Muhammadu Buhari, re-elected as president of
Nigeria in February, has a second four-year
term to revive the economy and address the
needs of the country’s ailing oil and gas
sector. But to do so, he will need to push
through complex regulatory reform and take on deeply entrenched vested interests in
politics and industry that have long profited
from the status quo, and have significant
capacity to resist change.

Oil production remains lower than it was 15
years ago. State-owned refineries operate at a
fraction of their capacity, and Nigeria has
struggled to remain competitive in a global
market where heavy crude is driven by US
sanctions and light sweet crude dominated by US shale.

For all the president’s talk of diversification
away from oil and gas in his first term
(2015-19), the sector remains crucial to
Nigeria. It accounts for more than 90% of
foreign exchange earnings and almost half of
federal revenues. Nigeria has enviable oil reserves and much potential to find more, but
without reform, output could start to decline
in 2022 as mature fields deplete. Gas riches
continue languishing in the ground.

President Buhari could have abolished the
petrol subsidy early in his first term when
international prices dropped below the pump
price. Legislation to reform the sector and
improve investment terms was also within
reach, when the Senate took the lead on unbundling the long-stalled PIB.

However, the presidency rejected the first
subsequent piece of legislation, the Petroleum
Industry Governance Bill, that would have
paved the way for the NNPC to divest some of
its stakes in the joint ventures and refineries,
and brought in private investment.

The reasons for such failures lie partly in the
president’s instinctive statism. President
Buhari and his advisers feared that
privatization would put the assets of the NNPC
in the hands of Nigeria’s businessmen, and
instead hoped management changes, a bit of housecleaning and tightening the terms of
crude for product swaps in NNPC’s favour
would suffice to improve performance.
Instead of privatizing the refineries, his team
tried to get oil traders to finance
refurbishment and upgrades with repayment in refinery output.

The approach failed. Buhari’s first-term legacy
was to strengthen NNPC with all its
distortions, leaving much of its corruption
intact. NNPC has meanwhile become less
tolerant of questions and criticism from some
journalists and civil society actors.

Some five different groups are battling to
influence the president. These range from
young reformers in the finance ministry to
older people with nationalist and statist
outlooks in the president’s inner circle. The
reformers hope that the lack of results in the sector during his first term will convince the
president to change direction.

Nigeria’s politics could provide more space for
action. Nigeria’s two-term limit frees him from
the pressure of contesting another election,
and Buhari’s All Progressives Congress party
also won a majority in the Senate and House
of Representatives, which might ease previously tense relations between the
executive and the legislature.

Reformers argue this could pave the way to
more controversial policies, such as removing
the gasoline subsidy, the sale of NNPC’s equity
in some oil fields to free up capital for
investment or the privatization of the
refineries. Privatization would need to be conducted in a professional and transparent
manner on attractive terms to gain public
confidence, attract quality investors and
maximize revenues for the state.

Such measures would require a fresh impetus
on the PIB while amendments to the Deep
Offshore and Inland Basin PSC Act could
address the concerns of potential deepwater
investors.

However, the reformers are struggling to be
heard – while the president’s inner circle has
the upper hand. His advisers have indicated
privately that there is no appetite in the
presidency for the PIB or the privatization of
oil sector assets, and without a radical shift in the balance of power they are likely to prevail.
Nigeria could face another four years of drift.

hisexcellency34:
Honestly, I am a PDP supporter but I want Wike to lose

Mr. Femi Falana SAN, has asked the President
Muhammdau Buhari lead federal government
to halt the allocation crude oil blocks to
individuals and foreign corporate bodies.

This came as he warned that if the government
refused to accede to his request he will
challenge the constitutional validity of
allocating the oil blocks and other natural
resources collectively owned by the Nigerian
people but vested in the Federal Government to a few private individuals and corporate bodies.

Falana in latter titled ‘Request To Stop Allocating
Oil Blocks To Private Individuals And Corporate
Bodies’ on Sunday said: ‘by allocating oil blocks
to a few individuals and corporate bodies the
Federal Government has violated Section 16(2)
(c) of the Constitution which provides that “the economic system is not operated in such a
manner as to permit the concentration of
wealth or the means of production and
exchange in the hands of few individuals or of
a group.”’

