FG to conduct bidding process for 57 marginal oil fields

The federal government has announced its readiness to conduct a bidding process for 57 Marginal Oil Fields in order to improve revenue especially in this period of fiscal crisis caused by the coronavirus pandemic and further increase participation of Nigerian companies in oil exploration and production business.

President Muhammadu Buhari announced this in his Democracy Day Speech on June 12, 2020.

Crude oil prices rebound ease investors’ concerns for Nigeria debt market, Buhari announces $200m intervention funds for local oil firms, disbursements for mortgages

On the sustenance of a peaceful and conducive business atmosphere for the oil and gas sector, President Buhari pointed out that with the sustained engagement of youths, opinion leaders, and other stakeholders, peace has been restored in the Niger Delta Region and oil production levels maintained.

Announcing his commitment to the development of the region and ensuring that development meant for the people of the Niger Delta to get to them, the president authorized a Forensic Audit of the Niger Delta Development Commission.

The president also announced the Federal Government’s disbursement of N7.7 billion for 868 mortgages and delivery of 1,200 housing units to low and middle-income earners.

In his statement, Buhari said, ‘’Our pursuit of affordable housing for the low and middle-income earners has received a boost with the delivery of 1,200 housing units, provision of 520 service plots with infrastructure through a Public-Private Sector partnership and the issuance of 868 mortgages totalling N7.7 Billion. Similarly, Home Renovation Loans totalling N16.2 Billion have been granted to 19,210 people.’’

Brent Crude, Buhari announces $200m intervention funds for local oil firms, disbursements for mortgages.

He also reiterated the federal government’s commitment to continue with investments in the Aviation sector in order to position it as a travel and trade hub in West Africa and the African continent in general.

Airport Terminals in Abuja, Lagos, Kano, and Port Harcourt are being expanded, while the rehabilitation of the Enugu Airport is almost completed. All the airports are being raised to international standards with the provision of necessary equipment, especially navigational aids, to guarantee world-class safety standards.

Also, President Buhari announced the disbursement of funds from the $200 million Nigerian Content Intervention Fund to indigenous manufacturers and service providers in the oil and gas sector.

He said this is part of the Federal Government’s effort to boost indigenous participation in the oil and gas sector in order to continue to grow local content and invariably increase investment in the sector.

According to the President, ‘’We continue to grow local content in other areas of the oil and gas sector with the disbursement of funds from the $200 million Nigerian Content Intervention Fund to indigenous manufacturers and service providers.’’

As at July 2019, the Nigerian Content Development and Monitoring Board (NCDMB), which has the responsibility to manage this fund had disbursed about $160 million to local oil firms.