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Ajaokuta Steel Complex to Create 500,000 Jobs – Buhari, while reflecting on the Season 

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Nunc Dimittis: Buhari Advocates Regular Gulf of Guinea Summit To Ensure Peace, Security

President Muhammadu Buhari, in the course of the week, said the Ajaokuta Steel Complex would provide about 500,000 estimated jobs for Nigerian youths.

The president revealed this during his one-day state visit to Kogi on Thursday, even as some youths said would have been happier, if the jobs are provided now.

The President also spoke of the determination of his administration to position Kogi as an industrial hub, as well as a solid mineral power base.

He explained how the Federal Government achieved the resolution of all legal entanglements that had bogged down the progress of the Ajaokuta Steel Complex.

According to him, the project stands to benefit the people of the state immensely.

“It is like the President is now running the extra mile, as time runs against his tenure”, a youth, Johnson Edafe whose view was sought said, stressing that Nigerians are more interested in the empirical, rather than in the hypothetical.

Also Read: Ajaokuta Steel Coy to Generate $1.6bn Annually – Buhari

The president had earlier hosted the leadership of the FCT and representatives of the FCT community, who paid him Christmas homage at the Presidential Villa, Abuja, at the beginning of the week.

During the Christmas homage, Buhari lauded the Minister of the Federal Capital Territory (FCT), Malam Mohammed Bello for exhibiting the virtues of transparency, honesty and integrity while managing the affairs of the FCT.

According to the Nigerian leader, he deliberately appointed Bello as FCT minister and refused to redeploy him because of his good character.

He said Bello had proven to be a better manager of both financial and human resources.

Buhari also told his guests that he would not be hanging around the FCT, after May 29, 2023, in order not to meddle in the affairs of the office of his successor.

He reiterated that he would return to Daura, Katsina State, his hometown, at the end of his tenure.

According to him, his decision not to make Abuja a permanent abode is to allow his successor a free hand to operate and run the affairs of government.

The president also told members of the FCT community that he had not built a new house in Daura or anywhere and hoped to live in his same house of many years.

The president also inaugurated the Defence Intelligence Agency (DIA) newly acquired Estate in Idu-Karmo, Abuja, on Wednesday.

At the event, Buhari said the befitting accommodation would enhance productivity and coordination of activities of staffers of the agency in view of the increasing number of personnel facing new challenges and responsibilities

He also used the opportunity to charge security agencies that would be engaged with various support services in the 2023 general elections to maintain a high sense of professionalism.

Buhari urged the agencies to handle the distribution and monitoring of classified materials and other logistics ‘‘professionally and in accordance with Standing Operation Procedures.’’

While reiterating his earlier directive to security agencies to remain apolitical, the president said they must desist from behaviour that could bring disrepute to their organisations and the country ‘‘by compromising the democratic process.’’

On Wednesday, the Nigerian leader heaped praises on the newly promoted Commander, Brigade of Guards, Maj.-Gen. Mohammed Usman.

He described him as an outstanding officer who was serving the nation with great zeal.

The president, assisted by the Chief of Army Staff, Lt.-Gen. Faruk Yahaya and the wife of the Commander, Dr. Rekiya Usman, decorated the officer with the rank of Major-General.

Speaking shortly after the ceremony in the Presidential Villa, the president recalled his tumultuous military career marked with coups, counter-coups and detention.

He described Usman as a very lucky officer to have risen to the height of his military career with distinction and without hiccups.

The president also expressed sadness over the passing of Prof. George Obiozor, the President General of Ohaneze Ndigbo, worldwide.

He extended heartfelt condolences to Obiozor’s family, the government and the people of Imo as well as Ndigbo, at home and in Diaspora.

The president said that the contributions of the unique leader and strong proponent of peace and a stable polity, who also held other strategic public positions, would never be forgotten.

On Friday, Buhari hosted the Senate President, Dr. Ahmed Lawan at the State House, Abuja.

Lawan, who spoke to State House correspondents at the end of the meeting revealed that the president would sign the 2023 appropriation bill on Tuesday.