Falana also lamented that: ‘the allocation of oil
blocks to a few individuals and corporate
bodies by the Federal Government constitutes
a gross violation of the fundamental rights of
the Nigerian people to freedom from
discrimination, equal right of access to public property and in the equal enjoyment of the
common heritage of mankind as well as the
right to social, economic and cultural
development guaranteed by articles 2, 13, 22
of the African Charter on Human and Peoples
Rights (Ratification and Enforcement) Act. Therefore, pursuant to article 22 thereof which
has imposed a duty on the Federal Government
to freely dispose of the wealth and national
resources of the nation in the exclusive
interests of the Nigerian people we urge Your
Excellency to desist from allocating oil and blocks to a select group of Nigerians and
foreigners.

Governor of Imo State, Rochas Okorocha, has
insisted that the Independent National Electoral
Commission (INEC), will still present him with his
Certificate of Return.

Okorocha stated this while addressing a news
conference in Abuja on Thursday.

According to the Governor, the electoral body
was planning something special, to present him
with his certificate.

“Maybe INEC wants to organise a special
programme for me to hand over the certificate
to me but clearly, I’ve won and it was a
peaceful election,” he said.

INEC had on Tuesday released a list of members
of the 9th National Assembly members, elected
during the February 23 elections.

The electoral body had announced that it would
present certificates of return to them on
Thursday, but exempted Governor Okorocha’s
name, alleging that the returning officer was
made to declare him winner of the election
“under duress”.

Former President Olusegun Obasanjo on Thursday advised the Oyo State Governor-elect, Seyi Makinde, not to run a Democratic system that would put the government of the state in his pocket.

Obasanjo said Makinde has the onerous task of striving to transform the capital of former old Western Region, urging the people to keep supporting him to succeed when eventually sworn-in.

The elder statesman gave the advice when he received the Governor-elect, his Deputy, Akeem Ademola, Oyo state chairman of PDP, Kunmi Mustapha, Bose Adelabu, Lagos state PDP chairman, Dominic Agboola among others at his Olusegun Obasanjo Presidential Library, Abeokuta, Ogun state.

The ex-Head of States described such government that serves narrow interest as “democratic so sa po”, meaning pocketing democratic system for personal gains against true democratic system.

He also advised Makinde to shun corruption.

“Be transparent and embark on developmental projects, which would be a delight to the people of Oyo state. Please run a government that will be making them ask, where have this type of government been all these years in Oyo state.

“He cannot do it alone and since you have supported him now, you should continue to be together. You should be mindful that Oyo people are fearless and they don’t mind, whose oars is gored, that is why you are there now,” Obasanjo stated.

He promised to support the incoming new government and be available anytime his service is needed.

In his response, Makinde said the visit was meant to appreciate Baba Obasanjo and seeks wisdom from the elder statesman.

The Governor-elect admitted that Oyo state was “in a bad shape but pledged to apply wisdom to make things better.

The former Deputy Chairman (South) of the People’s Democratic Party, Chief Olabode George who facilitated the visit, said he called Obasanjo barely 24hours ago to fix the appointment.

“I want to thank him for granting us audience within the short notice,” George said.

You are hereby warned that looting, arson,
homosexuality, rape, embezzlement, bribery or
corruption, obstruction of the revolution,
sabotage, subversion, false alarms and assistance
to foreign invaders, are all offences punishable by
death sentence.

My dear countrymen, no citizen should have
anything to fear, so long as that citizen is law
abiding and if that citizen has religiously obeyed
the native laws of the country and those set
down in every heart and conscience since 1st
October, 1960. Our enemies are the political profiteers, the swindlers, the men in high and
low places that seek bribes and demand 10 per
cent; those that seek to keep the country divided
permanently so that they can remain in office as
ministers or VIPs at least, the tribalists, the
nepotists, those that make the country look big for nothing before international circles, those that
have corrupted our society and put the Nigerian
political calendar back by their words and deeds.
Like good soldiers we are not promising
anything miraculous or spectacular. But what we
do promise every law abiding citizen is freedom from fear and all forms of oppression, freedom
from general inefficiency and freedom to live and
strive in every field of human endeavour, both
nationally and internationally. We promise that
you will know more be ashamed to say that you
are a Nigerian.

I leave you with a message of good wishes and
ask for your support at all times, so that our land,
watered by the Niger and Benue, between the
sandy wastes and gulf of guinea, washed in salt
by the mighty Atlantic, shall not detract Nigeria
from gaining sway in any great aspect of international endeavour.

“Ganduje is unperturbed by the wishful thinking and slapdash deportment of the PDP candidate considering what happened in the inconclusive election widely characterized by alleged vote buying and voter intimidation by the party”.

He said the All Progressives Congress and its candidate remain upbeat and sure of victory as Kano remained an APC state.

