Mkpoikana Udoma
Port Harcourt — President Bola Tinubu on Tuesday announced that the federal government in few days’ time will grant ministerial approval for the ExxonMobil-Seplat divestment deal, marking a significant milestone in his administration’s economic reform agenda.
In his Independence Day address, President Tinubu revealed that the deal, concluded in line with the Petroleum Industry Act, PIA, would inject vibrancy into the oil and gas sector, increase production, and positively impact the economy.
According to Tinubu, the divestment was part of the government’s broader strategy to retool the economy, attract foreign investment, and stimulate growth.
He further announced that Nigeria attracted $30 billion in foreign direct investments in the last year, a testament to his administration’s economic reforms, the move he said would create a ripple effect in the economy, boosting growth and development.
“As such, the ExxonMobil Seplat divestment will receive ministerial approval in a matter of days, having been concluded by the regulator, NUPRC, in line with the Petroleum Industry Act, PIA. This principle guides the divestment transactions in our upstream petroleum sector, where we are committed to changing the fortune positively,” President Tinubu emphasized.
The President also highlighted other economic achievements, including the payment of inherited forex backlog of $7 billion, clearance of ways and means debt of over N30 trillion, and reduction of debt service ratio from 97% to 68%.
Additionally, President Tinubu announced progress in the country’s energy transition program, with the expansion of the Presidential Initiative on Compressed Natural Gas, CNG, for mass transit.
“Our energy transition programme is on course. We are expanding the adoption of the Presidential Initiative on Compressed Natural Gas for mass transit with private sector players. The Federal Government is ready to assist the thirty-six States and FCT in acquiring CNG buses for cheaper public transportation,” President Tinubu stated.
Other key initiatives mentioned in the President’s address include mechanized farming programs to boost agricultural production, National Youth Conference to empower young people, job creation programs aiming to create 2.5 million jobs annually.
“Better days are ahead of us. The challenges of the moment must always make us believe in ourselves. We are Nigerians—resilient and tenacious. We always prevail and rise above our circumstances,” President Tinubu urged.
