Naijapower

Nigeria is pouring scarce resources required to fix critical sectors such as education and health care services into subsidies on petroleum products and electricity, the United States Agency for International Development has said. The USAID Country Mission Director, Stephen Haykin, who represented the US Ambassador to Nigeria, Stuart Symington, said this at the 10th Anniversary Colloquium of the Financial Nigeria Magazine in Abuja on Tuesday. The USAID Country Mission Director, Stephen Haykin, who represented the US Ambassador to Nigeria, Stuart Symington, said this at the 10th Anniversary Colloquium of the Financial Nigeria Magazine in Abuja on Tuesday. Haykin said the inability of the country to recover the cost of electricity as well as the failure to recover the full cost of production from pump prices of petroleum products meant that critical resources were being diverted instead of being invested in critical needs in education and health care. He stated, “One pro...

…As Corporation Targets 10 Biofuel Complexes Nationwide The Nigerian National Petroleum Corporation (NNPC) has signed a Memorandum of Understanding (MoU) in China with Nigerian-Chinese consortia towards developing sustainable biofuels in the country. In a ceremony held at the Nigerian Embassy in Beijing on the sidelines of the ongoing Forum for China-Africa Cooperation (FOCAC) Summit Tuesday, two separate MoUs on the biofuels project development were signed between: NNPC and the OBAX-COMPLANT Consortium on one hand and NNPC and the CAPEGATE-NANNING Consortium on the other hand. Speaking shortly after signing the dotted lines on behalf of the corporation, NNPC Group Managing Director, Dr. Maikanti Baru, said the MoUs signing was aimed at implementing the Federal Government’s mandate on clean, alternative and renewable energy programmes, particularly automotive biofuels production nationwide. “The aspiration for the exploitation of renewable fuel resources in Nigeria is t...

Abuja – Presidential aide, Sen. Ita Enang, has said that rather than expressing displeasure, Nigerians should be glad that President Muhammadu Buhari withheld assent to the Petroleum Industry Governance Bill (PIGB). President Buhari Enang, who is the Senior Special Assistant (SSA) to the President on National Assembly Matters (Senate), stated this when he featured on News Agency of Nigeria (NAN) Forum in Abuja on Tuesday. He said that if the president had signed the bill, it would have made some commissions and agencies so rich that funds they would be collecting from the industry monthly would be more than what six states got monthly According to him, Buhari feels that the PIGB in its current form will create another `masquerade’ that would be a liability and debit to other tiers of government. By masquerade, Enang was referring to the provision of the Bill that allows the Petroleum Industry Regulatory Commission to retain as much as 10 per cent of the total revenue generated in the o...