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  • JUST IN: NNPCL reduces petrol price to N1030/l for marketers

    JUST IN: NNPCL reduces petrol price to N1030/l for marketers

    The Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) has revealed that the Nigerian National Petroleum Company Limited (NNPCL) has reduced its price for the Premium Motor Spirit (PMS) petrol to marketers from N1,045 per litre to N1,030 per litre.

    The association’s National President, Dr. Billy Harry disclosed this at its strategic meeting and award presentation in Abuja yesterday.

    He said: “Today, NNPCL has reduced their price to 1,030 Naira”

    He added that the marketers are still pressing the state-owned firm to further drag down the price.

    “We are still hoping and pushing that it will still come down low,” he said.

    Recalled that NNPCL major competitor, Dangote Refinery and Petrochemicals sells the product at N970 per litre to the marketers with a ceiling of a minimum of two million litres while NNPCL has not limited its volume to the marketers.

    Explaining the implication, Harry said the turn over rate from buying from NNPCL will be higher despite its higher rate.

    His words, “Because most of our members are going to be struggling to get 50 million Naira, or thereabout, or even N60 million to buy products. 

    “Now, that is not what is easily affordable. So, we, as retail outlet owners, you can see why we are very close to NNPC.

     “Because we can go there and buy one product, sell, quickly turn it around, and then come back. But then, if we have to buy 2 million liters, we must go together.”

    Read Also: Petrol price slashed by Dangote Refinery

     He disclosed that NNPCL has opened its their portal for marketers to start lifting products since the day on Wednesday.

    According to him, the competition emanating from the free market operation will certainly bring down petrol prices further.

    He said “And as I speak to you, they (NNPCL) are already programming for us on the current price.”

    He also disclosed that owing to the need to patronize domestic refineries, the association has suspended its plan to import the products.

    Harry said, “So, we are not going to start importing if there is product available.  So, wherever is best, we are not going to be looking for dollars to start importing when we can get a Naira-dominated transaction from Dangote, from Port Harcourt Refinery, from Warri Refinery, from all the refineries in Nigeria.” 

  • NNPCL dismisses criticism of Port Harcourt Refinery by alleged ‘community person’

    NNPCL dismisses criticism of Port Harcourt Refinery by alleged ‘community person’

    The Nigerian National Petroleum Company Limited (NNPCL) has berated Timothy Mgbere, a self-proclaimed “community person,” for his comments discrediting the Port Harcourt Refinery Company (PHRC), describing his claims as ignorant and unfounded. 

    NNPCL’s Chief Corporate Communications Officer, Olufemi Soneye, issued a rejoinder in response to a viral video where Mgbere alleged that the recently celebrated restreaming of the Port Harcourt Refinery and the truck-out of Premium Motor Spirit (PMS) earlier this week were fabricated. 

    Soneye reiterated that the state-owned oil company stands by its achievements and dismissed Mgbere’s assertions as baseless misinformation.

    The statement said: “We would have not bothered to reply to him considering that all his assertions were a crass display of ignorance which is consistent with his claim of being a ‘community person’ who does not necessarily have any knowledge about the workings of the Port Harcourt Refinery.

    “But the need to set the records straight and not to mislead the public has constrained us to clarify as follows:”

    Soneye said Mbgere claimed that the Old Port Harcourt Refinery was only operating skeletally and was not processing PMS.

    The statement reads in part: “His proof was that the PMS truck-out was done at the gantry of the New Port Harcourt Refinery as against the gantry of the Old Port Harcourt Refinery.

    “This betrays his scant knowledge of the operations of the refinery. The Old and New Port Harcourt Refineries have since been integrated with one single terminal for product load-out.

    “They share common utilities like power and storage tanks.

    “This means that storage tanks and loading gantry which he claimed belongs to the New Port-Harcourt Refinery can also receive products from the Old Port Harcourt Refinery.

