…CNG Initiative To Save Nigeria N2tn Monthly Import Bill On Petrol, Diesel

The Executive Order signed by President Bola Tinubu to unlock the potentials of Nigeria’s oil and gas sector is beginning to yield results as two Foreign Direct Investments worth over $500m have been signed.

The President revealed the figure on Sunday in his ‘State of Nation’ address after hunger led to a nationwide protest with a major theme: #Endbadgovernance.

The Presidential Executive Order on Oil and Gas Reforms is aimed largely at improving the investment climate and positioning Nigeria as the preferred investment destination for the Oil and Gas sector in Africa.

The three Executive Orders, which became effective 28th February 2024, are the Oil and Gas Companies (Tax Incentives, Exemption, Remission, etc.) Order, 2024; Presidential Directive on Local Content Compliance Requirements, 2024; and Presidential Directive on Reduction of Petroleum Sector Contracting Costs and Timelines, 2024.

Nigeria is endowed with large oil and gas resources and Executive Order aligns with the transformational leadership of the Group Chief Executive Officer of the Nigerian National Petroleum Company Ltd, Mele Kyari who had conceived the idea of monetising Nigeria’s huge gas resources through various gas projects.

The target of the Executive Order is to unlock up to $10bn fresh investments in the nation’s oil and gas sector.

This is expected to come through fiscal incentives for non-associated gas, midstream and deepwater oil and gas.

The Executive Order streamlines contracting processes, procedures, and timelines from 36 months to six months and also ensured that local content requirements are implemented without impeding investments or the cost competitiveness of oil and gas projects

Speaking on Sunday on the impact of the initiative, Tinubu said the once-declining oil and gas industry is experiencing a resurgence on the back of the reforms he announced to address the gaps in the Petroleum Industry Act.

Specifically, he sald the nation has seen an increase in oil production to 1.61million barrels per day, and the gas assets are receiving the attention they deserve.

He said, “Our once-declining oil and gas industry is experiencing a resurgence on the back of the reforms I announced in May 2024 to address the gaps in the Petroleum Industry Act. Last month, we increased our oil production to 1.61million barrels per day, and our gas assets are receiving the attention they deserve.

“Investors are coming back, and we have already seen two Foreign Direct Investments signed of over half a billion dollars since then.”

To address the challenge created by the removal of petrol subsidy, the president said his administration has launched the Compressed Natural Gas Initiative (CNG) to power transportation economy and bring costs down.

This, he added, will save Nigeria over N2tn a month spent to import PMS and AGO and free up resources for more investment in healthcare and education.

He said, ” To this end, we will be distributing a million kits of extremely low or no cost to commercial vehicles that transport people and goods and who currently consume 80 per cent of the imported PMS and AGO.

“We have started the distribution of conversion kits and setting up of conversion centres across the country in conjunction with the private sector. We believe that this CNG initiative will reduce transportation costs by approximately 60 per cent and help to curb inflation.”

Bola Tinubu, the President of Nigeria, has called for dialogue and an immediate end to the nationwide protests that have rocked the nation since Thursday.

Tinubu, who said his administration is ready to listen to and address the concerns of protesters, affirmed that he has heard their calls “loud and clear”.

“I hereby enjoin protesters and the organisers to suspend any further protest and create room for dialogue, which I have always acceded to at the slightest opportunity,” he affirmed in a nationwide broadcast on Sunday morning on the #EndBadGovernance protests.

He said the country requires all hands on deck and needs all citizens, regardless of age, party, tribe, religion or other divides, to work together in reshaping its common destiny.

The 10-day planned protest, which began on Thursday, primarily against the rising cost of living and hunger, deteriorated into violence, destruction of property and loss of lives in many parts of the nation.

At least 17 persons were reported dead in the “days of rage” protests.

Bennett Igweh, the Federal Capital Territory Commissioner of Police, has said his men were not responsible for the death of a teenager in the Kubwa area of the FCT.

In a viral video, a man claimed that police, while dispersing protesters, shot dead a teenager in the Kubwa area.

However, the FCT command spokesperson , Josephine Adeh, in a statement on Saturday said police officers deployed to the area were not given lethal arms that could kill.

She said, “In response to the video footage making the rounds alleging the killing of a yet-to-be-identified teenager by police operatives in Kubwa by Zenith Bank while protesting on August 3, 2024, the FCT police command hereby debunks the allegations, stating that its operatives are not responsible for the killing of the teenager, as the operatives deployed to the axis were not issued lethal arms but only with anti-riot equipment not capable of occasioning the death of the teenager.”

Angered by the incident, she said the CP ordered an investigation into the matter to establish the cause of the teenager’s death.

Adeh said, “In light of the rather infuriated incident, the commissioner of police has ordered that an immediate investigation be conducted to ascertain the remote cause of death of the deceased, calling on well-meaning residents to provide the command with necessary information to aid the investigation.

