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Fuel Scarcity: NNPC pumps in additional 4m Litres Per Day of Petrol

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By Joseph BAMIDELE

ABUJA-IN a drastic effort aimed at eliminating the persistent long petrol queues across major cities in Nigeria the Nigerian National Petroleum Corporation (NNPC) has revealed that additional four (4) million litres of premium motor spirit (petrol) has been released to marketers from the Kaduna Refining and Petrochemical Company (KRPC). This is coming on the heels of the Corporation’s earlier announcement of having enough domestic fuel supply to last 32 days thereby urging Nigerians not to resort to panic buying.

The Group Managing Director of the NNPC, Engr. Andrew Yakubu, made this known on Tuesday during a meeting between the Senate Committee on Petroleum Downstream at the National Assembly Complex, Abuja.
Represented by the Group Executive Director, Corporate Services, Dr. Peter Nmadu, the GMD said the Corporation in its bid to keep the nation wet with petrol after the rupturing of the System 2B Pipeline at Arepo by vandals, made alternative arrangements for products distribution by diverting petroleum products to some private depots in Lagos for onward trucking to petrol stations.
He said the NNPC had relied on massive trucking of the products across the country to ameliorate the pains of motorists in the country adding that one-third of the nation’s daily fuel consumption is pumped through the System 2B Pipeline that has been ruptured.
“In order to alleviate the hardship being inflicted on Nigerians by the product thieves who ruptured the NNPC System 2B Pipeline at Arepo, the Kaduna Refining and Petrochemical Company is supplying additional four million litres of fuel to bridge the gap and ease the hiccup. With the ongoing efforts, we are optimistic that the queues will fizzle out,” Dr. Nmadu submitted.
He added that some of the NNPC trucks that were conveying fuel to the north were also trapped in Lokoja due to the floods, assuring that all hands were on deck to keep the nation wet with petroleum products.
The Acting GMD, while decrying the activities of pipeline vandals, noted with that three NNPC staff were still missing and some others receiving treatment which they sustained while trying to repair the ruptured pipeline a couple of weeks ago.
Responding to the question of a likely strike by the in-house unions due to the missing personnel, Dr. Nmadu said the management has not receive any notice of strike action by the in-house unions.
In his remarks, the Chairman of the Senate Committee on Downstream, Magnus Abe, commiserated with the management and staff of the NNPC over the missing personnel and assured of a collaborative effort with the Nigerian Police to help rescue the missing staff.
Speaking in similar vein, the Vice Chairman of the Committee, Alh. Danjuma Goje commended the Corporation for its pragmatic measure by increasing the number of petroleum products trucks to every nook and cranny of the country to address the challenge of fuel queues.
 
Inspite of the Governments seeming concerted effort to reduce fuel queues in the Country, the long vehicular queues have continued across major cities in Nigeria, even as black market operators have continued to smile to the Bank. in Abuja a 5 liters container of petrol goes for as high as N2500.00 while in Lagos the same quantity goes for about N2000.00 depending on the negotiation.
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Oil

FG Introduces New Incentives To Revitalize Nigeria’s Oil & Gas Industry

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In a strategic move to revitalize Nigeria’s oil and gas sector, the Federal Government has unveiled two key fiscal incentives aimed at attracting investment and enhancing energy security.

The announcement was made by Mr. Wale Edun, the Minister of Finance and Coordinating Minister of the Economy on Wednesday.

The first initiative, the Value Added Tax (VAT) Modification Order 2024, introduces critical exemptions for essential energy products and infrastructure, including Diesel, Feed Gas, Liquefied Petroleum Gas (LPG), Compressed Natural Gas (CNG), Electric Vehicles, Liquefied Natural Gas (LNG) infrastructure, and Clean Cooking Equipment.

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These exemptions are designed to reduce living costs for Nigerians, promote energy security, and accelerate the transition to cleaner energy alternatives.

