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Buhari Asks Senate To Amend PIA, Ignores Oil Areas’ Demand For 5%

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BREAKING: Buhari Sacks Wife's Aides

As President Muhammadu Buhari seeks to amend certain provisions of the Petroleum Industry Act (PIA), he is silent on the demand of oil communities for five percent equity share.

The joint National Assembly committees that worked on the PIB had proposed a five per cent equity share for the development of the host communities but the Senate led the campaign for its reduction to three per cent while the House of Representatives approved the panel’s recommendation.

The conference committee set up by the presiding officers of both chambers in their recommendation, fixed the equity share at three per cent and was invariably approved by the National Assembly.

The development degenerated into a controversy with senators from the South-South geopolitical zone kicking against it and asked Buhari to resolve the impasse by seeking an amendment to increase the equity share to five per cent.

However, the new amendments proposed by the president did not address the concerns of the South-South stakeholders.

READ ALSO: Why Buhari Govt Won’t Name, Shame Financiers Of Terrorism – Adesina

Rather, Buhari’s fresh request centred basically on the need to review the administrative structure of the Upstream Regulatory Commission and the Nigerian Midstream and Downstream Petroleum Regulatory Authority.

Buhari is seeking the senators’ approval to increase the numbers of the non-executive board members of each of the regulatory agencies from two to six, in order to capture the six geopolitical zones.

He said: “The Petroleum Industry Act 2021 provided for the appointment of two non- executive members for the board of the two regulatory institutions.

“I am of the view that this membership limitation has not addressed the principle of balanced geopolitical representation of the country.

“Therefore, I pray for the intervention of the 9th Assembly to correct this oversight in the interest of our national unity.

“Needless to add that this amendment will provide a sense of participation and inclusion to almost every section of the country in the decision making of strategic institutions such as oil industry.

“if this amendment is approved, it will now increase the number of the non-executive members from two to six that is one person from each of the six geopolitical zones of the country.”

The president also removed the ministers of finance and petroleum resources from the board of the two agencies.

According to him, the two ministers already have constitutional responsibilities of either supervision or inter-governmental relations.
He said: “They can continue to perform such roles without being on the board.

“It is also important to note that administratively, the representatives of the ministries on the board will be directors – being the same rank with the directors in the institution

“This may bring some complications in some decision-making especially on staff-related matters.”

READ ALSO: How Buhari’s Panel Sold Six-storey Building For Paltry N100m

Buhari added that the appointments of the executive directors who would be in charge of the seven departments in the NMDPRA should not be subjected to Senate confirmation since they are civil servants who were promoted in the course of their career.

He said :“The Act has made provision for seven departmental heads in the Authority to be known as executive directors.

“Their appointment (according to the PIA) will also be subjected to Senate confirmation. This category of officers are civil servants and not political appointees.

“The Senate is invited to note the need to exempt serving public officers from the established confirmation process for political appointments.

“This will ensure effective management of the regulatory institutions through uniform implementation of public service rules for employees of the Authority.

“In the future, these positions will obviously be filled by the workers in the Authority.”

Buhari said the proposed amendment would also increase the membership of the board from nine to 13 members that is representing 44 per cent expansion of the board site.

He said: “This composition would strengthen the institutions and guarantee national spread and also achieve the expected policy contributions.”

 

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Debt Profile Under Buhari Worrisome – CBN

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Yoruba Leader Writes Buhari, Seeks Talks Over Emergence Of Yoruba Nation

Nigeria’s increasing debt profile under President Muhammadu Buhari is a source of worry to the Central Bank of Nigeria ( CBN) .

This was disclosed in a communique by the CBN’s monetary policy committee  released on Wednesday.

“The committee noted the Federal Government’s increasing debt profile and expressed concerns over debt sustainability given that global uncertainties remain elevated”, the apex said.

The financial regulator urged the federal government to take on urgent measures to cope with debt burden.

READ ALSO: ASUU Strike May End Soon As Buhari Gives Education Minister Adamu Deadline

“The MPC thus reiterated its call to the Federal Government to urgently diversify its revenue sources through various initiatives, such as, the development of a viable tax framework for the extractive and mineral export industries, to strengthen its fiscal buffers.”

As at March 2022, Nigeria’s total public debt hit N41.60 trillion, according to the Debt Management Office.

The Buhari regime has often rebuffed concern about its acute borrowings, justifying that the funds are invested in capital projects with lasting impact.

 

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BREAKING: CBN Raises Interest Rate To 14% To Tame Rising Inflation

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BREAKING: CBN Raises Interest Rate To 14% To Tame Rising Inflation

As a measure to tame rising inflation, the policy-setting committee of the Central Bank of Nigeria (CBN) has raised the monetary policy rate (MPR), which measures interest rate, from 13 percent to 14 percent.

The monetary policy rate (MPR) is the baseline interest rate in an economy, every other interest rate used within an economy is built on it.

READ ALSO: CBN Raises Benchmark Interest Rate To 13%

Addressing journalists on Tuesday after the committee’s meeting at the CBN headquarters in Abuja, Godwin Emefiele, governor of the apex bank, said the hike in interest rate would help tame rising inflation.

 

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Nigeria’s Inflation Rises Over 18 Per Cent

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Nigeria's Inflation Rises Over 18 Per Cent

The National Bureau of Statistics (NBC) has said that Nigeria’s inflation rate in the month of June 2022 increased to 18.60 percent on a year-on-year basis.

The recorded increase in June is 0.84 percent points higher compared to the rate recorded in June 2021, which is 17.75 percent.

This means that the headline inflation rate increased in the month of June 2022 when compared to the same month in the previous year (June 2021).

Increases were recorded in all COICOP divisions that yielded the Headline index.

READ ALSO: Ghana Workers Get 15 Per Cent Pay Rise To Cushion Inflation

On a month-on-month basis, the headline inflation rate increased to 1.82 percent in June 2022, this is 0.03 percent higher than the rate recorded in May 2022 (1.78 percent).

The percentage change in the average composite CPI for the twelve months period ending June 2022 over the average of the CPI for the previous twelve months period is 16.54 percent, showing a 0.62 percent increase compared to 15.93 percent recorded in June 2021.

 

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