“While expressing profound condolences to the family of the bereaved, he assures the family and public of swift justice, as effort is ongoing to apprehend the perpetrators of the unfortunate incident.

“Also, the command is aware of the antics of mischief makers who may want to exploit the current situation in the country to spread false information with the aim at misleading and causing apprehension in the populace; it therefore calls on residents to shun such misinformation, as the command is committed to ensuring the security and safety of all and sundry.”

Two alleged fraudsters who are believed to be involved in high-value fraud schemes have been apprehended in Okwu Olokoro, Umuahia South LGA of Abia, while attempting to defraud another victim.

The suspects, who claimed to be indigenes of Ntigha, Isiala Ngwa North LGA of Abia State, were apprehended by Okwu community youths in Olokoro and their operational motorcycle was also seized.

The two men, Uche Harrison, 42, and Lucky Nwohu, who refused to disclose his age, were apprehended by youths of Okwu who were carrying out an environmental sanitation exercise at the village’s market square on Saturday when the suspects rode into the community on their bike.

An indigene of Okwu who spoke to DAILY POST about the incident said: “On sighting the strange faces moving around the village, some villagers indicated interest in knowing who they were, but they took to their heels, making the youths raise an alarm that evil men have entered the community.

”But they later ran out of luck when their motorcycle suddenly went off at the market square, where the youths were doing sanitation work and they were eventually apprehended.”

He added that the two suspects initially claimed that they came from Ntigha, Isiala Ngwa North, to Okwu Olokoro to look for a canteen to eat but after being interrogated by the youths, the suspects confessed that their occupation was to use tricks to collect money from people.

Upon further interrogation, the suspected fraudsters revealed how they duped one of their victims, Mrs Okwuchi Ihezie, from Ihete Uboma, Imo State.

Meanwhile, the female victim, Mrs Okwuchi Ohezie, who was duped of N350,000 two months ago, stormed Okwu Olokoro on hearing that the suspects had been apprehended by the youths.

The Imo woman told the youths how the suspects sold a fake business idea to her before duping her of her hard-earned money.

The suspects were later handed over to the Zone 9 Command of the Nigerian Police, Umuahia, by the Chairman of Okwu community, Mr Bartholomew Nwaeze, who warned criminals to stay away from Okwu Olokoro.

In a decisive move against ongoing #EndBadGovernance protests, President Bola Tinubu has firmly rejected calls to reinstate the fuel subsidy.

Addressing the nation in a broadcast on Sunday morning, President Tinubu acknowledged that removing the subsidy was a painful decision but deemed it necessary for the nation’s economic health. He stated that the subsidy had become a severe impediment to Nigeria’s economic development.

“The removal of the fuel subsidy was crucial because it was choking our economic growth and progress,” Tinubu said. He emphasized that the move was essential to eliminate economic distortions and improve national prosperity.

The President reassured the public that law enforcement agencies would continue to protect innocent lives and property responsibly. “Our democracy thrives when every Nigerian’s constitutional rights are upheld,” he added.

Tinubu outlined his vision for Nigeria as a just and prosperous nation where democratic governance ensures peace, freedom, and meaningful livelihoods. He criticized the long-standing economic issues that have hindered growth, explaining that temporary fixes were no longer viable.

The President described the subsidy and multiple foreign exchange systems as burdens on the economy, benefiting smugglers and foreign entities at the expense of Nigerian citizens. He justified the tough decisions as necessary to address decades of economic mismanagement.

“I take full responsibility for these decisions. However, my commitment remains steadfast towards delivering effective and transparent governance,” Tinubu affirmed.

In Imo State, a dark cloud grief, despair and panic has enveloped residents of Umucheke Okwe autonomous community following the brutal murder of leaders of the enclave by gunmen.

A clutch of armed men invaded the community in Onuimo Local Government Area of the south-east State on Saturday and killed the seven community leaders. 

Those killed are President General of the community and six village leaders.

It’s gathered that the gunmen brutally murdered the victims after they stormed the venue of their weekly meeting and opened fire on them.

“Gunmen have just shot dead the President General of Umucheke Okwe and six village heads,” a community leader who pleaded anonymity told newsmen.

It’s gathered that the attack took place at the President General’s shop in the community market, where the meeting was being held.

The source said the gunmen also set ablaze the shop after killing the community leaders, adding that the incident has forced many villagers to flee their homes to escape the terror.

The source further revealed, “Upon their arrival, the gunmen unleashed gunfire, killing all the community leaders before setting the place ablaze. All the community chiefs perished in the assault.”

The motive behind the attack remains unclear, as the source noted, “Nobody understands the reason for the assault. No one knows the purpose of the meeting.”

The community now stands deserted, with villagers fleeing their homes in terror.

