Nasarawa State Governor Abdullahi Sule has raised concerns over the significant amount of money spent by the previous administration of President Muhammadu Buhari in an attempt to revive Nigeria’s refineries.

Governor Sule revealed that the government had expended more than the $19 billion used in constructing the Dangote Refinery, which is currently Africa’s largest oil refinery.

Nigeria possesses refineries in Kaduna, Port Harcourt, and Warri; however, none of them are operational, prompting the establishment of the privately-owned Dangote Refinery.

Many industry experts view this as a step towards the privatization of the oil sector.

The construction plans for the Dangote Refinery were initiated in 2017, and the project was commissioned in May 2023, just days before the end of President Buhari’s administration.

Governor Sule expressed his dissatisfaction with the amount of funds allocated to revitalize Nigeria’s refineries.

During an interview with Channels Television on Thursday, June 8, he stated, “Look at how much the President Buhari administration spent on fixing the refineries.

In the eight years, he spent more money than the $19 billion that Dangote spent in building a refinery. That is one and a half times the size of our three refineries combined.”

Governor Sule attributed the non-functionality of Nigeria’s refineries to the burden of subsidy payments.

He highlighted the challenges faced by the government in maintaining the refineries despite the substantial financial investments made over the years.

He further emphasized that during President Buhari’s tenure, crude oil prices dropped by less than 30 dollars, resulting in the removal of subsidies.

“Our three refineries in Nigeria today have a total capacity of 450,000 barrels per day, whereas Dangote’s refinery has a capacity of 650,000 barrels per day.

He spent $19 billion on building it. Meanwhile, we spent, not on constructing a new refinery, but on maintaining these existing refineries, more than $19 billion over eight years, yet they have not been adequately maintained,” Governor Sule explained.

The governor’s criticism sheds light on the challenges faced by the Nigerian government in revitalizing the country’s refineries and the subsequent impact on the nation’s oil sector.

As Nigeria continues to rely heavily on imported petroleum products, the need for functional refineries becomes increasingly urgent.

The Dangote Refinery’s completion marks a significant milestone in Nigeria’s refining capacity, potentially reducing the country’s dependence on imported fuel.

Governor Sule’s comments highlight the necessity for effective utilization of funds, proper maintenance, and a comprehensive approach to address the longstanding issues surrounding Nigeria’s refineries.

With the changing dynamics of the oil industry, there is a growing consensus on the need for strategic reforms to ensure the sustainable development and efficiency of Nigeria’s oil sector.

Jorge Carlos Fonseca, the Head of the ECOWAS Election Observation Mission, recently revealed that the commission allocated approximately $712,000 to guarantee the triumph of the legislative elections in Guinea-Bissau.

He made the disclosure at the post-election briefing held in Bissau, Guinea-Bissau on Wednesday.

The funds were strategically disbursed to various aspects of the electoral process to ensure its smooth and peaceful conduct.

Out of the total amount, $500,000 was provided as support to the National Electoral Commission (CNE), strengthening their capacity to effectively carry out their duties.

An additional $92,000 was allocated to the deployment of an ECOWAS stabilization force, reinforcing security measures to safeguard the electoral proceedings.

Recognizing the importance of maintaining trust and stability, the commission also dedicated $120,000 to settle outstanding obligations owed to party agents.

This action aimed to prevent any potential disruptions or boycott threats from these agents, ensuring their active participation in the election.

Mr. Fonseca expressed his appreciation to the 893,618 voters who actively engaged in the electoral process. Their commendable turnout, consisting of 434,009 men and 459,609 women, greatly contributed to the peaceful and successful conduct of the election.

The voters displayed remarkable adherence to the country’s electoral laws, further enhancing the credibility of the process.

The legislative elections, which occurred on Sunday, June 4, 2023, were conducted for Guinea-Bissau’s 120 National People’s Assembly. The financial support provided by ECOWAS played a pivotal role in ensuring the election’s triumph.

Its contribution facilitated a transparent and peaceful process, effectively curbing the potential for violence or electoral malpractice.

ECOWAS’ investment in supporting the National Electoral Commission and deploying a stabilization force underscored their commitment to upholding democratic principles in Guinea-Bissau.

Through these measures, the commission aimed to secure the electoral process, allowing citizens to exercise their democratic rights in a secure and conducive environment.

The telecommunications industry is one of the fastest-growing sectors in the Nigerian economy.  It has brought about massive digitalization that has helped equip several sectors in the country.

In 2022, the ICT sector contributed N12.32tn, approximately 16.22 percent to Nigeria’s Gross Domestic Product through the continual growth of telecommunication subscribers, according to data from the National Bureau of Statistics.