Lawan said that he discussed some national issues with Buhari, including the president’s recent additional loan request, the legislature’s support to the Independent National Electoral Commission (INEC) ahead of the general elections and the 2023 Appropriation Bill.

Buhari had on Saturday paid tribute to the late Pope Benedict XVI who was greatly admired globally for his selfless leadership and renowned learning as a theologian.

He commiserated with Pope Francis, the Catholic Church in Nigeria and around the world, as well as all Christian faithful mourning the passing of Pope Emeritus Benedict XVI.

He also lauded the deceased for his dedication to advancing inter-faith dialogue and peace.

According to Buhari, the late Pontiff will be remembered as a true servant of God.

The president concluded the week under review with his administration’s last New Year message released by his media aide, Malam Garba Shehu in Abuja on Saturday.

He reassured Nigerians that under his watch, their collective will and votes in the 2023 general elections would be fulfilled.

Buhari thanked the almighty God who saw Nigerians through the year 2022 and had given them the opportunity to see another New Year.

”It as an opportunity to reflect on the past year, reposition, and move forward in the new year,” Buhari said. 

Economy

Fuel Subsidy Removal: Don Predicts Reduction In Fuel Price

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Prof. AbdulGafar Ijaiya of the Department of Economics, University of Ilorin, has expressed optimism at President Bola Tinubu’s inaugural remarks on the removal of fuel subsidies, saying this may reduce prices at the long run.

Ijaiya, who spoke on Monday in Ilorin, observed that with commitment from the Federal Government in revamping existing refineries alongside Dangote refineries, will increase the availability of petroleum products.

The expert who however explained that though such effect may not be felt immediately, noted that the present pump price is about N200, depending on filling stations across the country.

He questioned if the present fuel price at about N200 was as a result of the subsidy removal, adding that if it is not, then fuel may likely increase with about 50 per cent rate after the removal.

“But the thing is that very soon, what has gone wrong with the refineries will be corrected and Dangote refineries will commence by July/August,” he said.

Ijaiya, who teaches in the Faculty of Social Sciences of the university, pointed out that in the beginning there might be an increase in the prices of foods and services.

He however asserted that in a society like Nigeria where people are used to hike in prices, it would not mean much to the citizens.

“By Economics principle, we have adjusted our expenditure profile consumption to particular items. We have moved from consuming luxury and unnecessary items to necessary items.

“This means people go for what is necessary and do away with those that are not,” he said.

Ijaiya affirmed that in the long run, the fuel pump price will adjust downward and there would be more supply of the products.

He further added that when there are more supply of a particular product in the market, it will automatically reduce the price.

“If we have enough supply, with time and there are no other man-made distortion that has to do with our behaviour, I see us buying it between N80 and N100 per litre,” he predicted.

The economist also foresee filling station advertising and competing for sales, saying it will be good for the nation.

He, however, cautioned that “we are in an uncertain world”, but maintained that fuel subsidy removal would be good for the country eventually as only a minority are benefiting from it.

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Economy

NNPC Ltd, OML 130 Partners Conclude Lease Renewal Process  

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The Nigerian National Petroleum Company Limited (NNPC Ltd) and the Oil Mining Lease (OML) 130 Partners have closed out the lease renewal process for OML 130 to unlock additional value from the Asset for stakeholders.

The NNPC Limited announced the renewal of the OML 130 Production Sharing Contract (PSC) and conversion of the acreage to a Petroleum Mining Lease (PML), in accordance with the Petroleum Industry Act (PIA) 2021 provisions on Thursday.

During the ceremony which was presided over by the Permanent Secretary, Ministry of Petroleum Resources, Amb. Gabriel Aduda, five agreements were executed.

The NNPC Ltd management, in a statement, listed the agreements to include the PSC between NNPC Ltd and its Contractors, China National Offshore Oil Corporation (CNOOC) and South Atlantic Petroleum (SAPETRO) with Total Upstream Nigeria (TUPNI) as the operator.