The Imo State Police Command, through the Public Relations officer, ASP Henry Okoye, is yet to issue a statement on the incident.

The Nigerian Education Loan Fund (NELFund) has disbursed over N2 billion in school fees to students at six institutions nationwide.

Nasir Ayitogo, the Fund’s spokesperson, announced the update in Abuja on Friday. He stated that 22,120 students have benefited from this initiative so far. 

This move aligns with President Bola Tinubu’s commitment to improving educational opportunities for Nigerians. The effort aims to reduce financial barriers for students, helping them continue their education.

According to Ayitogo, the disbursements were timed according to the institutions’ academic calendars. “So far, six of the twelve institutions have received full payment for their institutional fees, benefiting over 20,000 students. The total disbursed amount is approximately N2,026,163,340. Payments for the remaining six institutions will be completed in the coming week,” he said.

These payments are intended to support students’ academic progress and provide relief to them and their families. Additionally, NELFund has started distributing upkeep funds, with N442 million allocated for July to cover living expenses.

“This initiative will support all 22,120 students across the twelve institutions, with further payments expected in the coming weeks and months,” Ayitogo added.

Labour Party’s 2023 presidential candidate, Mr. Peter Obi, has expressed sorrow over the deaths of several Nigerians during the ongoing nationwide #EndBadGovernance protests.

On his X handle, Obi stated on Saturday that the protesters died fighting for a better Nigeria. He expressed hope that their legitimate demands would be addressed and that Nigeria would improve.

“I sincerely pass my condolences to the families of those who lost their lives in the ongoing #EndBadGovernance protests. I deeply mourn these brothers and sisters who died struggling for a better nation.

“I hope their legitimate demands, made within the law, will not go unanswered. I urge the protesters to remain peaceful and behave well.

“Shun violence, as we cannot build a new nation by destroying what we have. I also call on security agencies to remain civil while ensuring the security of lives and property during the protests,” Obi said.

He expressed his belief that Nigeria would rise and that issues of hunger, poverty, insecurity, corruption, and mismanagement of public funds would be confined to the past.

“Then, Nigeria will be one of the exemplary countries on earth, leading in human and national development. May God grant eternal rest to the dead and grant quick recovery to the injured,” Obi added.

Amnesty International, a global human rights organization, reports that over 80 peaceful protesters have been remanded in prison in Sokoto State.

The protest, which began peacefully, took a dramatic turn when some miscreants hijacked the movement in various states, leading to the destruction and looting of properties. 

As the protest escalated, security operatives responded with teargas, chasing away and arresting several protesters.

In Kano State, the police command reported the arrest of at least 269 individuals connected to the looting and destruction during the nationwide hardship protest.

On the third day of demonstrations, police forced some #EndBadGovernance protesters away from the Moshood Abiola Stadium in Abuja. Despite initially avoiding the venue, protesters later assembled with flags and placards. However, police fired into the air and released teargas to disperse them. 

Arrests were also made in other states, including Gombe, Jigawa, Kaduna, Katsina, Nasarawa, and Sokoto.

Amnesty International condemned these actions in a tweet on Saturday, calling for the unconditional release of the youth remanded in Sokoto State for participating in the peaceful protest against hunger.

“Amnesty International condemns the Nigeria Police Sokoto state command for the arbitrary arrest of 81 youth who participated in the peaceful protest against hunger. #EndBadGovernance,” the tweet read.

“Our investigation shows that the protesters were arrested and then taken to the Criminal Investigation Department (CID), where a mobile court hurriedly remanded them in prison. We urge the authorities to release them immediately and unconditionally.”

Jamiu Abiola, son of the late Nigerian business mogul Chief MKO Abiola, claims that the forces that annulled the June 12, 1993, election are now targeting President Bola Ahmed Tinubu’s administration.

Abiola’s son, currently serving as Special Assistant to the President on Special Duties, believes those protesting against hardship and demanding better living conditions are reacting emotionally without considering Tinubu’s achievements.

In an interview with Channels Television, Jamiu addressed the ongoing protests, which began on August 1 and are expected to continue until August 10. Protesters have vowed to persist until their demands are met.

Jamiu argued that some Nigerians have not accepted that they were not destined to win the 2023 general election, leading them to create difficulties for the current government.

“There are some people with sinister motives. The forces that worked against my dad and annulled his election now target Tinubu. They wouldn’t want someone who supported my dad to become president and succeed,” Jamiu stated.

“Sometimes, things have to get tough before they get better. It’s a test from God. People need to realize that God’s hand is in everything, not just Nigeria.

“Many Nigerians view this president like previous ones because they have experienced broken promises. So, they see any difficulty as another broken promise.

“But the president we have now is different. He believes in democracy and loves the common man. He needs time. Those protesting are emotional and haven’t reflected on his achievements since taking office.”