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By Elisha Bala-Gbogbo and Yinka Ibukun Nigeria risks losing $185 billion within 10 years as higher taxes proposed by a new law will deter investment in the country’s oil industry, an association of energy companies including Exxon Mobil Corp. (XOM) said. Nigerian oil production may slump by 25 percent from 2.4 million barrels a day if the Petroleum Industry Bill, or PIB, is implemented, Mark Ward, managing director of Exxon Mobil Corp.’s Nigerian unit, said in Lagos today. The loss of investment caused by the law would leave it insufficient to tackle decline rates at oilfields, said Ward, representing the Oil Producers Trade Section at a conference in the commercial capital. “The terms proposed increase royalties, increase taxes and lower allowances or incentives all at the same time,” said Ward. Energy companies are “deeply concerned” as the new tax proposals will “create one of the world’s harshest fiscal regimes.” The new law is aimed at reforming the way Nigeria’s oil and gas industry is regulated and funded, and seeks to increase the government’s share of profit from oil pumped to at least 73 percent, from 61 percent currently, according to Petroleum Minister Diezani Alison-Madueke. Uneconomical Exploration The Oil Producers Trade Section, or OPTS, includes Royal Dutch Shell Plc (RDSA), Chevron Corp. (CVX), Exxon Mobil, Total SA (FP) and Eni SpA. (ENI) The companies pump about 90 percent of Nigeria’s oil through ventures with state-owned Nigerian National Petroleum Corp. Proposed increased taxes in the legislation would make exploration “uneconomical,” they said in a joint presentation to lawmakers last month. The PIB may boost the government’s share of oil profits to as much as 96 percent, Ward said. For gas projects, the PIB will increase the tax rate to 80 percent from 30 percent, “significantly reducing incentives for investments.” Under the bill, rentals and penalties would be set by the petroleum minister, while the country’s president would be able to award licenses without competitive bidding. Companies remain concerned that there’s no guarantee of the sanctity of existing contracts, or of independent arbitration when disputes arise, Ward said. Africa’s most populous nation, with more than 160 million people, relies on oil for as much as 95 percent of export earnings and 80 percent of government revenue. The West African nation produced 1.92 million barrels a day of oil in July, according to data compiled by Bloomberg. http://bloomberg.com/news/2013-08-22/nigeria-risks-185-billion-loss-from-new-law-oil-companies-say.html |
Who cares whether they go on strike or not? once Madam PEJ can access German hospital, all is well. |
The health minister failed to honour a meeting with the union. Some federal health workers have embarked on another round of indefinite nationwide strike over the none implementation of key issues affecting the union’s welfare. A statement by the National President of the Medical and Health Workers Union of Nigeria, Ayuba Wabba, on Thursday, and co-signed by other executives noted that the federal government had failed in its responsibilities in implementing the demands of the union even after court directives. The striking workers include laboratory technicians, nurses and so on. The union expressed its disappointment at the absence of the Minister of Health, Onyebuchi Chukwu, and his representatives at a meeting held in Abuja on August 19 at the instance of the Minister of Labour and Productivity, Muhammed Lawal, to deliberate on the contending issues between the union and government. “We are therefore left with no other option than to direct all members to commence an indefinite strike action with effect from 12 midnight on Wednesday 21 August 2013, unfailingly,” the statement read. The union threatened that if their demands are not met within one week of the commencement of the strike, that they would mobilise their colleagues serving at the state and local government level to join the strike in solidarity. According to the statement, the union had earlier issued a 21 day ultimatum to the federal government to fulfill their agreement by the August 19 meeting. The union said it challenged the government at the Industrial Court for 13 months; and the court ruled in the favour of the union. It said the court ordered the federal government to honor the agreement earlier reached with the union without further delays. When contacted, the Health Minister said the government had appealed the ruling of the Industrial Court and expected the health workers to wait for the end of the judicial process. http://premiumtimesng.com/news/143275-federal-health-workers-embark-on-indefinite-strike.html?utm_source=&utm_medium=twitter&utm_campaign=federal-health-workers-embark-on-indefinite-strike |
cashkid18: Ooops!!another misplaced priority...hw many of those pple livin in ogun cn afford to board a cabVery "mumu" comment ![]() |
Afam4eva: Nice looking taxis... But i'll advice these governors to also consider something similar to BRT in their states cos not all citizens can afford to hire a taxi.It will be good if they can do. Oyo state also have theirs. http://www.pacesettertransport.com/ |
In two years time, Amosun's achievement might surpass that of Fashola. Imagine building eight flyovers in just two and half years in office ![]() |
Gbawe:Ofcourse the entire Southwest, I was only specific because I was discussing with my homie from Osun ![]() Indeed, South West will never remain the same. |
Excellent development. Only three ministries are working under GEJ: Agriculture, Aviation and Transport. Others... We give up. |
