aligned itself with a recent Supreme Court’s judgement which directed all states in the country to ensure democratically elected councils in their respective states.
According to the Speaker, the forthcoming election is also in line with the recent Supreme Court’s judgment which outlawed unelected councils’ leaderships in the country.
Rt Hon Oko-Jumbo also said the election is also in compliance with the order of a Port Harcourt High Court that mandated the state electoral umpire to use the 2023 Independent National Electoral Commission (INEC) voter register for the election.
The Speaker said the House was also satisfied with the preparations so far made by both the Rivers State Independent Electoral Commission (RSIEC) and the state government for the conduct of the elections.
The number one lawmaker in the State urged security agencies to ensure adequate security of lives and property during the elections, while calling on eligible voters to turn out en mass and vote for candidates of their choice.

 

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Nigeria’s Progress Dependent On Leaders Of Character – Utomi

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Professor of Political Economy, Prof Pat Utomi, has explained that Nigeria’s fortunes can change for the better if people of character are in positions of authority.
The Professor, who was a guest on a live television programme last Wednesday, said the country has the human capital required to achieve greatness.
“Ultimately, values shape human progress. When we have values and people of character and commitment to service (are) in positions of public authority, our country will turn around,” Prof Utomi said on the programme.
“We have the ingredients, the human capital that it takes to show the way”, he said.
Prof Utomi criticised the loss of Nigerian values and customs, attributing it to the breakdown of the nation’s institutions.
He stated that without robust institutions, such as the court and the electoral body, no nation can advance significantly.
“The biggest challenge we have is that culture is in collapse in Nigeria, values shape human progress. How do we get a values revolution? Institutions are critical for human progress if we can commit to building stronger institutions that push back on people who do not do right and the rule of law is fully in place.
“Look at our judiciary, it is a laughing stock – no country can make real progress without a judiciary that you can rely on. Look at our other institutions, whether it is INEC or others; they are weak.
“How do we ensure that we have strong institutions and that we have values that ensure that character matters and that people of character can show a light? We can do it, I am absolutely confident because I have seen it happen in human history,” he said.
He added that young Nigerians were contributing to the nation’s woes by helping to elect dishonest leaders, asserting that when leaders replace nepotism with competence, the nation will prosper.

 

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Mutfwang Promises Non-interference In Plateau LG Polls

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Governor of Plateau State, Mr Caleb Mutfwang, has promised that he would not interfere with the electoral process ahead of the Oct. 9 local government elections in the state.
Mr Mutfwang said this on Wednesday as the candidates of the Peoples Democratic Party (PDP) in the Southern and Central zones of the state held rallies ahead of the election.
He said that the State’s Independent Electoral Commission (PLASIEC) had the task of conducting a free, fair and credible elections across the 17 local government areas (LGAs) of the state.
The governor, who urged the residents of the state to vote candidates of the PDP across board, said that his government had made significant impact in the last one year.
”We have pledged to restore the era of transparent elections in Plateau and this is why we are here to campaign for our candidates.
”Our government is making significant progress and will continue to meet the yearnings and aspirations of the people, particularly those in the rural areas.
”So, I call on you to vote for all PDP candidates on Oct. 9; this way, development will spread to all parts of the state,” the governor said.
Mr Mutfwang, who thanked the people of the two zones for overwhelmingly voting him as governor, said that the party would not fail them.
Also, the PDP chairman in the state, Chris Hassan, thanked the people of the zones for their support.
He thanked them for coming out in their numbers to welcome the governor.
Mr Hassan reiterated that the PDP was committed to transforming lives and improving the living condition of the people across the state.

 

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