The Federal Government, in the ‘Nigeria Medium-Term National Development Plan 2021-2025: Volume II’, stated its plans to increase the contribution of the ICT sector to GDP to 30 percent by 2025.

However, this projected growth may be hindered by multiple regulations contained in the proposed National Information Technology Development Agency Bill, which has been before the Joint Committee of the Senate and House of Representatives on ICT and Cyber Security.

According to a recent report by the International Data Corporation, the telecommunications market is currently experiencing a decline in value in real terms due to inflation, with a forecast that the global spending in telecoms will hit $1.54tn next year. With multiple regulations, taxation, and levies, a steady decline in investment is projected to rise in the sector invariably leading to a decline in value/revenue.

Since 2021, when the bill generated by NITDA was first presented to the National Assembly, telecommunications operators sought exclusion from the bill, claiming it will take up regulatory roles already performed by the Nigerian Communications Commission.

The bill is set to repeal the 2007 Act initially generated by the agency and enacted by the National Assembly.

Findings by The PUNCH showed that the bill would empower the agency to regulate and implement all government policies on the information technology and digital economy sector.

Telecom companies have been expressing concerns about the numerous and repetitive regulations imposed on the industry, claiming that they have been hindering both domestic and foreign investments in this sector.

The Association of Licensed Telecommunications Operators of Nigeria said that there was a risk that the agency, acting properly under the bill, may issue regulations, guidelines, and standards concerning the use of information technology and digital services, which would conflict with the functions of the NCC if the bill is passed as currently constituted.

The operators said, “The bill will also result in double and possibly conflicting regulations for telecommunications companies in Nigeria.

“In this circumstance, we humbly request that since telecommunications are already being regulated by the NCC with regard to information technology and digital services, the distinguished members of the committee have telecommunication companies excluded from the group of persons (“operators”) who will come under the control and regulation of the agency with regard to information technology and digital services.”

The primary objective of the Nigerian Communications Act 2003 is to create and provide a regulatory framework for the Nigerian communications industry and all matters related thereto.

Under section 32(1), the act stated that the commission is empowered to issue communications licenses for the operation and provision of communications services or facilities by way of class or individual licenses on such terms and conditions as the commission may from time to time determine.

It is anticipated that the commission will create and uphold a financial reserve that will cover all expenses accumulated by the commission, encompassing the yearly payments made to the commission by licensees.

A critical look at the NITDA bill shows a duplication of activities between NITDA and NCC.

For instance, the bill states that the agency would be authorized to by regulation issue licenses and authorizations for operators in the information technology and digital economy sector, and provide for licensing and authorization criteria, including renewal, suspension, and revocation conditions to promote free market operation and competition, among others.

The bill in sections 20(2) and 6(5) indicated that NITDA will determine and register operators in the information technology and digital economy sector and fix licensing and authorization charges, and collect fees and penalties as may be necessary for the exercise of its functions under the act.

The agency is also tasked with coordinating and supervising the activities of any entity incorporated, owned, or partly owned by the government to provide information technology infrastructure and digital services as well as the development of regulations, guidelines, and directives on the use of information technology and digital services in every sector of the economy to attain the purpose of the agency.

Furthermore, the NITDA bill requires certain companies designated in the act with an annual turnover of N100m to pay a levy of one percent of their profit before tax into the National Information Technology Development Fund it established.

A former lawmaker representing Anambra Central Senatorial District, Annie Okonkwo, has reportedly died.

Okonkwo, a foremost businessman and politician, hails from Iruebenebe village, Ojoto in Idemili South Local Government Area of Anambra State.

The deceased represented Anambra Central Senatorial District from 2007 to 2011 under the platform of the Peoples Democratic Party.

He also contested the governorship seat of Anambra State on several occasions during his active days.

A family source said he died in the United States, where he had been receiving treatment.

He was said to have suffered cancer of the lungs but recovered. In April, it relapsed and he had been on life support until he passed on.

A message from the family announcing the death read, “The entire Okonkwo family of Iruebenebe village Ojoto, announces the passing on to glory of High Chief Annie Okonkwo. Indeed, Ojoto has lost her political pillar.”

He was succeeded at the Senate by the immediate past Minister of Labour and Employment, Dr Chris Ngige.

While in the Senate, Okonkwo was appointed to committees on Upstream Petroleum Resources, Police Affairs, Environment and Agriculture.

He was last seen in public, when his son, Uche Okonkwo, who won a seat in the House of Representatives, paid him a visit to present him his certificate of return.