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N81.41bn Spends on Refineries, Refined No Crude-NNPC

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NNPC

Data obtained from the Nigerian National Petroleum Corporation, NNPC showed that a total of N81.41bn was consumed on Nigeria’s refineries between January and August this year but the facilities refined no drop of crude oil.

It was further gathered that for 13 straight months, Kaduna Refining and Petrochemical Company, Port Harcourt Refining Company, and Warri Refining and Petrochemical Company had been running without refining any volume of crude oil.

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Data from the fused refineries operations put the volume of crude processed by the facilities from August 2019 to August 2020 at zero metric tonnes.

The National President, Independent Petroleum Marketers Association of Nigeria, Chinedu Okonkwo, said, “Getting our refineries working optimally is so vital now to save us the continued depletion of our foreign exchange.

“I know the NNPC is working towards that and we hope the refineries will come on board as soon as possible because this might also help in reducing the cost of refined petroleum products.” He added.

The Director-General, Lagos Chamber of Commerce and Industry, Dr. Muda Yusuf, noted that the dominance of the public sector in this space had significantly slowed down the progress and development of the oil and gas sector.

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Newsroom

Federal Government Inaugurates Ministerial Team to Improve Power Sector

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Federal Government Inaugurates Ministerial Team to Improve Power Sector

The Federal Government has inaugurated a Ministerial Power Sector Working Group to coordinate, monitor and evaluate activities in the Nigeria Electricity Supply Industry, NESI.

Minister of Power, Engr. Abubakar Aliyu who inaugurated the team, reassured electricity consumers that the government was prepared to solve problems of epileptic power supply.

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He stated that the Ministry and top Institutional Stakeholders meeting is to achieve a common goal in the sector, which is to give Nigerians a stable and affordable power supply.

The team comprises of top management in the sector.

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Customs Corner

Customs Intercepts Over N3 Billion Worth of Cocaine, 31, 950 Litres of Petroleum Products in Seme

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Customs Intercepts Over N3 Billion Worth of Cocaine, 31, 950 Litres of Petroleum Products in Seme

The Seme Area Command of the Nigeria Customs Service has reported the interception of cocaine weighing 11.913kg. The street value of the items was estimated to be N3,916,624,147.00
This was revealed in a press statement signed by DSC Hussaini Abdullahi, Customs public relations officer, Seme Command

The Area Command on Wednesday also intercepted One thousand and sixty-five (1065) jerrycans of petroleum products with Duty Paid Value (DPV) of Ten million, forty-one thousand, one hundred and ninety-eight Naira (N10,041,198.00) only.

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This came after the Area Command initiated offensive patrol against the smuggling of petroleum products along the creeks within the Seme and Badagry.

The Customs Area Controller, Compt. Bello Mohammed Jibo stressed that the offensive crackdown on the activities of the petroleum products smugglers is with a mission of getting them arrested wherever they are. He reassured that the Command will continue to make life uncomfortable for the unpatriotic Nigerians trading illegal businesses in the area.

 

Speaking earlier on the cocaine seizure, Jibo explained that the substance was intercepted along Seme- Badagry Expressway at about 09:00 hrs on Sunday 23 January 2022.

Consequently, the substance was subjected to test and verification by the National Drug Law Enforcement Agency (NDLEA) and National Agency for Food Drug Administration and Control (NAFDAC) and was found to be cocaine weighing 11.913kg.

While appreciating the cooperation of sister agencies and relevant stakeholders at Seme Border, the CAC reiterated the commitment of his Officers and Men in enforcing government fiscal policies for the overall national growth and development.

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Agriculture & Nigerian Economy

Reps. to Probe PMS Consumption

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Author: Eunice Johnson, Abuja

The House of Representatives, on Thursday, resolved to set up an Ad-hoc Committee that will ascertain the actual daily consumption of Premium Motor Spirit (PMS) in Nigeria, sequel to the prevailing fuel scarcity across the country.

 

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The resolution was passed sequel to the adoption of a motion sponsored by Chairman, House Committee on Rules and Business, Hon Abubakar Hassan Fulata, expressed concern over the multi-trillion naira being spent on fuel subsidy.

Recall that the House via a resolution passed on March 25, 2021, resolved to investigate about $25 billion on turnaround maintenance of the refineries over the past 25 years, as well as additional sum of $1.5 billion (about N575 billion) allegedly for rehabilitation work on the 32-year-old Port Harcourt Refinery.

The lawmakers observed that Nigerian National Petroleum Corporation audit report in the previous year revealed that three of the nation’s four refineries recorded N1.64 trillion cumulative losses in their 2014 to 2018.

 

Read Also: Senate passes 22 appropriations of n17.126 trillion

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