    “The same person who claimed that the Old Port Harcourt Refinery has its own separate loading gantry from that of the New Port Harcourt Refinery further went on to contradict himself by saying that the PMS that was loaded out from the supposed loading gantry of the New Port Harcourt Refinery was “old stock” from the Old Port Harcourt Refinery. So, how did the purported “old stock” move from the Old Port Harcourt Refinery to the loading gantry of the New Port Harcourt Refinery?

    Read Also: Port Harcourt refinery operational, says PETROAN

    “Going by the flawed argument of the so-called ‘community person’, “old PMS stock” from the Old Port Harcourt Refinery can be moved to the loading gantry of the New Port-Harcourt Refinery for show, but newly produced PMS from the Old Port-Harcourt Refinery can only be loaded at its own dedicated gantry. This is nothing but ignorance on full display!     

    “There are a number of other wild claims made by the man, one of which was that the refinery was producing 1.4million barrels per day. The nameplate capacity of the refinery is 60,000barrels of oil per day. It is currently producing at 90 per cent throughput which translates to Straight-Run Gasoline (Naptha) belnded into 1.4million litres of PMS, aside other products like diesel and kerosene.

    “We call on the general public to disregard the claims of the self-acclaimed ‘community person’ which are obviously borne out of sheer mischief and blatant display of ignorance.”

  • Reps pass 2025 MTEF, seek NNPCL’s probe for non-remittance of N8.48tr

    Reps pass 2025 MTEF, seek NNPCL’s probe for non-remittance of N8.48tr

    • Peg exchange rate at N1,400
    • Oil price at $75 per barrel
    • Inflation,15%
    • GDP, 4.6%

    The House of Representatives has approved the 2025-2027 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) submitted to it by President Bola Tinubu ahead of the presentation of the 2025 budget.

    The House however recommended an investigation into the report by the Revenue Mobilization, Allocation and Fiscal Commission and Fiscal Responsibility Commission alleging that the NNPC Limited withheld about N8.48 trillion from the Federations Account as claim for subsidies on petrol.

    They also want an in depth probe conducted on the report by NEITI alleging that NNPC failed to remit $2 billion (N3.6 trillion) in taxes to the Federal Government and also verify the total cumulative amount of unremitted revenue (under-recovery) from the sale of Premium Motor Spirit (PMS) by the NNPC between 2020 and 2023.

    President Tinubu had submitted the MTEF/FSP which provides parameters for the preparation of the annual budget to the parliament on Tuesday, November 19, 2024 for consideration.

    The Senate and House of Representatives Joint Committees on Finance and National Planning held a consultative meeting with all relevant agencies of government on Tuesday on the presentation by the President.

    The report on the MTEF presented to the House for consideration by the Chairman of the House Committee on Finance, James Abiodun Faleke retained the government recommendation of N1400 exchange rate to the dollars, subject to review in the new year and an oil production of 2.06 million barrel of crude per day, with $75 per barrel of crude price.

    The House approved a projection of 15.75 per cent inflation rates and a GDP growth rate of 4.6 per cent for 2025.

    Minority Leader, Kinglsey Chinda and some other members argued that the projected inflation rate was not realistic, while also asking the House to increase the projected price for crude from 75 to 77 dollars, while reducing the production of crude from 2.06 mbpd to 2mbpd.

    It also approved the Promissory Note Programme and Bond Issuance to settle outstanding claims and liabilities of the Federal Government owed to States, high priority judgments as well as liabilities incurred by Federal Ministries, Department and Agencies on behalf of Government.

    In addition, the House approved the recommendation of a quarterly investigative hearing with revenue generating agencies to track their compliance with the Fiscal Responsibility Act and punish those in clear contravention of the Act.

    It also asked the Committee on Finance to conduct a review and initiate inquiry into the implementation of the Nigerian Export Supervision Scheme (NESS) Act, specifically focusing on the inspection and monitoring of oil and gas exports by the Ministry of Finance and the Central Bank of Nigeria (CBN) to ensure effectiveness, compliance, and oversight mechanisms under the Act, identify gaps or challenges, and enhance revenue for the Government, through transparency, accountability and efficiency of export supervision in line with national economic objectives.

