“We need N3.4trillion to subsidise daily fuel consumption – NNPC

The Nigerian National Petroleum Company (NNPC) Limited says the sum of N3.4 trillion is needed to subsidise the 66.7 million litres of Premium Motor Spirit (PMS), otherwise known as petrol, for daily consumption, and not the N4 trillion approved in this year’s budget. The Chief Executive Officer of NNPC, Mele Kyari, disclosed this at the resumed hearing of the House of Representatives ad-hoc committee investigating subsidy regime from 2013 to 2021 in Abuja, on Monday. Kyari, who was represented by the NNPC’s Chief Financial Officer, Umar Ajia, said there is…

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‘NNPC’s support key to Nigeria’s tankers fleet implementation drive’ – Transport Minister

The Minister of Transportation, Mu’azu Jaji Sambo, has said that Nigeria’s effort toward a sustainable national fleet implementation is subject to support from the Nigerian National Petroleum Company Limited, (NNPC). Disclosing this in Abuja, on Tuesday, when he received an interim report on the need to establish a strong and sustainable national fleet by the Nigerian Fleet Implementation Committee, the minister stated that, “Nigeria is a maritime country, and if Nigeria gets its acts together the country will have no business looking for money from the oil sector as a…

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“New NNPC will sell fuel at price dictated by FG” – Kyari assures

The Nigerian National Petroleum Company (NNPC) Ltd says it will do business at the price dictated by the federal government and promised to publicly declare its asset base soon. According to its CEO Mele Kyari, by the middle of 2023, NNPC would have systems, processes, lines of profitability and accountability to stakeholders. On subsidy, he said the NNPC Limited had no issue with it, rather it would be an issue of the state. “Whatever is the decision and policy of the state, the NNPC is there to deliver commercial value…

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New NNPC Limited will not tie subsidy, petrol price to operations, says Mele Kyari 

The Nigerian National Petroleum Company Limited, (NNPC), says it will ensure the provision of petroleum products to the Federal Government. The Group Managing Director, NNPC Ltd, Mele Kyari disclosed this during a pre-recorded television interview at the weekend ahead of today, Tuesday’s unveiling of NNPC Limited as a commercial entity.  Recall that in September 2021, the Corporate Affairs Commission (CAC) completed the incorporation of the NNPC Ltd. He emphasised that NNPC would be a service provider to the government rather than bearing the responsibility for importation and subsidy. In the…

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Oil & Gas: NNPC to be fully privatised within two months
– Mele Kyari

The Nigerian National Petroleum Company Ltd, (NNPC), will become a fully private company in a month or two, Mele Kyari, GMD/CEO of the company has said. This was revealed yesterday, at the Africa Finance Corporation (AFC)’s Infrastructure Solution Summit, which was held in Abuja. According to Kyari, NNPC is the largest oil & gas company on the continent, saying, “We will become a fully private company in a month or two”. This means that the company has an opportunity to use this huge company to provide energy and close the…

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AKK Pipeline Project: NNPC to deliver first gas in Q1 2023

The Board of the Nigerian National Petroleum Company Limited (NNPC) has expressed satisfaction with the progress of work done on the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline Project and expressed its belief that the first Quarter 2023 target for delivering it will be met. According to the NNPC’s Group General ManagerGroup Public Affairs Division, Garba Deen Muhammad, this was made known when the GMD/CEO, Mele Kyari took the NNPC Board Members on an official tour of Segment A sites in Abaji Area Council of the FCT, on Thursday. The GMD/CEO, who was…

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Illegal Crude Oil Export: Nigeria lost $1.5bn in 3 months to oil theft, vandalism – Kyari

The Group Managing Director of the NNPC Limited, Dr. Mele Kyari, has asked the House of Representatives to create special courts for speedy trials of crude oil thieves and pipeline vandals. He made the appeal on Thursday, during an interactive session with the House Committee on Petroleum Resources (Upstream), where he blamed the drop in Nigeria’s daily crude production on the activities of thieves and vandals, stressing how they have gone too sophisticated. According to the GMD, the country lost over $1.5 billion worth of crude oil to theft between…

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“Stop shielding subsidiaries if you have nothing to hide”, Reps. tell NNPC Boss

…’ We have nothing to hide,’ GMD Kyari insists The House of Representatives, yesterday, told the NNPC Limited in clear terms that it should stop shielding the heads of its various subsidiaries from investigation if it has nothing to hide from Nigerians. This was as the House Public Accounts Committee said that the company must produce before it the heads of its 17 subsidiaries indicted by the report of the Auditor-General for the Federation, (AuGF), on alleged financial infractions between 2014 and 2019. Speaking at the resumed investigative hearing on…

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NNPC apologises to Nigerians over toxic petrol

…Says fuel scarcity to end soon The Group Managing Director of the NNPC Limited, Mele Kyari, has apologised to Nigerians over the importation of toxic fuel, which caused the current scarcity of Premium Motor Spirit (PMS), otherwise known as petrol, across major cities in the country. Kyari, who appeared before the House of Representatives Committee on Petroleum Resources Downstream investigating the importation of adulterated fuel, said the NNPC was not aware of the presence of methanol in the fuel imported. He said the loading terminal where the fuel was brought…

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Petrol price may hit N340 in 2022, to replace fuel subsidy with N5,000 transport grant for poor citizens — Zainab Ahmed

…Without subsidy removal, 35 States may be unable to pay salaries next year – el-Rufa’i  …Buhari suspends inauguration of NNPC Board  Finance Minister, Zainab Ahmed, has said that the Federal Government will remove fuel subsidy as from 2022. Speaking yesterday, during the launch of the World Bank’s Nigeria Development Update, she said it would instead pay N5,000 monthly to some 40 million poor Nigerians. The minister added that the final number of beneficiaries will depend on the resources available after the removal of the fuel subsidy. The Group Managing Director…

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