The Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company (NNPC) Limited, Mele Kyari, has said that the country’s refineries are not being refurbished to reduce petrol price.
Recall that the Senate had issued a 24-hour ultimatum on Wednesday to the NNPCL boss after an observations that he had in previous occasions, shunned summons by the Senate to appear before its ad-committee probing over N11 trillion expenditure on turn-around maintenance of refineries in the country between 2010 and 2023.
Responding to questions by the Senate Committee on Appropriations on the potential drop in pump price of petroleum owing to the expected functionality of refineries, Kyari clarified his comment after he was interrogated again.
He explained that it might be possible to have a reduction, but said it is not the main objective of the refineries. Kyari buttressed that maintaining the energy security target has fostered the confidence that in 2024, Nigeria will become a net exporter of petroleum products.
The NNPCL boss affirmed that no subsidy is charged to the federation, adding that the NNPC has contributed 4.45 trillion naira as direct revenue into the federation in a combination of taxes, royalties and dividends and paid 406 billion naira as dividend to Federal Governments account from July 2023.
According to Kyari, Nigeria does not have credible data for PMS consumption in the country because of the absence of an instrument to measure.