    Read Also:‘PH Refinery petrol only for NNPCL outlets’

    The House said the National Assembly, through its Committees on Finance, National Planning and other relevant Committees should carry out in-depth investigation of all agreements by the NNPC, NLNG and Immigration Services with a view to reconcile remittances to the Federation Account;

    The House also approved the 2025 Federal Government of Nigeria Budget proposed spending stands at N47.9 trillion, of which N34.82 trillion was retained; new borrowings stood at NGN9.22 trillion which constitutes both domestic and foreign borrowings; debt service was valued at NGN15.38 trillion; pensions, gratuities and retirees’ benefits stood at N1.443 trillion and fiscal deficit at N13.08 trillion.

    It said that the Capital expenditure is projected at N16.48 trillion which is exclusive of transfers statutory transfers stand at N4.26 trillion; Sinking Fund is projected at N430.27 billion, while total recurrent (non-debt)  was pegged at N14.21 trillion; special intervention for recurrent and capital is at N200 billion and N7 billion respectively.

    The House directs its Committee on Finance to review and initiate inquiry into the implementation of the Nigerian Export Supervision Scheme (NESS) Act, specifically focusing on the inspection and monitoring of oil and gas exports by the Ministry of Finance and the Central Bank of Nigeria (CBN) to ensure effectiveness, compliance, and oversight mechanisms under the Act, identify gaps or challenges, and enhance revenue for the Government, through transparency, accountability and efficiency of export supervision in line with national economic objectives.

    The Committee on Finance is also to liaise with the committee on Customs to initiate an investigative inquiry into the operations of the Import Duty Exemption Certificate (IDEC) program, with a focus on the administration of import waivers and their impact on revenue losses by the Ministry of Finance and the Nigeria Customs Service, as a way of evaluating compliance, identify systemic gaps or irregularities, and recommend measures to enhance transparency, accountability and optimize revenue generation for the nation.

    It also approved the recommendation that performance metrics be established for MDAs with poor financial reporting standards and mandate regular independent audits of their accounts to ensure compliance.

    The House Committee on Finance in its report had said that the existing liabilities and debt obligations in the country are largely responsible for increasing the debt profile of the Country, while most revenue generating agencies violate the Fiscal Responsibility Act due to the lack of punitive provisions in the Act.

  • Fed Govt to support NNPCL/ First E & P’s JV

    Fed Govt to support NNPCL/ First E & P’s JV

    Minister of State for Petroleum Resources (Oil), Sen Heineken Lokpobiri, has reaffirmed the Federal Government’s commitment to supporting the NNPC Limited/FIRST Exploration & Petroleum Development Company Limited (FIRST E&P) Joint Venture (JV) in achieving its ambitious target of producing 100,000 barrels of oil per day (BOPD).

    The minister made this declaration during a comprehensive engagement with the JV, which included a tour of its offshore drilling and production facilities in the Niger-Delta. The two-day visit was designed to provide the Honourable Minister firsthand insight into the JV’s operations and underscore its contributions to Nigeria’s energy security and transition goals.

    The visit commenced with a tour of the Abigail-Joseph, the JV’s Floating Production Storage and Offloading (FPSO) vessel, followed by inspections of the Anyala OML 83 and Madu OML 85 Conductor Supported Platforms (CSPs) on Tuesday, November 19, 2024.

    The Minister’s itinerary also included a visit to the JV’s Ogu Logistics Base and a Host Community Stakeholders Engagement meeting in Yenagoa, Bayelsa State.

    Describing his tour as quite strategic to Nigeria, the Minister disclosed that by meeting this ambitious 100,000 BOPD target, the JV would be helping the Federal Government achieve its production goal of 2.5 million BOPD by 2025.

    The Minister also praised FIRST E&P for its role in Nigeria’s recent achievement of 1.8 million BOPD and highlighted the strategic significance of the company’s operations to national growth.

