FG Saves $400m from Fuel Subsidy Removal, Says NNPC GMD
The Group Managing Director of the Nigerian National Petroleum Corporation , Mallam Mele Kyari has said the federal government was able to save over $400 million following the removal of its fuel subsidy policy in 2020.
The federal government in April bowed to long-standing pressure to restructure the downstream segment of the Nigerian oil industry through the removal of fuel subsidy, following the significant drop in the price of crude oil due to the coronavirus.But shedding more light on the government’s decision, Kyari in the interview with THISDAY said: “As you aware, the Minister of State for Petroleum resources has made policy statement based on presidential directives on the issue of fuel subsidy.
According to Kyari, ensuring energy security is one of the cardinal agenda of the President Buhari administration. “The revamp of the existing 445kbo capacity of NNPC refineries is ongoing with the engagement of world class EPC contractors; to avoid a process gap we are concurrently undertaking a review and restructuring of the business model for these existing refineries.
According to Kyari, the NNPC is looking at different options that would deliver value for stakeholders and improve the performance or efficiency of the country’s refineries. The options he listed to include third party operational and maintenance model; long-term lease or a joint venture model similar to the structure obtainable today at the Nigeria LNG.
“I am determined to ensure that the refineries are brought back to their nameplate capacities,” he maintained.
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