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Oyedele’s Presidential Committee on Reforms seeks NEITI Partnership, Collaboration on Accurate Data, Revenue Transparency

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The Nigeria Extractive Industries Transparency Initiative (NEITI) and the Presidential Committee on Fiscal Policy and Tax Reforms (PCFPTR) have agreed to work in partnership and collaborate on deployment of reliable data, public disclosure to support ongoing governance and institutional reforms and public finance management.

Rising from an elaborate meeting held at the NEITI House Abuja, the Executive Secretary of NEITI, Dr Orji Ogbonnaya Orji and the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Mr. Taiwo Oyedele identified the importance of NEITI’s reports in the oil, gas and mining sectors and the deployment of accurate data as critical success factors in evolving enduring fiscal policies and tax reforms in Nigeria.

Receiving the delegation, the Executive Secretary of NEITI, Dr Orji Ogbonnaya Orji remarked that NEITI’s key focal areas of improving Nigeria’s macro-economic environment, strengthening public expenditure management, structure, institutional and governance reforms to boost economic growth, create jobs and poverty reduction aligns closely with the mandates of the Presidential Committee. 

According to the NEITI Boss: “With the combined forces of the Presidential Committee and NEITI, Nigeria would benefit from shared knowledge, skills, information and data that informs best economic reforms and policy making”.

He noted that NEITI is available to provide information and data as contained in the NEITI oil, gas, solid minerals and the Fiscal Allocation and Statutory Disbursement Reports and advised the Committee on the need to utilize the findings and recommendations contained in the NEITI reports to advance economic policy initiatives for the benefit of the citizens.

Dr. Orji congratulated the Chairman of the Presidential Committee, Mr Taiwo Oyedele on his appointment to undertake such a critical task and pledged the cooperation of NEITI to support and ensure the success of their national assignment.

The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms (PCFPTR), Mr. Taiwo Oyedele commended NEITI for the work that the agency is doing in the extractive sector and maintained that such efforts are the reason behind NEITI’s selection by the Committee as one of the key Agencies to support the Committee with data and information that will enable it to deliver on its assignment.

He explained that the Committee has classified its work in three distinct categories including fiscal governance with particular attention to financial management, revenue generation, borrowing, spending as well as policy coordination at the national and sub-national levels.

Others were on revenue transformation focusing on improving government revenues through improved mechanisms for taxing oil and gas and non-oil resources to transform the revenue profile of the Country. 

The Committee is also looking at oil and gas which is the core area of focus by NEITI as well as non-oil resources like the solid minerals sector which NEITI can support the Committee in the area of information and data.

Mr Oyedele further explained that the third pillar or mandate of the Committee is economic growth facilitation and competitiveness with focus on removal of impediments for businesses to thrive, growth, provide jobs and generate revenues.

Mr. Oyedele announced that under the first phase of the Committee’s work which he classified as the ‘quick wins’, it submitted a report with over 20 recommendations to the President, 3 of which have been fully implemented.

He highlighted that the Committee is in its second phase tagged critical reforms which among other things will require amendment of some existing Laws.

The Committee is already engaging the National Assembly and sub-national government on the issues that concerns them while the third phase will be on implementation and change management.

He hopes that the outcome of the Committee’s work will transform to revenue growth for Nigeria.

The Presidential Committee extended special invitation to NEITI to be its partner and co-opted NEITI into the Committee in recognition of the knowledge, competence and integrity of the agency in helping the Committee to streamline fiscal policies, optimize tax structures, and improve revenue collection mechanisms.

Mr Oyedele remarked “By harnessing data-driven insights and best practices, both entities will strive to create an enabling environment for investment, job creation, and economic growth.

Furthermore, the collaboration will prioritise initiatives aimed at enhancing transparency, accountability, and integrity in the management of Nigeria’s extractive resources through promotion and facilitation of participatory and inclusive dialogue with stakeholders, engagements and information sharing, building trust, promoting responsible resource management and combating illicit financial flows.

In reaffirming their commitment to driving meaningful change, the Presidential Committee and NEITI called on all stakeholders, including government agencies, industry partners, civil society organisations and the general public, to actively support and participate in these collective efforts.

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JUST IN: Filling stations shut after Dangote Refinery’s petrol price drop

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Some filling stations and petroleum products marketers, partners of Dangote Refinery’s petrol, temporarily shut down for the past five days after the latest premium motor spirit price drop by the 650,000 barrels per day refinery.

Recall that for the past five days, MRS filling stations in Abuja, along Kubwa Expressway, and others have not dispensed fuel since Dangote Refinery announced its ex-depot fuel price reduction to N835 per litre on Tuesday, 16 April, 2025.

An official of MRS filling station, who preferred anonymity because he is not authorised to speak said the filling station is grappling with the loss incurred after Dangote’s latest price adjustment.

“It is because of Dangote’s latest price drop. The filling station had old stock, which it couldn’t sell at a loss.

“This is the reason we have shut down since Tuesday. We may reopen on Tuesday,” he said.

Meanwhile, another official at the filling station said the retail outlet is billed to reopen on Tuesday, noting that it has been undergoing minor maintenance.