    During an engagement held with the Minister, FIRST E&P’s Managing Director, Ademola Adeyemi-Bero, reaffirmed the company’s commitment to supporting the Federal Government in achieving its target by maximising production, optimising efficiency, and contributing to Nigeria’s energy security through the NNPCL/FIRST E&P JV partnership.

    Read Also: No disparity in crude oil production figures, says NNPCL

    “For a nation like Nigeria, where oil and gas remain critical drivers of socio-economic growth, ensuring a sustainable energy supply is essential for industrialization, economic diversification, and improving the quality of life for millions. At FIRST E&P, our vision is strongly aligned with the national priorities for production. With a steady output of 56,000 BOPD, we are focused on achieving our medium-term target of surpassing 100,000 BOPD”, stated Adeyemi-Bero.

    Bala Wunti, the Chief Upstream Investment Officer of NNPC Upstream Investment Management Services (NUIMS), Bala Wunti, who was represented by Head of Joint Venture Investment Management at NUIMS, Olanrewaju Igandan,  applauded FIRST E&P and its partners for their remarkable achievements over the past decade. He highlighted that since achieving first oil in 2020, the partnership has produced over 50 million barrels of oil, significantly contributing to national revenue through royalties, taxes, and host community development initiatives.

    While commending the JV, the Bayelsa State Governor, Douye Diri represented by his Chief of Staff, Dr. Peter Akpe, called for greater collaboration between the Federal Government, oil companies, and state authorities to boost production.

    Speaking during the Host Community Stakeholders Engagement meeting, Chairman, KEFFESO Host Communities Development Trust (KHCDT), Amadabo of Moko-ama, Sangana Kingdom, His Royal Highness Moses Theophilus, commended the management of the JV for their invaluable support to the host communities through various initiatives in the areas of education, health care, and human capital development.

    Lokpobiri commended the JVs host communities for creating a peaceful and supportive environment that has enabled the company to operate smoothly without disruptions. He urged the communities to continue their collaboration with the company, emphasizing that their support is crucial for increasing production and achieving the ambitious targets set. Reassuring stakeholders, he reaffirmed the Federal Government’s commitment to enhancing Nigeria’s investment climate and ensuring the nation remains globally competitive in the oil and gas sector.

  • ‘PH Refinery petrol only for NNPCL outlets’

    ‘PH Refinery petrol only for NNPCL outlets’

    Petroleum products from the Port Harcourt Refinery Company (PHRC) are exclusively for the Nigerian National Petroleum Company Limited (NNPCL) for now, the oil giant said yesterday.

    The products – petrol, diesel and kerosene – are for retail outlets operated by the NNPCL, Chief Corporate Communications Officer, Olufemi Soneye, said.

    Production of products resumed at the PHRC in Eleme, Port Harcourt, River State on Tuesday with an assurance to roll out at least 200 trucks daily.

    But Soneye said the refinery was yet to begin bulk sales of its products and that it was yet to open its purchase portal.

    The clarification came on a day the Petroleum Products Retail Outlet Owners Association of Nigeria  (PETROAN) said its members were awaiting the new petrol price template from the refurbished PHRC.

    According to Soneye, the NNPCL has not fully dispensed the product it procured from the Dangote Refinery and Petrochemicals.

    The statement reads: “We have not yet commenced bulk sales, and we have not yet opened the purchase portal as we are still finalising the necessary processes.

    Read Also: Tinubu hails NNPCL on Port Harcourt Refinery revival, calls for accelerated energy reforms 

    “At present, the products we are selling are what we bought from the Dangote Refinery, which includes Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) fees.

    “The product from Port Harcourt is currently for our retail stores. Our prices are regularly reviewed and adjusted as required.”

    Yesterday, PETROAN, through its National President, Dr. Billy Harry, said the NNPCL was yet to fix new rate.

    The association said: “The National Headquarters of Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) Abuja would like to inform the media and the general public that no new price for PMS has been released by the NNPCL Port Harcourt Refinery.

    “Members of PETROAN only bought PMS with the old pricing template awaiting new prices. We are excited that the production and loading of refined petroleum products have commenced at the Port Harcourt Refinery and we are expectant that soon the price of PMS will be stated by NNPC to the benefit of Nigerians.”