Not surprised that OAU is leading. First and second position has always been between OAU, Unilag and UI. How come University of Agriculture Abeokuta came from no where to claim second?. 10. Covenant University Ota^^ A private University. Any federal university student or graduate whose school is rated below covenant university should never yab private universities again. ![]() |
[quote author=Red_Mullet]Good morning Ibos... until you do away with the politics of cash and carry and the recently introduced politics of hate and tribe ...PDP will keep messing up your region to the detriment of generations un born.. Onwa and Owelle have seen through the evil of PDP... but the hatred you have for Yorubas and Hausa/Fulani will not let you see the danger ahead for you by perpetually tying yourself to the PDP evil machinations... Once again...good morning Ibos![/quote]Very bitter truth. |
Tolexander: John! Your man don convince me with all these road projects through out the state. I can't believe there can be a governor with this road achievement in osun. I can feel it in my domain. ![]() E good as you sef don see and feel am. Can't wait to see how Osun would look like in 6years time. He surely has my vote in 2014 ![]() |
chukwudi44: Fan-kayode and fasholaOnly by the ibos. |
This development has exposed the lie that APGA is an Igbo party, a party committed to Igbo interests. How can a non Igbo who has never stayed in Anambra State decide for the Anambra people their governorship candidate? Have things fallen apart so much so in our beloved state that a full-blooded Ijaw person who is not even an in-law of ours will determine who will be our governor and who will not be?Lol How can "Ebelechukwu Azikiwe" not be Igbo? Oh!, now they realize he is not Igbo when it is their turn to get their share of Mr president's divide and rule technique. GEJ is handling Anambra while PEJ is handling Rivers, like it is their family business. Interesting ![]() |
Former Head of State, General Yakubu Gowon (rtd) has said that his visit to Osun state has confirmed reports of the sterling performance of the governor of the state, Mr. Rauf Aregbesola. Gen Gowon during a courtesy call on the governor at the Government House in Osogbo lauded the governor for taking the state beyond and better than the way he met it. He maintained that ever before coming to the state, reports abound on the way Aregbesola is governing Osun state and the speedy development of the State. The former military Head of State who was in Osogbo with his team in furtherance of the Nigeria Prays project to the South-West of Nigeria said, “We are grateful for the opportunity to pay courtesy visit to you. Before coming to see for ourselves, we have heard reports of your excellent performance in the state”. “We are in Osun to pray for Nigeria. Nigeria Prays was birthed some 17 years ago, when a lot of people had given up on the country to bring back the normalcy that the country requires. That was how it came to being and the two major religions in Nigeria are involved in the Nigeria Prays Project.” Gowon explained. In his response, Aregbesola noted that the country need not be in its present situation because Nigerians have refused to internalize civility at the moderate level. The governor called on spiritual intercessors to target their prayers at critical issues ranging from intolerance, disciplined leadership, oneness of Nigeria, good neighbourliness among others, charging the Nigeria Prays team to ensure that all these desires are realized in the country. It said that this explains why Nigerians no longer believe in this government adding |”All the five evils mentioned by Chamberlain, namely, “brute force, bad faith, injustice, oppression and persecution”, have manifested in this administration. “It is this same government who has reneged on an agreement it entered freely into with the Academic Staff Union of Universities (ASUU). The nation’s universities have been shut down for two months now and FG is not bothered. The Minister of Finance claims that FG does not have enough money to improve the education sector but Nigerians know better,” MURIC added. http://leadership.ng/news/200813/gowon-lauds-aregbesola-s-performance-osun
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By Press Releasehttp://www.worldstagegroup.com/worldstagenew/index.php?active=news&newscid=10175&catid=2
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payless: LMAO!I doubt it, because Rochas who was a performer as we were made to believe became a clown and an ingrate immediately he joined amala and bokoharamic party(APC). Soludo shouldn't be exceptional. ![]() |
Soludo should contest under fashakin's UPN, I am sure he is going to win. Unfortunately, Igbos don't do with amala party. ![]() |
ak47mann: I wonder why some people are so interested in ANANMBRA that ravage by erosion,you leave your advance states,with cars flying with remote control,sophisticated people 'am afraid.And come here to poke nose about anambra politics.Something is not right,What an ironyJust like how every Nigerian is interested in anything Yoruba/SW ![]() |
RIP to the dead. Thanks to jesus of okirika for bringing up fruitless and useless women initiative whatever to campaign for her husband, same campaign method she used in 2011 and her husband also using the being shoeless technique. The blood of the dead is on madam first lady, because that rally was absolutely fruitless and clueless. |
