The Federal Government has launched the Nigeria Carbon Market Activation Policy (NCMAP), projecting it will unlock a carbon market potential valued between $736 million and $2.5 billion by 2030.

Amb. Nura Rimi, Permanent Secretary of the Ministry of Industry, Trade and Investment, announced this at the Corporate Climate Action event on Carbon Markets held during the 79th UNGA in New York.

Rimi stated that the NCMAP aims to create up to 2.3 million green jobs for youths and promote sustainable development across Nigeria and Africa. The initiative seeks to establish a structured environment for both local and foreign investments, enhancing sustainable economic growth.

“The NCMAP is not just a policy framework; it’s a declaration of our unwavering commitment to a resilient and sustainable future for Nigeria and the continent,” Rimi said.

He emphasized that the policy will establish a transparent system for trading carbon credits, supporting Nigeria’s Nationally Determined Contributions (NDCs) and attracting global investors by offering incentives for emission reductions.

The Ministry of Industry, Trade and Investment will ensure that NCMAP provides the necessary incentives to stimulate industrial growth, private sector engagement, and investor confidence in sustainable business practices.

NNPC Denies $6.8 Billion Debt Allegation and Defends Federation Account Remittances

On Sunday, the Nigerian National Petroleum Company Limited (NNPC Ltd) refuted claims of a $6.8 billion debt to international traders. In a statement, Olufemi Soneye, Chief Corporate Communications Officer, clarified that the company does not owe the reported sum.

The NNPC Ltd’s response followed allegations that it has not contributed any funds to the Federation Account since January. Soneye emphasized that such claims are false, asserting that the company and its subsidiaries consistently remit taxes to the Federal Inland Revenue Service (FIRS).

Soneye explained that while NNPC Ltd manages numerous open trade credit lines, it adheres to a first-in-first-out payment approach for its obligations. He also highlighted that the company is a major contributor to the Federation Account Allocation Committee (FAAC) through its tax contributions.

Regarding the quality and quantity of imported petroleum products, Soneye clarified that NNPC Ltd does not oversee these matters, as this falls under the purview of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), an independent body.

The statement reinforced NNPC Ltd’s commitment to transparency and accountability, in line with the company’s TAPE (Transparency, Accountability, and Performance Excellence) philosophy.

Revenue Commission Discloses Senators’ N1M Monthly Salary, N12M Allowances; Highlights Disparity with N70,000 Minimum Wage

The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has revealed that each of the 109 senators in the National Assembly earns N1,063,860 million salary and allowances per month.

RMAFC chairman, Mohammed Bello Shehu made the clarification in a statement on Tuesday.

He said the clarification was necessary in view of the recent statement made by Senator Shehu Sani, who was reported to have disclosed to the public that each senator collects monthly running cost of N13.5 million in addition to the monthly N750, 000.00 prescribed by RMAFC.

The commission gave the breakdown of the salary and allowances of each senator as: Basic Salary – ₦168,866:70; Motor Vehicle Fuelling and Maintenance Allowance – ₦126,650:00; Personal Assistant – ₦42,216:66; Domestic Staff -₦126,650:00; Entertainment – ₦50,660:00; Utilities – ₦50,660:00; Newspapers/Periodicals – ₦25,330:00; Wardrobe – ₦42,216,66:00; House Maintenance – ₦8,443.33:00 and Constituency Allowance – ₦422,166:66; respectively.

Shehu said RMAFC does not have the constitutional powers to enforce compliance with the proper implementation of the remuneration package of lawmakers.

“This lacuna is, however, being addressed by the National Assembly,” he said.

The RMAFC chief also said some allowances are regular while others are non-regular.

“Regular allowances are paid regularly with basic salary while non-regular allowances are paid as when due.

“For instance, Furniture allowance (₦6,079,200:00) and Severance Gratuity (₦6,079,200:00) are paid once in every tenure and Vehicle allowance (₦8,105,600:00) which is optional is a loan which the beneficiary has to pay before leaving office,” he added.