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October 16, 2024 NMDPRA Unveils New Import License Procedures
IFMUYONEWS

NMDPRA Unveils New Import License Procedures

The Nigerian Midstream and Downstream Petroleum Regulatory Authority – NMDPRA, has unveiled new regulations to simplify the process of obtaining petrol import licences and other operational regulations in the industry into a single document.

NMDPRA stated that previous regulations, administered by the defunct Department of Petroleum Resources concerning midstream and downstream operations, have been revoked.

The proposed 2024 Midstream and Downstream Petroleum Operations Regulations will enable the Authority to reduce the complexities of navigating and implementing numerous regulations in the petroleum industry.

The Managing Director of the NMDPRA, FAROUK AHMED, speaking at a stakeholder engagement on the proposed operations regulations in Abuja, said the event was in accordance with Section 216 of the Petroleum Industry Act, which mandates consultation with stakeholders prior to the finalisation of regulations under the Act.

October 16, 2024 PPMC Has Called For Shutdown of illegal Petroleum Structures in South/South Depots
IFMUYONEWS

PPMC Has Called For Shutdown of illegal Petroleum Structures in South/South Depots

The chairman of the Petroleum Products Monitoring Committee (PPMC), Mr. Godwin Ekpo has called for the shutdown of illegal Petroleum products structures operating across South-South Depots.

 Speaking at the committee’s inaugural meeting, Mr. Ekpo said this decision was apt to enable the   committee duly constituted by Governor Umo Eno to operate smoothly.

The PPMC Chairman expressed  readiness to  collaborate with stakeholders to ensure  seamless loading and distribution of petroleum products within the state.

 Mr Ekpo called on the Joint

  Task Force on Petroleum to provide adequate security ,to enable marketers to lift and deliver products to  different destinations without hitch.

Following the meeting  Ekpo extended an olive branch to industry stakeholders during a courtesy call  to  Independent Petroleum Marketers Association of Nigeria (IPMAN), he stressed the importance for partnership in tackling the daunting challenges in the sector,particularly,adulteration,

 bunkering and pump price adjustment, adding that this act was unfair and detrimental to the consumers.

In his remarks, the chairman of Independent Petroleum Marketers Association of Nigeria (IPMAN), Mr. Francis Udoyen, thanked  Ekpo and commended His Excellency  Governor Umo Eno for  constituting an all-inclusive committee,Udoeyen plegded his  cooperation, noting the synergy between PPMC and IPMAN was a   welcome development.

October 3, 2024 Federal Government Removes VAT from Diesel, Cooking Gas, Other Oil and Gas Sector Commodities
IFMUYONEWS

Federal Government Removes VAT from Diesel, Cooking Gas, Other Oil and Gas Sector Commodities

Determined to arrest the spate of divestments in the nation’s oil and gas sector, the Federal Government has announced a new fiscal regime with a wide range of tax exemptions in the industry.

The Minister of Finance and Coordinating Minister of the Economy, Mr. WALE EDUN, stated this in statement issued by his Director, Information and Public Relations, Mr. MOHAMMED MANGA, stressing that the fiscal incentives were aimed at revitalizing Nigeria’s oil and gas sector.

The tax exemptions were contained in: Value Added Tax (VAT) Modification Order 2024; as well as Notice of Tax Incentives for Deep Offshore Oil & Gas Production, by the Oil & Gas Companies.

He added that the measures were designed to lower the cost of living, bolster energy security, and accelerates Nigeria’s transition to cleaner energy sources, noting that the reforms were part of a broader series of investment-driven policy initiatives of President BOLA TINUBU, in line with Policy Directives 40-42.

September 30, 2024 President Tinubu Appoints Joseph Tegbe as DG of Nigeria-China Relations
IFMUYONEWS

President Tinubu Appoints Joseph Tegbe as DG of Nigeria-China Relations

President BOLA TINUBU has appointed JOSEPH TEGBE as Director-General and Global Liaison for the Nigeria-China strategic partnership. The development followed a commitment by the two countries to establish hospital alliances and collaborate on medical research.

This was announced in a release bySpecial Adviser to the President on Information and Strategy, BAYO ONANUGA, earlier today, noting that TEGBE, a 1988 first-class graduate in civil engineering from ObafemiAwolowo University, will report directly to the President TINUBU.

According to the statement, TEGBE will immediately submit a strategic action plan to enable Nigeria to benefit from the agreements between the two countries in Beijing.

Recall that at the 2024 Forum on China-Africa Cooperation (FOCAC), President XI JINPING pledged about 51 billion dollars, in new financing to African nations in the next three years.

During his official visit before the FOCAC, President TINUBU also obtained a commitment from President XI to support Nigeria’s economic diversification plans, infrastructure development, technology transfer, and job creation.

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