Headline

Lawmakers Pass PIGB with Five Per cent Fuel Levy, Await Buhari’s Assent

Published

8 years ago

March 29, 2018

Eric

Nigerians will have to pay more for fuel as the National Assembly yesterday passed the Petroleum Industry Governance Bill (PIGB) with five percent levy on fuel sold across the country.

According to the lawmakers, the five percent levy will be used to fund the Petroleum Equalisation Fund (PEF) as reflected in the new bill.

The passage followed the consideration and adoption of the conference committee report on the bill.

Going by Section 36 (1) (a) of the bill, “There shall be established the Petroleum Equalisation Fund into which shall be paid all monies payable to the Equalisation Fund by way of a 5 percent fuel levy in respect of all fuel sold and distributed within the Federation which shall be charged subject to the approval of the Minister (of Petroleum)”.

Other sources of financing the PEF, as stated in the bill, include subventions, fees and charges for services rendered, as well as net surplus revenue recovered from petroleum products marketing companies.

The Bill empowered the Equalisation Fund to collect all revenues and levies charged; determine the net surplus revenue recoverable from any oil marketing company and accruing to that company from the sale by it of petroleum products at such uniform prices as may be fixed by the Minister; determine the amount of reimbursement due to any oil marketing company for purposes of equalisation of price of products among others.

It also seeks to provide for the governance and institutional framework for the petroleum industry.

One of the major highlights of the bill is one seeking to unbundle the Nigerian National Petroleum Corporation (NNPC), provide for the establishment of Federal Ministry of Petroleum Incorporated, Nigerian Petroleum Regulatory Commission, Nigerian Petroleum Assets Management Company and National Petroleum Company and Petroleum Equalisation Fund.

The regulatory bill also seeks to replace the NNPC with the National Petroleum Commission.

If it eventually becomes law, existing agencies, like the Petroleum Inspectorate, Department of Petroleum Resources (DPR) and the Petroleum Products Pricing Regulatory Agency (PPPRA) will be abolished.

Their functions will then be transferred to a new agency -the Nigeria Petroleum Regulatory Commission (NPREC) as provided in the new bill.

The bill empowers the NPREC ‘to administer and enforce policies, laws and regulations relating to all aspects of petroleum operations.

It also empowers it to monitor and enforce compliance with the terms and conditions of all leases, licences, permits and authorisations issued in respect of any petroleum operations.

It will also define and enforce approved standards for design, construction, fabrication, operation and maintenance for all plants, installations and facilities utilized or to be utilised in petroleum operations.

Similarly, it is empowered to establish, monitor, regulate and enforce health and safety measures relating to all aspects of petroleum operations; establish the framework for the validation and certification of national hydrocarbon reserves; advise the Minister on fiscal and other issues pertaining to the petroleum industry; undertake evaluation of national reserves and reservoir management studies.

It also empowers the body to issue licences, permits or authorisations for downstream gas, petroleum products, storage depots, retail outlets, transportation and distribution facilities for the industry.

President of the Senate Bukola Saraki urged President Muhammadu Buhari to sign the bill into law.

Saraki said, “I hope with this, we will get the assent of Mr President and hopefully open a new page for the petroleum industry”.

At the House of Representatives, there was a concurrence as the report of the conference committee on “A bill for an act to provide for the Governance and Institutional Framework for the Petroleum Industry (PIGB)” was considered and adopted.

The next step is the transmission of the bill to the President for assent and if signed into law, the NNPC will be unbundled into smaller independent companies.

Also, the House moved closer to its resolve on the stoppage of the sales or concession of the Ajaokuta Steel Company.

At the Committee of the Whole House, chaired by Speaker Yakubu Dogara, the House considered and adopted the report of a bill to provide for the withdrawal of $1b from the Excess Crude Account (ECA) for the completion of the 98 per cent completed steel company.

The bill was sponsored by 301 members of the House.

If signed into law by the President, after scaling the Senate huddle for concurrence, the Presidency will be empowered to withdraw $1b from the ECA to complete the project.

Headline

2027: Peter Obi Raises Doubt About Clinching ADC Presidential Ticket

Published

10 hours ago

March 19, 2026

Eric

A former Labour Party presidential candidate, Peter Obi, has expressed reservations over his ability to clinch the African Democratic Congress’ (ADC) presidential ticket for the 2027 elections.

In a video address to his followers, Obi stated that receiving the ADC’s presidential ticket is not guaranteed.

He said: “Someone asked me how I know for sure that the ADC will give me the presidential ticket. I cannot be certain. What matters is that we are committed to a cause.

I keep wondering how we ended up in this situation and what might happen if we decide to stop working on this project.”

“Obi also said he is still committed to his goals, and he hasn’t let any reported threats stop him.

The former Labour Party presidential candidate praised his supporters for their resilience, recognizing the difficulties of working within opposition politics in Nigeria.

Obi thanked everyone who stayed loyal even though they didn’t get much benefit right away.

“I thank you for your sacrifice. It’s not easy to be in the opposition in Nigeria, and I’m thankful to those who keep supporting even when there’s no clear reward,” he said.

He, however, expressed uncertainty about the future, especially concerning political alliances and commitments.

“How can we be certain that the people we’re working with right now won’t leave us behind tomorrow? I wish we could be sure, but we can’t,” he said.

Headline

Terrorism: Tinubu Seeks UK’s Assistance Amid Challenges

Published

17 hours ago

March 19, 2026

Eric

President Bola Tinubu, on Wednesday, solicited partnership with the United Kingdom to crush terrorism in the Sahel before it engulfs the region.