The governor assured he remained committed to the conduct of free and fair election, stating all loopholes that led to rigging, vote buying and intimidation of voters have been blocked.

‘’APC as a party has also re-strategised and very confident of victory because the local government areas where the rerun will take place remain the APC stronghold and the electorate in these areas have made up their mind to vote massively for the Governor they trust.

‘’The modest achievements recorded so far by the Ganduje Administration have touched the lives of the people in all sectors of development and also remain determined to continue if returned,’’ the statement added.

Niorte:
There is a rumour that there is a grand plan for Senator Bukola Saraki who had just lost his reelection bid in PDP to go back to APC to remain relevant. Will the APC accept him back?

More so, Akpabio is making a move of appealing to the PDP in Akwa Ibom to get relevant in the scheme of things if Buhari fail to make him a minister.

What's your take on this development?

fykes:
Now I wish every igbo business and political leaders can just watch and learn from this tinubu man.
Hate him or love him, igbo leaders can learn a few.
There's a reason why the man holds the ace in Lagos.. There's a reason his words are law and nationally a leader in APC. like every Capone, he has more enemies than friends and surely one day, dead or alive, his reign shall end but whose wouldn't.
That said,
Igbo politicians and business leaders should look across the west and North to find that leaders who raise and make men last longer in OR out of power than those who seek to buy loyalty with money.
U cant count how many figures have come to limelight through tinubu. I mean men who he virtually made, they served, became Kings and still stay loyal to him cos he made them.
But an average igbo man wants to be the iroko. If u even raise your head, he tries to bring u down. Cos he's easily threatened.
I will advise the likes of Alex Otti, Uche Ogah, Soludo, etc... To start looking at young and purposeful men to send to the state assemblies, local govt chairmanship, federal appointments etc, for a start...
Tinubu is pan Yoruba... As long as u can buy into his ideas... Igbo leaders and family and friends that's why they often fade without power

bizzibodi:

Millions of SEners paid with their lives for Nzeogwu stupid adventure.

Chimok:
Even though I wanted Atiku to have won, but as I recieved my npower allowy, I couldnt but hope to hold unto what I have than the promised eldorado am not certain about

The Coalition of United Political Parties, CUPP, has
alleged that the Chief of Army Staff, Tukur
Buratai, was plotting to return Nigeria to
military rule.

CUPP made the allegation while reacting to the
alleged activities of soldiers during the Saturday
governorship and state House of Assembly
elections in Rivers.

CUPP claimed that the action of the military was
tantamount to treasonable felony and called on
all lovers of democracy to resist it.

The statement reads: “The Coalition of United
Political Parties has reviewed the performance
of the Nigerian military in the just -concluded
governorship election in some parts of the
country and has come to the conclusion that
the Chief of Army Staff , Tukur Buratai, is nursing a secret agenda to return the country
to a military rule .

“We make bold to say that Buratai’s brazen use
of armed soldiers to attack officials of the
Independent National Electoral Commission and
upturn electoral process were testing grounds
for his plot to truncate Nigeria ’s democracy.

“We hereby raise the alarm loud enough for all
lovers of democracy to hear that an electoral
war is looming in states like Rivers over the
desperate moves by the Nigerian Army and the
All Progressives Congress to announce fake
governorship election results in Army Barracks in favour of an unknown and non–existing
party called AAC.

“We condemn in unequivocal terms President
Muhammadu Buhari and his Chief of Army Staff
over this reckless overthrow of electoral
process in Rivers State by the APC thugs and
security agents.

“We hereby say without mincing words that
the undemocratic activities of the military and
other security agencies in Rivers State are
tantamount to treasonable felony and should be
viewed and treated that way.

“This is an assault on democratic institutions in
the country and should be resisted and
condemned by all lovers of democracy within
and outside the country.”

The Governor of Rivers State, Nyesom Wike, has
stated that the allegations leveled against him by the governorship candidate of African Action Congress (AAC) in Rivers, Biokpomabo Awara, are baseless and lacking in merit.

Wike spoke on Monday through Rivers Commissioner for Information and Communications, Emma Okah, who doubles as the Director of Information and Communications of the Campaign Council of the Peoples Democratic Party (PDP) in the state.

He told Awara that governorship position is for mature people, tested and experienced persons and not for school boys with no record of public service.

Rivers governor said: “I have seen and read a copy of the press conference and our conclusion is that the entire content is as worthless as the piece of paper bearing the speech and it would be worthless to offer him (Awara) a response.

“However, allegations of wrongdoing against Governor Wike and the PDP in the press conference are false, baseless and lacking in merit.”