  • PH Refinery products exclusively for NNPCL retail outlets – Soneye

    PH Refinery products exclusively for NNPCL retail outlets – Soneye

    The Chief Corporate Communications Officer of the Nigerian National Petroleum Company Limited (NNPCL), Olufemi Soneye, has disclosed that products from the Port Harcourt Refinery Company (PHRC) are designated solely for NNPCL retail outlets.

    Speaking on Wednesday, Soneye clarified that the refinery has not commenced bulk sales of its products and is yet to activate its purchase portal.

    He further noted that NNPCL continues to market products sourced from the Dangote Refinery and Petrochemicals, which include Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) fees.

    Read Also: BREAKING: Tinubu begins state visit to France to strengthen Nigeria-France ties

    He said: “We have not yet commenced bulk sales, and we have not yet opened the purchase portal as we are still finalizing the necessary processes.

    “At present, the products we are selling are what we bought from the Dangote Refinery, which includes NMDPRA fees. The product from Port Harcourt is currently for our retail stores. Our prices are regularly reviewed and adjusted as required.”

  • NNPC begins production at 60,000 bpd phase of Port Harcourt Refinery

    NNPC begins production at 60,000 bpd phase of Port Harcourt Refinery

    The Nigerian National Petroleum Company Limited (NNPC) on Tuesday officially began production at the 60,000 barrels per day phase of the Port Harcourt petroleum refinery in Rivers atate.

    Speaking during a brief ceremony to mark the commencement of products loading at the refinery, the Group Chief Executive Officer, NNPC, Mele Kyari described the commencement of the load-out activities as a monumental achievement for Nigeria.

    He said it signifies a new era of energy independence and economic growth for the country.

    He said the move was in fulfilment of its pledge to re-stream the Port Harcourt Refining Company (PHRC), signalling the commencement of crude oil processing from the plant and delivery of petroleum products into the market.

    Kyari disclosed that trucks commenced loading petroleum products which include Premium Motor Spirit (PMS) or petrol, Automotive Gas Oil (AGO) otherwise called diesel as well as Household Kerosene (HHK) or Kerosene, while other product slates will be dispatched as well.

    He particularly thanked President Bola Tinubu for his unwavering support and understanding towards the rehabilitation project and for his persistence to ensure energy security for the country. 

    Kyari also expressed appreciation to the NNPCL’s Board of Directors and the entire staff for their support and commitment, which crystallised in the streaming of the refinery.

    He commended the contractors for doing a great job in ensuring that the refinery was delivered despite all challenges.

    He also thanked Nigerians for their patience and for the legitimate expectations on the company to deliver on the other refineries. 

    Read Also: Tinubu hails NNPCL on Port Harcourt Refinery revival, calls for accelerated energy reforms 

    “We are going to see loading today. I just want to add that without leadership support, you cannot achieve results like this. And we are convinced beyond all doubt that without the support, perseverance, and patience of Mr. President, we would not have achieved this fate.

    “And all of us must congratulate him because it is his massive pressure that made us to come to this level. And we are very happy. And I congratulate my colleagues in the refinery and outside the refinery, our contractors, and even our regulators for helping us and supporting us coming to this level.

    “It is possible. This country, this refinery has shown that with persistence, with the right focus, with the right leadership support, which we have today, that we know that anything is possible. And this country is going great under the leadership of President Tinubu,” Kyari said.

    The Chief Executive of the Nigerian Midstream & Downstream Petroleum Regulatory Authority (NMDPRA), Mr. Farouk Ahmed congratulated the NNPC for the milestone and assured of his agency’s continued support towards the completion of rehabilitation work at the other refineries.

    He said: “I just want to confirm that all the regulatory support that were required by the refinery was granted and offered by the NMDPRA, and my colleagues have been working very closely with the contractor, as well as the management of PHRC. What is important, like the contractor said, is the upgrade to new technology.