“Our West African region faces complex terrorism challenges with roots in the Sahel,” Tinubu told King Charles III, Queen Camilla, Prince William, and elite guests, at a state banquet.

Speaking as the first Nigerian leader at the historic venue, Tinubu said: “As one of the largest nations within the Commonwealth, Nigeria looks forward to contributing constructively to the continued growth and vitality of this global community.

“Our West African region faces complex terrorism challenges with roots in the Sahel. Nigeria carries an enormous responsibility to help safeguard regional stability. In confronting these threats, partnership with the United Kingdom remains essential and I look forward to my meeting with Prime Minister Kier Starmer tomorrow.

“Despite these challenges, Nigeria approaches the future with hope and confidence. We are a nation of diverse and vibrant people, of young people dreaming big, of entrepreneurs with a global outlook, and of a hopeful people determined to realise their full potential.”

The Nigeria’s President said it was an honour to stand before the royal family, representing the people of Nigeria to reaffirm the enduring bonds of friendship, history, and shared purpose that have united Nigeria and the United Kingdom for several centuries.

“Allow me first to express my sincere appreciation to Your Majesty and to Her Majesty, The Queen for the warmth and generosity extended to me, my wife, Oluremi, and the Nigerian delegation.

“As the first Nigerian leader to speak here at Windsor Castle, which has served the British Crown for nearly a millennium, is particularly historic. Windsor has stood as a symbol of continuity, witnessing the steady evolution of institutions that have shaped governance, culture, and public life not only in Britain but far beyond these shores.

“Nigeria and the United Kingdom have shared more than just history; our two nations share a vision of progress and resilience. Today, we continue that journey, committed to building a future rooted in partnership, mutual respect, and common values.

“Standing here in Windsor Castle, one cannot help but reflect on Britain’s impact on modern democratic governance worldwide.”

He explained further: “The Magna Carta of 1215 laid the early foundations for the rule of law and the development of parliamentary democracy, establishing enduring ideals around liberty, accountable government, and civic responsibility.

“Great British thinkers and writers such as Thomas Hobbes, John Locke, and Edmund Burke helped to propagate those democratic ideals. Their influence continues to resonate to this day.

“The literary genius of William Shakespeare and other writers such as Charles Dickens, has enriched and shaped the English language, spoken by over 1.5 billion people worldwide.

“In Nigeria, elements of these traditions continue to inform the institutional foundations of our own republic. Our courts draw upon legal traditions rooted in English common law. Our parliamentary institutions reflect constitutional practices that evolved here over centuries. Our civil service structures have also drawn upon administrative models developed in Britain and adapted to Nigeria’s own national context.

“While institutions matter greatly, our people remain the strongest bridge between our two countries.”

He said the Nigerian community in the United Kingdom has become one of the most dynamic diaspora communities worldwide, adding: “Nigerians contribute enormously to the vitality of this nation. Within the National Health Service, Nigerian doctors and nurses play an indispensable role in delivering healthcare. Nigerian-trained doctors are among the largest groups of international medical professionals serving the NHS.”

He noted the exploits of Nigerians in the country especially in sports, saying: “in sport, rugby players such as Maro Itoje, footballers including Bukayo Saka and Eberechi Eze, and champion boxer Anthony Joshua, illustrate the remarkable human connection that links Nigeria and the United Kingdom.

“Our partnership is further strengthened through the Commonwealth of Nations, which connects 56 countries under Your Majesty’s leadership.”

He expressed confidence that the friendship between Nigeria and the United Kingdom will continue to grow.

“Finally, Your Majesty, I wish to express Nigeria’s deep gratitude to this great nation for the refuge and support it extended during the dark years of military dictatorship. Like many Nigerians involved in the pro-democracy struggle, I found safety here, and I recall that my residence was placed under Metropolitan Police surveillance for protection following threats from agents of the junta.

“That solidarity remains etched in our collective memory, and it is deeply humbling for me to stand before Your Majesty today as the President of a democratic Nigeria.

“On behalf of the Government and people of Nigeria, I thank Your Majesty, Her Majesty The Queen, Prince William and Catherine, the Princess of Wales, other members of the Royal Family, and the people of the United Kingdom for their longstanding friendship.

“In the spirit of friendship and our shared destiny, I invite you all to raise a glass with me:

“To the special bond between Nigeria and the United Kingdom, and to the bright future that we shall build together.”

Headline

Bala Mohammed Debunks Defection Rumours, Affirms Loyalty to PDP

Published

18 hours ago

March 19, 2026

Eric

Bauchi State governor, Bala Mohammed, has dismissed speculation linking him with a possible defection to the ruling All Progressives Congress (APC), reiterating his commitment to the Peoples’ Democratic Party (PDP).

The governor, who also serves as Chairman of the PDP Governors’ Forum, had recently been the subject of reports suggesting he might be considering leaving the opposition party, with claims that such a move could occur within the week.

However, while dismissing the rumour shortly after presiding over the swearing-in of 17 newly appointed Permanent Secretaries at the Government House in Bauchi on Wednesday, Mohammed downplayed the claims, stressing that he had made no official statement indicating any intention to quit the PDP.

He maintained that the reports are unfounded, reaffirming his continued membership of the party.

“I find it amusing that even when I have not said anything officially, people are already discussing me as if I have moved,” he said.