The agreements include a Heads of Agreement (HoA) Amendment involving NNPC Ltd, TUPNI, SAPETRO, PRIME 130, and CNOOC and a Settlement Repayment Agreement (SRA) Addendum between NNPC and its Contractors (CNOOC and SAPETRO).

Others are Concession Contracts for one Petroleum Prospecting Licence (PPL) and three PMLs and Lease and License Instruments between NNPC, TUPNI, SAPETRO, PRIME 130, and Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

The NNPC Ltd said the milestone would pave the way to firm up Final Investment Decision (FID) on the Preowei, amounting to US$2.1 billion.

This will subsequently be followed by Egina South projects lined up by TUPNI and the OML 130 partners to introduce additional volumes to the best-in-class Egina Floating, Production, Storage and Offloading (FPSO) Vessel,’’ the company said.

Stakeholders in attendance at the signing ceremony were the NNPC Ltd Group Chief Executive Officer (GCEO), Malam Mele Kyari, the Chief Upstream Investment Officer (CUIO), and Mr Bala Wunti, Chief Strategy and Sustainability Officer, Oritsemeyiwa Eyesan.

The event also had in attendance the NUPRC Chief Executive, Mr Gbenga Komolafe, Managing Directors of TotalEnergies in Nigeria and CNOOC, Mr. Mike Sangstar, and Mr. Li Chunsheng, among others.

OML 130 is in the deep water Niger Delta, 130 kilometres offshore. The block contains the producing Akpo and Egina fields and the Preowei discovery.

To date, the Akpo field, via the Akpo FPSO, has produced over 646 million barrels of Condensate, while the Egina field, via the Egina FPSO, has produced over 233 million barrels of Crude Oil.

So far, about 1.6 Trillion cubic feet (TcF) of gas has been commercialised from both fields with an outstanding record of non-zero gas flare.

OML 130, currently producing 170,000 barrels per day, is the largest producer in TotalEnergies’ Nigeria portfolio and amongst the most prolific assets in Nigeria.

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Economy

PAP Sets Aside N1.5bn To Drive Entrepreneurship For Niger Delta Ex-agitators

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The Presidential Amnesty Programme (PAP) has launched a N1.5 billion Cooperative Fund – the PAP Beneficiaries Cooperative Society (PAPCOSOL Ltd.) to give strategic empowerment directly to ex-agitators of the Niger Delta.

Launching the scheme on Wednesday, the Interim Administrator of PAP, retired Maj.-Gen. Barry Ndiomu said the initiative was a novel alternative economic development scheme.

He said the initiative was designed to create a more viable means of sustainable livelihood for ex-agitators with socio-economic development of their communities and making them self-reliant.

“Over the years, various reintegration empowerment programmes have delivered less-fulfilling results. I am confident that this initiative is the most practicable approach to ensuring the sustainable reintegration of ex-agitators.

“The scheme which will be serviced monthly with N500 million was birthed out of the need to encourage ex-agitators who are fast ageing, to explore more sustainable means of livelihood.

“This is better than depending on the monthly N65,000 monthly stipends from the Federal Government.

“The cooperative, which already has offices in Delta, Bayelsa and Rivers, will be closely supervised by the PAP office.

“It would be run by an Advisory Board led by Justice. Francis Tabai, a retired Supreme Court judge, and other seasoned professionals and ex-agitators,’’ Ndiomu said.

Ndiomu noted that beneficiaries would be provided with technical support on their business ideas, and also get access to grants.

Ndiomu with the NPA Managing Director, Mohammed Bello-Koko

He added that the scheme would focus on agricultural value chain, services and manufacturing.

Ndiomu expressed regret that the monthly N65,000 stipends had introduced the culture of dependency and indolence in ex-agitators.

In his remarks, Tabai commended the Interim Administrator for championing the drive to reposition PAP and transform the lives of people of Niger Delta.

He promised to bring his wealth of experience to ensure that the board delivered on its mandate.

Similarly, Hon. Felix Ayah, (PDP-Southern Ijaw Constituency I), lauded Ndiomu for thinking out of the box on the initiative.

Ayah stated that he and other leaders of the region would embrace the new thinking and promised to give the PAP boss maximum support.

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