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2 weeks ago
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- The Nigerian authorities has announced plans to merchandise N400 cardinal nether the state infrastructure fund
- The Minister of Petroleum Resources (Gas) Ekperikpe Epo revealed this astatine the groundbreaking lawsuit of a CNG Mother presumption successful Akwa Ibom State
- The Minister said the task beneficiaries should hole with bankable projects to entree the fund
Legit.ng’s Pascal Oparada has reported connected tech, energy, stocks, concern and the economy for implicit a decade.
The Nigerian authorities has revealed plans to supply different N400 cardinal state infrastructure money to beneficiaries of the inaugural successful 2 weeks.
The Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, revealed this during the groundbreaking lawsuit of the 10MMSCF CNG Mother Station works astatine Esit Eket Local Government Area of Akwa Ibom State connected Thursday, March 20, 2025.
Source: Getty Images
FG acceptable eligibility criteria for beneficiaries
The N400 cardinal money comes aft the authorities released the N122 cardinal state infrastructure money successful 2024.
According to Ekpo, the money would beryllium disposable successful 2 weeks, asking Akwa Ibom indigenes to get progressive and spouse with Nsik Oil and Gas.
He disclosed that eligible beneficiaries indispensable person bankable projects, portion the Transaction Adviser volition o.k. each application.
He said beneficiaries indispensable walk done the transaction scrutiny to guarantee compliance with the laid-down procedure.
He asked Akwa Ibom indigenes to emergence and instrumentality vantage of the earthy resources successful Nigeria and not deliberation that opportunities would autumn connected their laps.
The Minister asks for a conducive environment
Punch reports that Ekpo asked section governments to supply the indispensable situation for the state task to succeed.
“It is near for you to supply a conducive situation truthful this task volition thrive,” helium said.The president and main enforcement serviceman of Nsik Oil and Gas, Nsikan Johnny, noted that the groundbreaking lawsuit is simply a important measurement successful the travel to supply cleaner, safer, and affordable energy solutions to Nigerians.
Johnny said that the task reflects the Nigerian government’s committedness to thrust economical growth, reducing biology impact, and improving the lives of communities.
The Nsik Oil and Gas brag applauded the collaboration betwixt the Nigerian authorities and Akwa Ibom State Governor, Umo Eno, and the Midstream and Downstream Gas Infrastructure Fund (MDGIF) for the conducive situation for state development.
The crushed for the state infrastructure fund
According to reports, the Nigerian government, done the MDGIF is investing N400 cardinal successful state infrastructure, pursuing the merchandise of N122 cardinal past year, to amended state organisation and utilization, trim flaring, and thrust the adoption of CNG and LPG.
The MDGIF was established nether the Petroleum Industry Act (PIA) 2021 to code the state infrastructure shortage successful Nigeria and focuses connected enhancing home state utilization, minimising state flaring, and attracting concern successful the state sector.
Tinubu appoints enforcement manager for MDGIF
In October 2024, the authorities released N122 cardinal to six state infrastructure companies.
In January 2024, President Bola Tinubu approved the appointment of the enforcement manager and governing assembly of the Midstream and Downstream Gas Infrastructure Fund (MDGIF).
Special Adviser to the President connected Media & Publicity, Chief Ajuri Ngelale disclosed this successful a connection connected Friday, January 12.
Source: Getty Images
This was contained successful a station shared by the Special Assistant to the 16th President of the Federal Republic of Nigeria, Olusegun Dada, via his X leafage (formerly known arsenic Twitter) @Dolusegun16.
FG earns implicit $500m from investments successful state incentives
Legit.ng earlier reported that the Nigerian authorities said it made implicit $500 cardinal successful investments from January to October 2024 from the fiscal incentives introduced to boost the country's entree to CNG, LPG and LNG.
The Special Adviser to President Bola Tinubu connected Energy, Olu Verheijen, disclosed this connected Monday, October 28, 2024, during the session's opening astatine the ongoing Oil Trading & Logistics Africa Downstream Energy Week successful Lagos.
She said the incentives included waivers connected import duties and VAT connected the merchantability and organisation of LNG, CNG, LPG, and associated equipment.
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Source: Legit.ng