    “So this is an old plant that has come back with the current technology. And we are particularly supportive and worked closely with them to ensure that all the regulatory requirements were met. One thing that we have noticed also is the flare.

    “If you can all see, the flare is very clean. There is no smoke, which shows that the plant is working very well and in compliance with the environmental requirements.”

    Project Director, Maire Tecnimont, Caccaviello, Luca, in his intervention, thanked the entire team for the success of the project, stressing that the 60,000 bpd facility is now operating at full capacity.

    “We did a great job. We succeeded to have the facility in full production, and that is thanks to everybody. The next step soon will be to work on the other part of the area of the facilities, with the same passion, with the same effort.

    “And soon, despite all challenges that we will have in front of us, we will have a good result on the rest of the plant,” he added.

    The refinery rehabilitation project, is an Engineering, Procurement, Construction, Installation & Commissioning (EPCIC) project aimed at restoring the refinery to full functionality and renewal.

    It has so far achieved over 16 million man-hours with zero Loss Time Injury (LTI), it was gathered.

  • Tinubu hails NNPCL on Port Harcourt Refinery revival, calls for accelerated energy reforms 

    Tinubu hails NNPCL on Port Harcourt Refinery revival, calls for accelerated energy reforms 

    President Bola Tinubu has lauded the Nigeria National Petroleum Company Limited (NNPCL) for the successful revival of the Port Harcourt refinery, marked by the commencement of petroleum product loading on November 26, 2024. 

    Issued on Tuesday, November 26, by his special adviser to the president on information & strategy, Bayo Onanuga, President Tinubu acknowledged the critical role of former President Muhammadu Buhari in initiating the comprehensive rehabilitation of Nigeria’s refineries.

    He also expressed gratitude to the African Export-Import Bank for financing the project, showcasing confidence in the nation’s energy sector. 

    The President specifically praised the Group Chief Executive Officer of NNPCL, Mr. Mele Kyari, for his steadfast leadership and commitment to overcoming challenges to achieve this significant milestone. 

    With the Port Harcourt refinery back in operation, Tinubu urged NNPCL to fast-track the rehabilitation of the second Port Harcourt refinery, as well as the Warri and Kaduna refineries.

    These initiatives, he emphasized, will bolster domestic production capacity, complement the output of privately owned refineries, and position Nigeria as a key energy hub. 

    He further highlighted the administration’s dedication to developing the gas sector, noting its transformative potential for Nigeria’s energy landscape.

    Read Also: JUST IN: Reps ask Tinubu to sack CCT chairman Umar

    The President underscores his administration’s determination to repair the nation’s refineries, aiming to eradicate the disheartening perception of Nigeria as a major crude oil producer that lacks the ability to refine its own resources for domestic consumption.

    Highlighting the values of patience, integrity, and accountability in the rebuilding of the nation’s infrastructure, President Tinubu calls upon individuals, institutions, and citizens entrusted with responsibilities to maintain focus and uphold trust in their service to the nation.

    In alignment with the Renewed Hope Agenda focused on shared economic prosperity for all, the President reaffirms his administration’s commitment to achieving energy sufficiency, enhancing energy security, and boosting export capacity for Nigeria.

  • No disparity in crude oil production figures, says NNPCL

    No disparity in crude oil production figures, says NNPCL

    The Nigerian National Petroleum Company Limited (NNPCL) has said there is no disparity between its crude oil production figures and that of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

    The Chief Corporate Communications Officer, Mr. Olufemi Soneye, made the clarification in a press statement yesterday.

    He said “The Nigerian National Petroleum Company Limited (NNPC Ltd) has clarified that there is no discrepancy between its crude oil production figures and those supplied by the regulatory agency, the Nigerian Upstream Petroleum Regulatory Company (NUPRC).”

    The Company gave the clarification against the backdrop of media reports that the 1.54 million barrels per day (mbpd) for September cited by the NUPRC was far below the 1.8mbpd for November cited by the NNPC Ltd.

    Soneye said the seeming disparity is as a result of the difference in the period of coverage in the reports – whereas the NNPC Ltd.’s figure was the peak production for October 2024, the NUPRC’s figure was the average production for September 2024.