“We have been on maintenance for the past few days, which is the reason the station was shut. We will reopen on Tuesday,” he said.

According to him, the filling station would commence dispensing at the new price of N910 per litre from Tuesday.

Other partners of Dangote Refinery, such as AP, Ardova, and Optima, are dispensing fuel between N910 and 920 per litre in parts of Abuja as of Monday, 21st April 2025.

Reacting to the development, the National President of Petroleum Retailers Outlets Owners Association of Nigeria, Billy Gillis-Harry, said the latest fuel price drop affected the purchasing power of petrol retailers and marketers.

According to him, indiscriminate price adjustment, whether downward or upward, is not good for the petroleum downstream sector and the Nigerian economy.

At every point, if prices of petrol are indiscriminately changed without any clearly defined economic reason, the chances that it will impact on the buying power of retailers and marketers are there.

“It is not good for business, the economy, and Nigerians.

“Prices of petrol change for reasons that are understandable with proper information to retailers,” he said.

Recall that Gillis-Harry had earlier called for a six-month fuel price stability plan to halt fluctuations.

Earlier, the spokesperson for the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, had hinted that marketers having old stocks of fuel will incur billions of losses following Dangote’s latest fuel price drop.

Last week became the second time the $20 billion refinery reduced its fuel price nationwide. This indicates a combined downward ex-depot price drop of N45 per litre.

Dangote Refinery had, on 10 April, reduced its gantry price of petrol to N865 per litre.

However, the ex-depot fuel price had further dropped to N835 per litre.

This comes after the federal government’s renewed commitment to the indefinite continuation of the naira-for-crude deal with other local refiners and the drop in global crude prices to around $66 per barrel.

The Nigerian National Petroleum Company Limited recently reduced its retail price to N935 per litre for customers in Abuja in response to Dangote Refinery’s latest price cut.

This means that Nigerians currently buy petrol at between N890 and N950 per litre, depending on the location nationwide.

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NNPC’s Olufemi Soneye Emerges NIPR Spokesperson for 2025

Responding, Soneye attributed his recognition by the NIPR with its most exalted spokesperson’s award to the dedication of the entire team at the NNPC.

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Soneye (middle) receive NIPR’s prestigious award .

The Chief Corporate Communications Officer, Nigerian National Petroleum Company Limited (NNPC), Mr. Olufemi Soneye, has emerged the Nigerian Institute of Public Relations (NIPR) spokesperson of 2025.Announcing the award, the NIPR described Soneye as a “diligent” spokesperson, characterising him as “a strategist.” Soneye’s capacity to shape public opinion, also stood him out of the crowd of spokespersons, according to the Adjudication Committee, Chairman, Dr. Shaibu Hussein.

Represented by a member of the committee chairman, Lami Tuiaka, the chairman said the moment to the conclusion of the award was rigorous and demanding. He also predicated Soneye’s victory on his communication skills, crisis management and overall impact.

“Our committee comprising communication scholars, Public Relations practitioners, and media personalities worked tirelessly to review the nomination, assess performances and deliberate on the winner.

I must report that we carefully examined each nomination, considering factors such as communication skills, crisis management and overall impact,” he said.

Presenting him the plaque at the National Spokespersons Award 2025, chairman of the event Deputy Chairman, House Committee on Power, Hon. Joshua Audu, said the institute would celebrate Soneye throughout 2025 as the current NIPR spokesperson award winner.

He said: ” On behalf of the NIPR Award Night 2025, I have the honour and privilege to present the Spokesperson of the year 2025. Please join me to celebrate our latest spokesperson that we will celebrate throughout 2025 in the person of Olufemi Soneye.”

Responding, Soneye attributed his recognition by the NIPR with its most exalted spokesperson’s award to the dedication of the entire team at the NNPC.

Amid a standing ovation, he said: “We are all happy and I am deeply honoured to receive this award tonight from NIPR. This award reflects the dedication of our entire team and we want to thank NIPR for all they have been doing.”

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Mission to boldly grow food in space labs blasts off

ESA is funding the research to explore new ways of reducing the cost of feeding an astronaut, which can cost up to £20,000 per day.

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Artwork: The experiment will orbit the Earth for three hours before returning to Earth and splashing down off the coast of Portugal.

(BBC): Steak, mashed potatoes and deserts for astronauts could soon be grown from individual cells in space if an experiment launched into orbit today is successful.

A European Space Agency (ESA) project is assessing the viability of growing so-called lab-grown food in the low gravity and higher radiation in orbit and on other worlds.

ESA is funding the research to explore new ways of reducing the cost of feeding an astronaut, which can cost up to £20,000 per day.

The team involved say the experiment is a first step to developing a small pilot food production plant on the International Space Station in two years’ time.

Lab-grown food will be essential if Nasa’s objective of making humanity a multi-planetary species were to be realised, claims Dr Aqeel Shamsul, CEO and founder of Bedford-based Frontier Space, which is developing the concept with researchers at Imperial College, London.

“Our dream is to have factories in orbit and on the Moon,” he told BBC News.

“We need to build manufacturing facilities off world if we are to provide the infrastructure to enable humans to live and work in space”.

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