Connect with us

POLITICS

Atiku hails Ndimi’s Oriental Energy on commissioning of first FPSO 

Published

on

Share

By Mike Odiakose, Abuja

The former Vice President of Nigeria and PDP Presidential flag bearer in the 2023 general elections, Atiku Abubakar has congratulated the Chairman of the Nigerian Independent producer, Oriental Energy Resources (OER), Muhammadu Indimi, on the successful completion and commissioning of the Okwok Field’s Floating Production Storage and Offloading (FPSO) vessel/platform in Dubai.

In a statement in Abuja by his Media Office in Abuja on Wednesday, the Former Vice President described the commissioning of the FPSO as one of the most gladdening news coming out from the upstream subsector of Nigeria’s oil industry in recent times.

“The vessel’s deployment at the Okwok field is expected to significantly increase Nigeria’s crude oil output, contributing to the government’s revenue growth and economic development objectives,” he said.

According to Atiku, “This is the first FPSO entirely funded by an indigenous Nigerian company and this landmark achievement being championed by OER showcases the rising capability of Nigerian firms in conceptualising and successfully executing complex projects in the nation’s upstream oil industry.

The successful building and commissioning of the FPSO marks a significant step toward enabling an indigenous oil and gas company to independently develop a marginal oil field. 

This development marks an important milestone for Nigeria and its indigenous energy sector, he said.

“No doubt, this latest investment would boost economic growth, generate job opportunities for Nigerians, and ensure steady growth and development of not only the oil sector but the nation’s economy in general.”

He described Indimi as a man who so much believes in the capabilities that exist in the Nigerian oil and gas industry.

“From onset of his foray into the nation’s oil sector, his vision of standing out as a player of reckon in the nation’s upstream oil business has been top-notch,” he said.

As he said, Oriental Energy’s significant investment in the oil sector has set a new standard in local investment and operational excellence in the nation’s oil business, benefiting both the company and its partners.

The 40,000 barrels per day capacity facility constructed by the Singaporean firm HBA Future Energy will commence sailing to Nigerian waters beginning February 2025 for hook-up on the Okwok Oil Field. Production is expected to commence on the oil field in the first half of next year.

Okwok Oil Field, discovered by ExxonMobil in 1967, is located in Oil Mining Lease(OML) 67, in 31 metres water depth in shallow marine, southeast offshore Nigeria with estimated recoverable reserves of 45 million barrels. OER has an ongoing multi-well drilling campaign on the field that commenced in October 2023.

POLITICS

2025 Budget: Consequences Will be Devastating, says CUPP 

Published

on

Share

By Mike Odiakose, Abuja

The Coalition of United Political Parties (CUPP) on Wednesday said the consequences of the 2025 budget proposal presented to the National Assembly by President Bola Tinubu will be “far-reaching and devastating.”

According to the CUPP, the budget proposal is a stark reminder of the country’s persistent fiscal woes.

President Tinubu Tuesday presented a national budget of N47.

96 trillion for 2025 to the joint session of lawmakers in the National Assembly.

He said the budget which was put together based on economic realities and would trigger the prosperity of Nigerians in 2025 if implemented to the latter, adding that it would restore and consolidate key polices of government.

Tinubu said Nigerians have shown resilience in 2024 economic challenges, hence, he believed that the 2025 budget would leverage that so that the fabric of the nation can be built further in 2025.

However, in a statement signed by High Chief Peter Ameh, the Publicity Secretary of CUPP, said a cursory examination of the line items reveals a familiar pattern which includes, debt servicing continues to take a substantial chunk of the budget, while allocations for critical sectors such as healthcare, education, and infrastructure remain woefully inadequate.

“This phenomenon is not new; rather, it is a recurring tale that has plagued Nigeria’s budgeting process for years,” the statement added.

“The implications of this trend are far-reaching and devastating. As debt servicing continues to drain the country’s resources, poverty levels have skyrocketed, and economic growth has stagnated.

“The human cost of this mismanagement is evident in the lack of access to basic necessities such as healthcare, education, and clean water.