    Read Also: Why Fed Govt is borrowing, by Edun, Bagudu, FIRS boss

    This fact was confirmed by the Chief Executive Officer of NUPRC, Mr. Gbenga Komolafe, at the recent 42nd Nigerian Association of Petroleum Explorationists Annual International Conference & Exhibition in Lagos, where he disclosed that Nigeria’s crude oil output, including condensate, increased by 16.56 per cent to 1.8mbpd million in October 2024, from 1.54 million bpd in September 2024.

    The CEO of NUPRC, who was represented by the Executive Commissioner, Development & Production, Mr. Enorense Amadasu, was quoted as saying: “This represents an increase of 253,710, bpd to reach 1.8 million bpd in October, up from 1.54 million bpd in September 2024, representing 16.56 per cent month-on-month rise”.

    The NUPRC also confirmed at the NAPE event that the 1.8mbpd feat pushed Nigeria’s production beyond the 1.5mbpd quota of the Organisation of Petroleum Exporting Countries (OPEC).

    There is, therefore, no disparity or discrepancy in the production figures by NNPC Ltd and the regulator.

    NNPC Ltd is working closely with relevant stakeholders to boost production to 2mbpd and above by the end of 2024.

  • Forensic auditors reconciling N8tr debt claim, counterclaim by NNPCL, Fed

    Forensic auditors reconciling N8tr debt claim, counterclaim by NNPCL, Fed

    A forensic audit panel is probing the N8 trillion allegedly owed the Federation Account by the Nigerian National Petroleum Company Limited (NNPCL), the Federal Government said yesterday.

    The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, gave the hint in Abuja while answering questions at an interactive session on the 2025-2027 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) before the National Assembly.

    The session was organised by the National Assembly’s Joint Committees on Finance, National Planning and Economic Affairs.

    Chairman of the Revenue Mobilization Allocation and Fiscal Commission (RMAFC), Mohammed Bello Shehu, had in his presentation accused the NNPCL of failure to remit N8 trillion into the Federation Account and called on the National Assembly to investigate the matter.

    Shehu said: “I would like to speak on the NNPCL and remittances. The Honourable Minister of Finance and Coordinating Minister of the Economy is here; we have always been told that the reason remittances are not coming is because of the subsidy on petroleum.

    “Now the subsidy;  we are meant to understand last month, is completely over. We recently had a FAAC meeting in Bauchi and what we told the NNPCL to bring, they did not bring.

    “They brought a meagre amount and they insisted that the federation is indebted to them to the tune of N8 trillion.

    “So, I would like this committee and this National Assembly to really look into the remittances of NNPCL as and when due, because this cannot continue to happen for Nigeria.”

    Read Also: MTEF/FSP: How removing fuel subsidy, floating exchange rate curbed sudden wealth– Edun

    Edun said that there have been claims and counter- claims on NNPCL owing the Federation Account and the Federation Account owing the NNPCL respectively.

    He said based on the disagreements, the Federal Government has commissioned a forensic audit of the federation account and remittances by the NNPCL to determine the veracity or otherwise of the allegations.

    Edun said: “We have to reconcile because we said to NNPCL, you are claiming N8 trillion. Even if it was true, you cannot take it all at once. This benefit of reaching this important point in the economic life of Nigeria, Nigerians must enjoy it immediately.

    “So, if you say it’s N700 billion every month you are paying, then we’ll go half and half. So, something additional must come to the Federation Account and that has happened, to be fair to NNPCL.

    “Now, beyond that is an important reconciliation  now ongoing. Because just as NNPCL says they are owed N8 trillion, the Federation Account is also saying that NNPCL owes N8 trillion. When the forensic audit is completed, when the reconciliation is completed, we’ll know where we are.

    “But in the meantime, month after month, the amount brought to the federation account by NNPCL will be increasing.

    “It will give the President and his team more leeway to pass on that benefit one way or another to Nigerians – the subsidy has been removed; the benefit is here already.”