Buhari Asks Senate To Amend PIA, Ignores Oil Areas’ Demand For 5%
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.
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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.”
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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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BREAKING:Nigeria Air Launch A Fraud – Reps
The House of Representatives on Monday faulted the purported launch of Nigeria Air in the last days of the administration of former President, Muhammadu Buhari.
The Chairman of the House Committee on Aviation, Nnolim Nnaji, declared the launch of Nigeria Air a fraud after the major stakeholders in the deal between the Federal Government and Ethiopian Airlines denied knowledge of the launch.
The Ministry of Aviation claimed Nigeria Air was only unveiled and not launched, which the committee dismissed as an attempt to divert the lawmakers’ attention.
Members of the committee were shocked when NAMA disclosed that the aircraft bearing Nigerian colours was on a chartered flight to Nigeria.
Other stakeholders who confirmed the disclosure noted that a chartered flight could be painted in any colour and with any inscriptions.
BREAKING: CBN Speaks On Devaluation Of Naira To N630/$1
The Central Bank of Nigeria ( CBN) on Thursday denied devaluing the naira .
This clarification came from the
Acting Director, Corporate Communication, Dr. Isa AbdulMumin, in a statement titled, “CBN Has Not Devalued the Naira”.
He said: “The attention of the Central Bank of Nigeria (CBN) has been drawn to a news report… titled “CBN Devalues Naira To 630/31”.
“We wish to state categorically that this news report, which in the imagination of the newspaper is exclusive, is replete with outright FALSEHOODS and destabilizing innuendos, reflecting potentially willful ignorance of the said medium as to the workings of the Nigerian Foreign Exchange Market.
“For the avoidance of doubt, the exchange rate at the Investors’ & Exporters’ (I&E) window traded this moming (June 1, 2023) at N465/US$1 and has been stable around this rate for a while.”
The bank advised the public to ignore the news report in its entirety, saying it’s speculative and calculated at causing panic in the market.
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BREAKING: After Subsidy Removal, NNPC Increases Petrol Price To Over N500
The Nigerian National Petroleum Company Limited (NNPC) on Wednesday adjusted the pump price of petrol by over 100% to between N488 and N557.
The development followed the announcement by President Bola Tinubu during his inaugural address on Monday that fuel subsidy was ‘gone’.
However, it was learnt that the president will meet with organised labour from 2pm Thursday (today) afternoon.
The prices have now been adjusted upward from between N189 to N194 to N537 per litre in Abuja and other North-central States.
For Lagos and other South-west states, a litre of fuel now sells for between N488 and N500 per litre.
In the South-east, the price will range from N515 to N520, while in the North-west, the price of the product was raised to N540. In the North-east, it moved from N199 to N557 per litre.
For the South-south, it is now from N511 to N525 per litre. Nigeria’s subsidy budget of N3.6 trillion for this year, expires in June, 2023.
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