Refineries Not Created To Reduce Petrol Price — NNPC Boss Tells Nigerians
The Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company (NNPC) Limited, Mele Kyari, appeared before the joint committee on appropriations following a 24-hour ultimatum issued by the Senate. This summon came in response to Kyari’s previous absences from Senate summons regarding the inquiry into over 11 trillion naira expenditure on refinery maintenance between 2010 and 2023. Advertisements In the session, Kyari clarified that while a reduction in petrol price might be possible, it isn’t the primary objective of the refineries. He emphasized that ensuring energy security remains a focal point, aiming for Nigeria to become a net exporter of petroleum products by 2024.
Highlighting the financial contributions of NNPC to the federation, Kyari stated that the company has contributed 4.45 trillion naira as direct revenue, including taxes, royalties, and dividends. He affirmed that no subsidy is charged to the federation and mentioned a dividend payment of 406 billion naira to the Federal Government’s account since July 2023.
Addressing concerns about credible data for petrol consumption due to the absence of measurement instruments, Kyari shed light on the challenges faced in accurately gauging PMS consumption in the country.
The Chairman of the Senate Appropriation Committee, Senator Adeola Olamilekan, directed Kyari to appear within 24 hours, emphasizing the importance of NNPC’s accountability in driving the 2024 budget. The committee requested a list of companies operating with OML licenses and daily approved production outputs.
The lawmaker expressed concerns about NNPC’s role in contributing to the government’s revenue and urged accountability from the corporation towards all arms of the government.
