The Minister of State, Petroleum Resources, Chief Timipre Sylva has admonished Nigerians to be ready to bear the pains of increased petrol pump price as crude oil price climbs above $60 per barrel.
Speaking at the official launch of Nigerian Upstream Cost Optimisation Program on Tuesday, Sylva said with no provision of subsidy in the 2021 budget, Nigerian National Petroleum Corporation, NNPC, cannot continue to bear the cost of under-recovery.
Presently, the pump price of petrol ranges from N160 –N165, the price set when crude traded just above $43 per barrel, four months ago.
According to the Minister, while government revenue has improved by the rise in crude oil price, it cannot be fretted away in subsidy payment.
He said: “Since we are optimizing everything, NNPC needs to also think about the optimization of product cost because as we all know oil prices are
where they are today, $60.
“As desirable as this is, this has serious consequences as well on product prices. So we want to take the pleasure and we should as a country be
ready to take the pain.
“Today the NNPC is taking a big hit from this. We all know that there is no provision in the budget for subsidy.
“So, somewhere down the line, I believe that the NNPC cannot continue to take this blow. There is no way because there is no provision for it.
“As a country, let us take the benefits of the higher crude oil prices and I hope we will also be ready to take a little pain on the side of higher product prices,” he stated.
South-west Refuses To Pay N450B Compensation, North Begins Diversion Of Food Items
Northerners Begin Diversion Of Food Items To Niger And Cameroon As South-west Refuses To Pay N450Billion Compensation.
Foodstuff and cattle dealers across the Northern part of the country have started diverting their goods and all consumables to the neigbouring countries of Niger Republic and Cameroon.
They have also begun blocking trade routes to the South by stopping food item-laden trucks from going south.
Truckloads of food items from the northern part of the country were on Friday stopped by northerners from entering Kwara State and neighbouring states in the South West.
Earlier Fulani group demanded N450Billion as compensation for their loss.
NNPC Is Now The Petroleum Company For The Northerners – Facts Check
The NNPC is now the Northern Nigeria Petroleum Company.
The top 20 executives in NNPC makes Nigeria look like an annex of Arab Emirates.
1. Mele Kyari (GMD)
2. Umar Ajiya (Chief Finance Officer/Finance and Accounts)
3. Yusuf Usman (Chief Operating Officer)
4. Farouk Garba Sa’id (Chief Operating Officer, Corporate Services)
5. Mustapha Yakubu (Chief Operating Officer, Refining and Petrochemicals)
6. Hadiza Coomassie (Corporate Secretary/Legal Adviser to the Corporation)
7. Omar Ibrahim (Group General Manager, International Energy Relations)
8. Kallamu Abdullahi (GGM Renewable Energy)
9. Ibrahim Birma (GGM Governance Risk and Compliance)
10. Bala Wunti (GGM NAPIMS)
11. Inuwa Waya (MD NNPC Shipping)
12. Musa Lawan (MD Pipelines And Product Marketing)
13. Mansur Sambo (MD Nigeria Petroleum Development Company)
14. Lawal Sade (MD Duke Oil/NNPC Trading Company)
15. Malami Shehu (MD Port Harcourt Refining Company)
16. Muhammed Abah (MD Warri Refining and Petrochemical Company)
17. Abdulkadir Ahmed (MD Nigeria Gas Marketing Company)
18. Salihu Jamari (MD Nigeria Gas and Power Investment Company Limited)
19. Mohammed Zango (MD NNPC Medical Services)
20. Sarki Auwalu (Director, Department of Petroleum Resources)*
Only three top positions were allotted to the entire Southern Nigeria.
What happened to federal character? What’s the job of the Federal Character Commission? Do we have a National Assembly? What the hell is wrong with the members of National Assembly? Where’s the Senate oversight committee on NNPC? Where are the activists?
The North produces nothing and contributes zero revenue to the central purse in Abuja. Yet, the North gulps 99 per cent of the revenue. Nepotism results in bias, unfair treatment, and exclusion of others. Nepotism. LAMIDO’s Confession.
Fulanis with no sea shore are controlling Yoruba seaports and NPA, Fulanis with no single barrel of crude oil are controlling the NNPC. Minority fulanis with a population of less than 10 million are in charge.
FG To Sell Oil In Naira To Dangote Refinery
The Federal Government has concluded plans to sell crude oil to the $15 billion Dangote Refinery in Naira.
This is part of measures adopted to strengthen the currency and by extension the nation’s economy.
The governor, Central Bank of Nigeria, CBN, Mr. Godwin Emefiele, who visited, Saturday, to inspect the ongoing construction of the Dangote Refinery, Petrochemicals Complex Fertiliser Plant, and Subsea Gas Pipeline project at Ibeju Lekki, Lagos, said: “We have taken the decision to sell the crude to the Refinery in Naira because we want to impact the economy.
“We also hope that by the time the Refinery start to refine, and sell its petroleum products in Naira, the local currency will be stronger, and by extension the nation’s economy, which is still oil-driven.”
According to him, this is expected to help Nigeria save about 41% of its foreign exchange that is being expended on the importation of refined petroleum products.
Emefiele, who noted that the first shipment of Urea from the Dangote Fertiliser Plant would begin in March 2021, said: ”Based on agreement and discussions with the Nigerian National Petroleum Corporation and the oil companies, the Dangote Refinery can buy its crude in naira, refine it, and produce it for Nigerians’ use in naira.
“This will increase our volume in naira and help to push it into the Economic Community of West African States as a currency.”
Expressing confidence that the refinery would be completed by the first quarter of 2022, Emefiele, said: “I am saying that by this time next year, our cost of import of petroleum products for petrochemicals or fertilizer will be able to save that which will save Nigeria’s reserve. It will help us so that we can begin to focus on more important items that we cannot produce in Nigeria today.’’
Emefiele said the CBN had given an N100 billion intervention to the projects, adding that the apex bank was ready to support Nigerian businesses set up to uplift the country economically.
Also speaking the Alhaji Aliko Dangote said that the fertilizer and petrochemicals plants were capable of generating $2.5 billion annually while the refinery would serve Nigeria and other countries across the world.
Dangote, who expressed gratitude to President Muhammadu Buhari and the CBN Governor for their support toward the completion of the projects, said they would create additional jobs for Nigerians.
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