August 17, 2013 Some female members of the Peoples Democratic Party (PDP) who took part in “Nigerian Women Rally for Peace and Empowerment” organised by the First Lady, Dame Patience Jonathan, were reported to have been involved a motor accident. Those involved in the crash were some delegates from Lagos State who were returning home on Friday after taking part in the party’s rally in Abuja with a member identified as Mrs Bisi Adisa losing her life. Sources within the party in Lagos told LEADERSHIP Weekend that the crash occurred at the popular Airport Junction in the Federal Capital Territory (FCT) with five other members whose identities were yet to be ascertained as at the time of filing this reports sustaining life- threatening injuries. One of the survivors told our correspondent the accident occurred when their vehicle, a 16-seater Toyota Hiace bus veered off the road while trying to avoid a crater on the highway. “We were coming home from Abuja when our vehicle veered off the road when our driver tried to avoid a pothole on the road, precisely at the Airport Junction section of the road,” she said, stating that she alongside others sustained some degrees of injuries. http://leadership.ng/news/170813/abuja-rally-one-dies-five-injured-lagos-pdp-women-auto-crash
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emiye: I thought you people hate a party with northern origin, why Atiku's PDM?Hehhehe ![]() |
http://allafrica.com/stories/201307240347.html/ 24 July 2013 , By Eugene Agha, |
lagerwhenindoubt: on the flip side we comfortably (blissfully) ignore the fact that an entire town was thrown into confusion over this.. hhmmm.. our future is indeed bleak.So you believe in the over hype by those attention seeking journalists? I've been in Ibadan since Sunday and I never heard of the incidence, read it first on Nairaland. They even called Ibadan a town, a place housing over 3million people and the country's biggest city(land mass) ![]() You see how mumu they(ibadan journalists) are?! ![]() They need to leave their enclaves of bere, mapo, olodo, oje, molete, sabo, shasha, ikolaba.... *i give up on Ibadan journalists* |
Very straightforward. neither Islam nor common sense supports such propositionDon't know about what islam says but the red part is enough to tell anyone that child marriage is insane. Again, my governor has proven to be different. Osun A Dara. ![]() |
![]() Laugh don kill person for this thread o About the mad old prof. Who doesn't know that the prof is mad? if he is not mad the world wouldn't have crowned him as the first African writer to get a nobel prize. Who else can we call a mad man order than a creative prof who formed the word "shepopotamus" Laugh don tear my belle ![]() And to those in charge on this forum, please include that newest Nigerian english "shepopotamus" into Nairaland's dictionary. |
22 July 2013 , By Sunday Awopegba |
Gbawe1: Not real. The first lady did not say this because the article is satirical.Seriously, I wouldn't be surprised if she actually said it, because she's full of surprises. Most of her actions and words are actually questionable to sane human. |
Tolexander: source??http://www.wazobiareport.com/reports/Forbes-most-powerful-women-2013-list-is-wrong-says-office-of-the-Nigerian-First-Lady ![]() Forbes also don enter madam first lady blacklist. How dare forbes omit the name of our one and only madam umblerra. Forbes will pay for it in a hard way. ![]() |
I entered Oshogbo yesterday and happened to pass through that road of Abere to Olaiya where the demolition took place. Sincerely, I see no reason why the member that opened this thread termed aregbe's action as "Politically Inexpedient Demolition". 95% of the structures that were demolished were shops, kiosks, fences and probable building extensions. The owners of these demolished properties knew they will be demolished one day, that's why they didn't risk erecting their main buildings(mostly storey bldgs) close to the road, but built shops for rentage on the road sides at the front of the main building. Also, let us note that those affected have been notified since feb last year. It was boldly written by the town planners on these shops and fences the date of notification which I personally saw on enough walls/shops being demolished. The op also omitted this part: Aregbeshola's(the gov) campaign office was also affected, the main fence and the gate house were demolished yesterday, I saw this myself no be say dem say. About Aregbe being re-elected, I think that is up to we the people of the state of the Living Spring to decide. Based on performance and accountability, to me the man has proven to be far better than those that have led my home state of Osun. I personally will vote for him in 2014 if I am opportuned, provided that the opposition have no better candidate than the like of Omisore to present as their flag bearer. From what I have read, seen and heard, Omisore is likely to be the opposition's(pdp) flag bearer. If that happens, Aregbe's victory margin might be X3 instead of double that it should be. Osun A Dara!!! |
Big Star: I wonder what these guys are going to use against him in 2014. He is touching every angles with good initiatives.No be PDP wey we sabi again, lol. Already they've gotten what to use against him. 1.) They complained of money not circulating in the state unlike when PDP was there that anyone can pack/steal as much as possible. 2.) They complained about demolition of illegal structures by Aregbe's administration.... And many more senseless excuses like that. |
And now PDP is left with just three hard working governors: Akpabio, Sule Lamido & Chime. The rain is too heavy for the umbrella party
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[size=20pt]PDP suspends Nigeria Governors Forum chairman, Rotimi Amaechi[/size] Premium Times - 16 mins ago The Peoples Democratic Party has suspended the Rivers State governor, Rotimi Amaechi, from the party.http://premiumtimesng.com/news/136317-pdp-suspends-nigeria-governors-forum-chairman-rotimi-amaechi.html |
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