Despite Contradictions, Buhari Describes NNPC’s $697m Net Profit as Jinx Broken

The presidency says for the first time in the history of Nigeria, President Muhammadu Buhari broke a giant-sized jinx when the Nigerian National Petroleum Corporation (NNPC) announced a first Net Profit in the 44-year history of the organization.

Presidential spokesman Femi Adesina in a statement on Sunday said under Mr Buhari, who doubles as Minister for Petroleum Resources, the oil conglomerate announced a first-ever profit of N287 billion, some $697 million.

Critics have argued that the spokesman statement may appear to be inaccurate as NNPC’s 2019 financial report showed that the state-owned oil company made a profit of N111.59 in 2017.

The report also showed that the group posted a loss of N770.18 billion in 2015 and N119.03 billion in 2016.

N803.14 billion and N1.7 billion were posted as losses by NNPC at the end of 2018 and 2019 financial operations.

While the financial report for 2021 has not been published, the petroleum minister and NNPC said the company made a profit of N287 billion.

In the statement, Mr Adesina said the profit announced by his principal was by no means the only major jinx broken in the lifetime of the Buhari administration.

Below are some of the polices and projects listed by the presidency that have been carried out by the Buhari government.

Policies and legislation:
1.Petroleum Industry Bill signed into law in 2021, after almost two decades in the works. It is aimed at reforming a Petroleum Act dating back to 1969, as well as other supplementary laws and regulations.

2.Deep Offshore and Inland Basin (Production Sharing Contracts) Act, 2019, amended for the first time since 1993.

3.More than 6 billion dollars of inherited Cash Call Arrears now being cleared by the Buhari Administration, since 2016. More than 3 billion dollars of the arrears (payments due to International Oil Companies) have since been paid.

4.The Buhari Administration has overseen the first successful Marginal Fields Bid Round in almost 20 years.

5.The Buhari Administration has launched the first National Social Investment Programme in the country’s history. Today it is the largest Social Investment Programme in Africa and one of the largest in the world.

6.Restoration of the Federal Budget to a January-to-December cycle, after more than a decade.

7.The Nigeria Center for Disease Control (NCDC) was established in 2011, and for its first seven years did not have an enabling Act of the National Assembly — Until 2018 when President Buhari assented to the NCDC Act.

7.Nigeria Police Act, 2020: The first overhaul of the Police Act since it was originally enacted in 1943.

8.Nigeria Correctional Service Act, 2019 – overhauled the existing Prisons Act, almost 50 years after it was first enacted.

9.Finance Acts 2019 and 2020 – the first time ever that Federal Budgets are being accompanied by dedicated and specific reform legislation, to support implementation.

10.Suppression of Piracy and Other Maritime Offences Bill (SPOMO), 2019: The first of its kind in the entire Gulf of Guinea, dedicated to prosecuting maritime offences.

11.Police Trust Fund Act, 2019: First-ever legislation dedicated to addressing the financing of the Police Force.

12.CAMA, 2020 – the first overhaul of the Company and Allied Matters Act (CAMA) in 30 years.

13.Discrimination Against Persons With Disabilities (Prohibition) Act, 2018: Another unprecedented piece of legislation in Nigeria.

14.Treasury Single Account (TSA) started in 2012, expanded across the entire Government by President Buhari

Projects

1.Itakpe-Warri Rail Line, started in 1987, abandoned for decades, and finally completed in 2020.

2.Completion of four standard gauge railway projects between 2016 and 2021: Abuja-Kaduna Rail Line, Abuja Metro Line, Itakpe-Warri Rail Line and Lagos-Ibadan Rail Line.

3.President Buhari is the first President to start and complete a rail project in Nigeria’s history (Lagos-Ibadan Rail).

4.The last NLNG Train project (Train 6) was completed in 2008. President Buhari has successfully flagged off Train 7 construction.

5.Apapa-Oshodi-Oworonshoki Expressway, undergoing full reconstruction for the first time since it was constructed in the late 1970s.

6.Bodo-Bonny Bridges and Road: Construction finally kicked off in 2017, after several decades of planning, and three false starts.

7.The long-awaited Ogoni Clean-Up kicked off under the Buhari Administration.

8.The Nigerian Navy has this year (2021) acquired its first new Landing Ship Tank (LST) in more than 40 years.

9.The Nigerian Air Force has enjoyed the largest investment in fleet renewal in decades, under President Buhari, acquiring more than two-dozen new aircraft since 2016.

10.Construction of the first full-scale private refinery and the first privately financed Deep Sea Port in Nigeria’s history both started under President Buhari’s watch.

11.Only one Modular Refinery in the country pre-2016. Since 2018, there have been several either under construction or already completed.

12.Maritime University, Delta State, licensed by the NUC and operationalized in 2018.

13.Completion, since 2016, of twelve (12) inherited Dam projects across the country: Kashimbila Multipurpose Dam, Taraba; Ogwashi-Uku Multipurpose Dam, Delta; Adada Dam, Enugu; Sulma Earth Dam, Katsina; Gimi Earth Dam, Kaduna; Amla-Otukpo Dam, Benue; Amauzari Earth Dam, Imo; Ibiono-Ibom Earth Dam, Akwa Ibom; Gadau/Lafia Zigau Dam, Bauchi; Alajue Small Earth Dam, Osun; Kampe Omi Dam, Kogi (Rehabilitation) and Kargo Dam, Kaduna (Rehabilitation).

14.Completion of three (3) inherited Hydropower Projects, accounting for more than 100MW of electricity in total: Gurara Hydropower Project, 30MW, Kaduna State – completed and concessioned in 2020; Kashimbila Hydropower Project, 40MW, Taraba, Dadin-Kowa Hydropower Project, 40MW, Gombe.

15.Completion, since 2016, of seven (7) inherited Irrigation projects and 30 Water Supply Projects inherited by the Administration, including the Central Ogbia Regional Water Supply Project in Bayelsa State, Northern Ishan Regional Water Supply Project and the Ojirami Dam Water Supply Scheme and Reticulation Network, both in Edo State; Sabke, Dutsi and Mashi Water Supply Project in Katsina State; Vom Water Supply Project and Mangu Regional Water Supply Scheme in Plateau State; Takum Water Supply Project in Taraba State; Gambaki/Chinade/Hardawa/Bulkachuwa Water Supply Project in Bauchi State; Inyishi Regional Water Supply Project in Imo State; Ilobu Water Supply Scheme and Osogbo Water Supply Scheme in Osun State; Idanre Water Supply Project in Ondo State; Ofeme Water Supply Project in Abia State; Uburu Water Supply Scheme in Ebonyi State; Gashua Water Supply Scheme in Yobe State; Kwami Gadam and Bojude Water Supply Project in Gombe State; the Saki Town Water Supply Project, Oyo State; and the Zobe and Kazaure Water Supply Projects in Katsina and Jigawa States respectively.

16.NDDC HQ Complex, started in the mid-1990s, completed in 2021.

17.EFCC HQ Complex, construction started in 2011, completed in 2018.

18.Zik Mausoleum, started in 1996, completed and commissioned 2018.

By Abel Ejikeme

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