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JUST IN: President Tinubu Signs Executive Orders On Petroleum Sector Reform
Published
1 year agoon
By
Editor
President Bola Ahmed Tinubu on Wednesday signed three executive orders, targeted at positioning Nigeria as a preferred oil and gas investment destination in Africa.
In a statement obtained by Vanguard, Special Adviser to the President on Media & Publicity, Ajuri Ngelale, stated: “Following extensive engagements, analyses, and benchmarking with other jurisdictions, the President has initiated the amendment of primary legislation to introduce fiscal incentives for oil & gas projects, reduce contracting costs and timelines, and promote cost efficiency in local content requirements.
“Recognizing the urgency to accelerate investments, the President has directed as follows, Introduction of fiscal incentives for non-associated gas, midstream and deepwater developments, streamlining of contracting process to compress the contracting cycle to six months and the application of the local content requirements without hindering investments or the cost competitiveness.
“The details of these Policy Directives will be gazetted and communicated by the Federal Ministry of Information and National Orientation.
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“These incentives were developed in collaboration with the Federal Ministry of Justice, Federal Ministry of Finance, Federal Ministry of Petroleum, Federal Ministry of Budget and Economic Planning, Federal Inland Revenue Service, the Nigerian National Petroleum Company Limited, the Nigerian Upstream Petroleum Regulatory Commission, the Nigerian Midstream and Downstream Petroleum Regulatory Commission, and the Nigerian Content Development and Monitoring Board.
“The Special Adviser to the President on Energy has been directed to continue coordinating the aforementioned stakeholders to ensure the implementation of these directives within a stipulated time frame.”
Meanwhile, Nigeria’s oil production grew by 8.7 percent in January 2024 to 1.64 million barrels per day when compared to the 1.51 million barrels per day produced over corresponding period last year, latest data from the Nigerian Upstream Petroleum Regulatory Commission, NUPRC, has indicated.
The Commission in its crude oil and condensate production report for the month of January 2024 showed that average daily liquid production was 1.42 million barrels while average daily condensate production was 217,097 barrels.
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A closer look at the report showed that in total, oil production for the month of January was 50.95 million barrels, made up of 44.44 million liquid production and 6.7 million barrels of condensate oil.
The Commission disclosed that Forcados with 8.7 million barrels and Bonny with 6.9 million barrels, were the highest reporting terminals.
The Commission Chief Executive, Engr. Gbenga Komolafe had recently said that NUPRC has adopted measures that would tackle challenges facing the oil and gas sector and boost production in the country.
In a presentation in Lagos, Komolafe said Nigeria’s oil production currently averages 1.586 million barrels per day, made up of 1.33mbpd liquid production and 256,000 condensate oil production.
He explained that measures adopted by the Commission include improved transparency in hydrocarbon measurement and accounting, collaborative work programme administration with the exploration & production companies, and close monitoring to ensure that they meet their work programme obligations.
Others are acceleration of field developments through timely approvals and ensuring speedy execution, production optimisation by ensuring wells are tested periodically and produced at optimal rates, identifying candidate wells for work-over and interventions as well as the adoption of Enhanced Oil Recovery processes and technologies.
VANGUARD
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‘They Checked My Instagram’ – Nigerian Lady Breaks Down After Landing In U.S, Denied Entry
Published
21 hours agoon
June 29, 2025By
Editor
A Nigerian businesswoman has taken to social media to share her frustration and heartbreak after being denied entry into the United States, despite holding a valid visa.
In a video recorded on her return flight to Nigeria, the visibly distraught woman revealed that she was travelling to Texas for a trade fair.
She said she possessed a B1/B2 visa, which allows travel for both tourism and business meetings.
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However, upon arrival in the U.S., things took a turn.
“I was denied entrance into the US and that is because my visa [is] a B1–B2 visa which is [for] tourism/business meetings,” she explained tearfully.
“When I landed, I was detained for 24 hours and I was questioned. I told them I was going to exhibit but I did not know any better because the US has your data and your Instagram page.”