The second initiative, the Notice of Tax Incentives for Deep Offshore Oil & Gas Production, offers new tax relief options for deep offshore exploration projects.

This measure aims to position Nigeria’s deep offshore basin as a premier destination for international oil and gas investments, boosting the country’s appeal to foreign investors.

These reforms are part of a broader set of policy initiatives, known as Policy Directives 40-42, endorsed by President Bola Ahmed Tinubu.

The directives reflect the administration’s commitment to fostering sustainable development in the energy sector and enhancing Nigeria’s competitive edge in the global oil and gas market.

 

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Tinubu set to approve ExxonMobil-Seplat oil deal, expands CNG bus initiative

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By Yemie Adeoye

NIGERIA’s President Bola Tinubu has announced that the protracted ExxonMobil-Seplat upstream oil divestment will be formally approved by the Minister of petroleum within a matter of days, just as he announced his government’s intention to expand the Compress natural Gas, CNG buses initiative.

The President who stated this during his Independence day nationwide broadcast stated that the move is in line with his administration’s commitment to free enterprise, free entry and free exit in investments which is the hallmark of his administration investment policy.

“Fellow compatriots, our administration is committed to free enterprise, free entry, and free exit in investments while maintaining the sanctity and efficacy of our regulatory processes. This principle guides the divestment transactions in our upstream petroleum sector, where we are committed to changing the fortune positively. As such, the ExxonMobil Seplat divestment will receive ministerial approval in a matter of days, having been concluded by the regulator, NUPRC, in line with the Petroleum Industry Act, PIA. This was done in the same manner as other qualified divestments approved in the sector.”

The President also seized the opportunity to plead with Nigerians to be patient with his administration’s reform policies. “As your President, I assure you that we are committed to finding sustainable solutions to alleviate the suffering of our citizens. Once again, I plead for your patience as the reforms we are implementing show positive signs, and we are beginning to see light at the end of the tunnel”.

“Our energy transition programme is on course. We are expanding the adoption of the Presidential Initiative on Compressed Natural Gas for mass transit with private sector players. The Federal Government is ready to assist the thirty-six States and FCT in acquiring CNG buses for cheaper public transportation.

Fellow Nigerians, while we are working to stabilise the economy and secure the country, we also seek to foster national unity and build social harmony and cohesion. Our economy can only thrive when there is peace”. he enthused.

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Oil

ExxonMobil To Invest $10bn In Nigeria’s Deep-Water Oil Operations

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As part of the administration’s push to improve Ease of Doing Business (EoDB), Nigeria’s Vice President Kashim Shettima has expressed support for ExxonMobil’s plan to invest $10 billion in the country’s deep-water oil sector.

Speaking on Wednesday, September 25, 2024, during a meeting with ExxonMobil executives at the 79th United Nations General Assembly (UNGA) in New York, Shettima called the investment “a clear testament to the administration’s economic reforms and investor-friendly policies.”

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This announcement follows news that international maritime company DP World intends to develop a multibillion-dollar port project in Nigeria.

Stanley Nkwocha, Senior Special Assistant to the President on Media and Communications, shared the development in a statement on Wednesday. He quoted Shettima as saying: “ExxonMobil’s potential investment aligns with the vision of President Bola Ahmed Tinubu’s administration for a more investment-friendly Nigeria.

We are committed to fostering an environment that supports such transformative projects.”Shettima also discussed the administration’s broader efforts to improve the ease of doing business, highlighting the “Renewed Hope Agenda,” which aims to simplify bureaucratic processes, enhance transparency, and offer fiscal incentives to attract global investors.

“Our administration has taken bold steps to unify the exchange rate, remove fuel subsidies, and implement tax reforms. These measures, though challenging in the short term, are intended to create a stable and predictable business environment in the long term,” he added.

On the oil and gas sector, Shettima mentioned that the government is revising the fiscal framework for deep-water operations to attract investment while ensuring fair returns for the Nigerian people.

 

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