“The failure to address these pressing needs has led to widespread disillusionment and frustration among Nigerians.

“The President’s budget proposal for 2025 presents an opportunity for a paradigm shift. By prioritizing investments in critical sectors, the government can create jobs, stimulate economic growth, and reduce poverty. However, this requires a fundamental transformation of the budgeting process, one that prioritizes transparency, accountability, and stakeholder engagement.

“To break the cycle of annual rituals, the government must adopt a more proactive and responsive approach to budgeting. This includes involving civil society, the private sector, and citizens in the budgeting process to ensure that allocations reflect the country’s pressing needs.

“Performance-based budgeting, where funds are allocated based on performance indicators and project outcomes, can also help to ensure that resources are utilized efficiently.

“Furthermore, the government must address the issue of debt servicing, which continues to drain the country’s resources. Debt restructuring, revenue enhancement, and budget realignment are potential strategies that can help to alleviate this burden.

“The 2025 budget proposal presents a critical juncture for Nigeria. Will the government continue down the path of debt servicing and neglect, or will it seize the opportunity to transform the budgeting process and prioritize the needs of its citizens?

“The choice is clear, and the consequences of inaction will be dire. It is time for a new approach, one that prioritizes transparency, accountability, and the well-being of all Nigerians.”

Continue Reading

POLITICS

PDP Faults Suspension of LG Chairmen in Edo

Published

on

Share

Edo Chapter of the Peoples Democratic Party (PDP) has faulted the suspension of chairmen in the 18 local governments (LG) of Edo by the House of Assembly.

A statement by Dr Anthony Aziegbemi, the state PDP Chairman on Tuesday in Benin, described the action as unconstitutional, null, and void.

He noted that the suspension disregarded the recent ruling of the Chief Judge of Edo State, Justice Daniel Okungbowa.

Aziegbemi claimed that the suspension was a blatant violation of the Supreme Court’s decision, which affirmed the autonomy and independence of local governments, as guaranteed under the Constitution of the Federal Republic of Nigeria.

“How can a governor direct the State Assembly to suspend democratically elected chairmen of the 18 local councils for insubordination when these officials enjoy autonomy and independence as enshrined in the Constitution,” he said.

He noted that local council chairmen were not subordinates of the governor, the State Assembly, or any other arm of government.

He expressed concern over the complete disregard for the Constitution and the judiciary’s rulings.

“We are also aware that the Chairmen and their vice chairmen were not given the opportunity to defend themselves.

” They were suspended unheard, based on watery, trumped-up charges,” Aziegbemi said.

He stressed that such actions were not only illegal but also a direct assault on democracy and the rule of law.

“The Constitution remains supreme, and any attempt to undermine it must be resisted,” he added.

Aziegbemi said that the Speaker and the entire Edo House of Assembly had clearly exceeded their constitutional mandates by carrying out the illegal action.

He urged the Assembly to immediately reverse its decision in respect for the rule of law and the principles of democratic governance.

He emphasized that adherence to the Constitution was non-negotiable.

“We therefore direct the council chairmen and their vice chairmen to report to their councils tomorrow and carry on with their normal duties,” Aziegbemi said.

He also called on the Attorney General and Minister of Justice of the Federation to intervene, stating that the state government actions constituted a breach of the Constitution and a threat to security.(NAN)

Continue Reading

POLITICS

Osun LG Elections: PDP Harvests Over 500 APC Members

Published

on

Share

By Mike Odiakose, Abuja

Ahead of the February 2025 local government election in Osun State, over 500 members of the All Progressives Congress (APC) yesterday defected to the ruling Peoples Democratic Party (PDP) in Ifedayo local government area.

The defectors were received into the PDP by the State Chairman, Sunday Bisi who noted that developments in the state have convinced a lot of APC members to leave the party for the PDP, insisting that many are still coming before the year’s end.

The state chairman said the forthcoming local government elections slated for February 2025 will end APC’s existence in Osun.

Assuring the mammoth crowd, Bisi appealed to all and sundry to continue supporting the administration of Governor Ademola Adeleke.