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According to her, immigration officials scrutinised her social media activity and private messages, using them to challenge her stated purpose of visit.
“Apparently, my Instagram says different. They even checked all my messages with my customers. The customers I have been telling that we are coming, they can pick up and all of that,” she said through tears.
Headline
Uganda: After 39 Years In Power, 80-year-old Yoweri Museveni To Seek Re-election
Published
1 day agoon
June 29, 2025By
Editor
Ugandan President, Yoweri Museveni, has announced his intention to run in the country’s next presidential election, extending a rule that began nearly four decades ago.
In a post on the X platform late Saturday, Museveni said he had “expressed my interest in running for… the position of presidential flag bearer,” for his ruling National Resistance Movement (NRM) party.
The 80-year-old leader has governed Uganda since 1986 after seizing power following a five-year guerrilla war. Under his leadership, the ruling NRM has twice amended the constitution, allowing him to remain in office beyond term and age limits.
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According to Reuters, right groups have long accused Museveni of deploying security forces and leveraging patronage to hold onto power, an allegation he denies.
Explaining his decision to seek reelection, Museveni said he aims to grow Uganda’s economy to a ”$500 billion economy in the next five years.” According to the finance ministry, the country’s GDP currently stands at about $66 billion.
Uganda is set to hold presidential and parliamentary elections in January next year. Museveni’s main challenger is expected to be opposition figure and pop star-turned-politician Bobi Wine, who came second in the 2021 election and has declared his intention to contest again in 2026.
Wine, whose real name is Robert Kyagulanyi, rejected the 2021 results, alleging his victory had been stolen through “ballot stuffing, intimidation by security forces and other irregularities.”
Headline
‘Netanyahu Must Go’, Israel’s Ex-PM Calls Leadership ‘Catastrophic’
Published
1 day agoon
June 29, 2025By
Editor
Naftali Bennett, Israel’s former Prime Minister, stated in a televised interview that current Prime Minister Benjamin Netanyahu must leave office.
Bennett refrained from saying whether he plans to challenge the longest-serving leader in the country in an upcoming election.
In an interview with Israel’s Channel 12 that aired on Saturday, Bennett commented, “Netanyahu has been in power for 20 years… that’s too much; it’s not healthy.”
He called attention to Netanyahu’s “heavy responsibility for the divisions in Israeli society,” highlighting the growing rifts that have emerged under Netanyahu’s leadership, especially regarding his handling of the Gaza war since October 2023.
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Bennett, a right-wing leader who joined forces with Netanyahu’s critics to form a coalition that ousted him from office after 12 consecutive years, insisted that “Netanyahu must go.”
However, the fragile coalition government Bennett led, along with current opposition leader Yair Lapid, collapsed after about a year. This led to snap elections, resulting in Netanyahu regaining the premiership with support from far-right and ultra-Orthodox Jewish parties.
Although Bennett has taken time away from politics, there are rumors of a potential comeback, with public opinion polls indicating he may have enough support to defeat Netanyahu again. Currently, no elections are scheduled before late 2026, but early elections are common in Israel.
In his Saturday interview, Bennett claimed credit for laying the groundwork for Israel’s bombardment campaign earlier this month against Iranian nuclear and military sites.
READ ALSO:Netanyahu Vows To Thwart ‘Any Attempt’ By Iran To Rebuild Nuclear Programme
The decision to launch attacks against the Islamic Republic “was very good” and “needed,” said Bennett, claiming that the offensive would not have been possible without the work of his short-lived government.
In Gaza, where Israel has waged war since Hamas’s October 2023 attack, Bennett said the military has displayed “exceptional” performance, but “the political management of the country” was “a catastrophe, a disaster”.
Criticising the Netanyahu government’s “inability to decide,” the former prime minister called for an immediate “comprehensive” agreement that would see all remaining hostages freed from Gaza.
“Leave the task of eliminating Hamas to a future government,” said Bennett, who also evaded several questions about whether he intends to run for office.
AFP
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