LASISMA SERVES NOTICES, MARKS BUILDINGS UNDER TENSION RIGHT-OF-WAY IN ALAGBADO/OKE-ODO.(PHOTOS). #PRESS RELEASE.

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 LASISMA SERVES NOTICES, MARKS BUILDINGS UNDER TENSION RIGHT-OF-WAY IN ALAGBADO/OKE-ODO  The Lagos State Informal Space Management Authority (LASISMA) Officials, last week Tuesday, on the directives of the Honourable Commissioner for Physical Planning and Urban Development, Dr. Olumide Oluyinka, staged a strategic enforcement and sensitisation exercise at Alagbado/Oke-Odo axis of Lagos State to address physical planning infractions along the AIT road corridor.   Representing the General Manager, TPL Daisi Oso, TPL Emmanuel Seyi Ogunyemi and his team served contravention notices on occupants within the corridor and marked buildings encroaching on the high-tension right-of-way.   During the exercise, affected property owners were directed to recess their buildings away from the high-tension corridor right of way, in line with safety and planning regulations. The team emphasised that the action was necessary to safeguard lives and property, reduce environmental hazards ...
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FG STOPS NNPC DEDUCTIONS; ORDERS DIRECT OIL PAYMENTS TO FEDERATION ACCOUNT. (PHOTO).

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FG Stops NNPC Deductions; Orders Direct Oil Payments To Federation Account

The Federal Government has taken steps to tighten control over the country's petroleum revenues, following the inaugural meeting of the Implementation Committee for Executive Order 9, signed by President Bola Ahmed Tinubu.

Key decisions reached include stopping NNPC Limited from collecting the 30% management fee and 30% frontier exploration fund deductions from profit oil and gas under Production Sharing Contracts with immediate effect. Gas flare penalties remittances into the Midstream and Downstream Gas Infrastructure Fund have also been suspended.

Contractors will now make direct payments of profit oil, royalty oil, and tax oil into the Federation Account, but with a transition period to respect existing contracts and maintain investor confidence, while a Technical Subcommittee has been set up to develop guidelines for the transition and review the Petroleum Industry Act to address revenue weaknesses.

The Implementation Committee, chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, assured stakeholders of continued coordination and regular updates while commending their cooperation in ensuring that Nigeria’s petroleum resources yield greater benefits for citizens nationwide.

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