He noted that what the current administration has done in the last two years surpasses that of the APC in the state.

Welcoming the new defectors, he assured them that in the PDP, there is nothing like discrimination.

“I want to assure those who joined our party today, in PDP, we don’t discriminate. Let’s join hands with those you met to move the party forward. There are lots of goodies on ground for all of us.

“Let me assure you all that come February 2025, PDP will coast to victory at the polls. Let us mobilise members and non-members for that election. We want to use the election to tell APC that Osun is not like Edo or Ondo. No rigging templates will work here. We are fully prepared.

Speaking on behalf of the defectors, Goke Folayan said part of what informed their decision to join the PDP is that Governor Adeleke has proven his critics wrong.

He said, “nobody could ever imagine that the Governor would perform and today, he is delivering on his promises to the people, making life more bearable for the people.”

He said, “It is sad that my former party, APC couldn’t remember Ifedayo local government for the whole twelve years they spent. They keep deceiving our people, making vague promises. 

“In just two years, the abandoned Ora-Igbomina water scheme is being reconstructed by Governor Adeleke.

“Our coming to the PDP is to join hands together with those we met to move our local government forward. By the grace of God, Kayode Atolagbe and all his councillors will win. This will send the remnant of APC members in Ifedayo into complete oblivion.”

The high point of the event was the handing over of PDP flags by the state chairman to the Chairmanship candidate, the vice chairmanship and other councilorship candidates.

Continue Reading

Read Our ePaper

Top Stories

NEWS32 minutes ago

Breaking: Dangote Refinery Reduces Petrol Price to N899.50k/litre

Share Dangote Petroleum Refinery has announced a reduction in prices of Premium Motor Spirit (PMS), also known as petrol, to...

NEWS40 minutes ago

EndBad Governance Protesters Deny Seeing Khalid Tortured in DSS Detention

ShareSome of the released EndBadGovernance protesters arrested during the August 2024 nationwide protests in Kaduna said they were never tortured...

NEWS3 hours ago

Why the Military Attacked my House – ECTDA Chairman

ShareThe Chairman of the Enugu Capital Territory Development Authority (ECTDA), Chief Uche Anya, says the military officers from the 82...

NEWS3 hours ago

Improved Tax-to-GDP Ratio will Actualise Budget Ambitions – LCCI 

Share The Lagos Chamber of Commerce and Industry (LCCI) has underscored the urgency of improving Nigeria’s tax-to-Gross Domestic Product (GDP)...

NEWS3 hours ago

Gov. Radda Signs 2025 Budget of N692.2bn Into Law

Share Gov. Dikko Radda of Katsina State has signed the 2025 budget of N692.2 billion into law. The governor submitted...

NEWS4 hours ago

NAFDAC Destroys Fake, Expired Products Worth N5 Billion in Aba

Share The National Agency for Food and Drug Administration and Control (NAFDAC), has shut down 150 shops at Eziukwu Market...

Nigeria Army Nigeria Army
Uncategorized4 hours ago

Army Presents Houses to 20 Wounded Soldiers

Share The Nigerian Army has presented houses to 20 wounded in action soldiers in Abuja in continuation of efforts to...

Metro4 hours ago

FG Reaffirms Commitment to Providing Enabling Environment for Migrants

ShareThe Federal Government has reaffirmed its commitment to providing enabling environments and adequate protection for migrants in the country. Mr ...

NEWS4 hours ago

SERVICOM Awards Outstanding MDAs as NUPRC Emerges Best-performing Parastatal

Share The SERVICOM office, on Wednesday,  awarded outstanding Ministry,  Departments and Agencies (MDAs), with the Nigerian Upstream Petroleum Regulatory Commission...

Economic of West Africa States Economic of West Africa States
OPINION4 hours ago

Tinubu and the Future of ECOWAS

ShareBy Reuben Abati Two major meetings were held over the weekend that just passed that have implications for the future...

Copyright © 2021 Daily Asset Limited | Powered by ObajeSoft Inc