National Telescope national telescope newspaper
Chibuzor Alli
The Federal Government has announced a significant boost of N400 billion to be injected into the gas infrastructure fund, set to benefit various stakeholders in the next two weeks.
The Statement was made on Thursday by Hon. Ekperikpe Ekpo, the Minister of Petroleum Resources (Gas), during the groundbreaking ceremony for the 10MMSGF/F CNG Mother Station facility in Esit Eket Local Government Area, Akwa Ibom State, on Thursday.
The new allocation comes on the heels of a previous release of N122 billion from the gas infrastructure fund last year.
“Let me hint to you in the next two weeks, I am going to release another amount, and this may be up to N400bn. Any Akwa Ibom son and daughter going to be involved should go and consult with Nsik Oil and Gas” Ekpo stated.
He emphasized the importance of project viability, adding, “Your project must be bankable; the Transaction Adviser will approve it, so it will not be that the Minister is from Akwa Ibom and whatever I bring he will approve, no. You have to go through the scrutiny of the transaction adviser, and when it’s presented to me, you can go home and rest. You will be sure that the money will be released to you.”
Ekpo encouraged Nigerians, particularly those from Akwa Ibom, to seize the opportunities presented by the nation’s natural resources, urging them not to wait for changes to come passively. “The time has come for Nigerians and Akwa Ibom to wake up and take advantage of the natural resources that we have in the country; please don’t sit at home and think that it will come; the time has come; we must carry our destiny in our hands,” he asserted.
However, the minister highlighted the federal government’s commitment to cleaner energy and called on local governments to create an enabling environment for the success of such projects.
He stated, “This is a wonderful project that Nsik Oil and Gas has decided to bring; it is left for us so that you will not say that the Minister did not bring anything to Akwa Ibom State. It is left for you to provide a conducive environment so that this project will thrive.”
Mr. Nsikan Johnny, the chairman and chief executive officer of Nsik Oil and Gas, expressed his enthusiasm for the groundbreaking, viewing it as a key step towards delivering cleaner, safer, and more affordable energy solutions to Nigerians and beyond. He noted that the initiative reflects the federal government’s commitment to fostering economic growth, minimizing environmental impact, and enhancing community welfare.
Project Consultant Mr. Mkposong Asuquo remarked on the significant ambition of the project, emphasizing its potential to demonstrate the crucial role of indigenous participation in the oil and gas sector.
He stated, “With this investment, we shall make a significant contribution to employment and cutting-edge technology and operational infrastructure to provide seamless and efficient compression of Gas to top off-takers and corporate entities as well as individuals of our state and country at large.”
