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NNPC destroys 134 Illegal Refineries Recently

A destroyed refinery  By Favour Ifeoluwa & Akinola Ajibade  The Nigerian National Petroleum Company Limited( NNPCL) says it has destroyed 134 illegal refineries in the last few weeks.  Also, the company said  63 illegal pipeline connections were uncovered during the the weeks .  The corporation, In a visual report, stated that at about 2 am on Sunday, a joint team of security agents discovered a large wooden boat illicitly loading stolen crude oil from Barge AGS01 within the OML 18 operating area, noted intelligence report a large wooden wooden boat was caught receiving crude oil from the barge.  According to the state-owned oil firm, while the barge was towed away with a tugboat in custody, five speedboats used in towing the large wooden boat to the illegal loading site were also detained and the particulars of the tugboats and barge used for the operation were reportedly seized for further investigation.  It further said that two large boats, which involve
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Fed Govt will end fuel subsidy in June 2013, says Ahmed



 


By Akinola Ajibade



Barring any hitches, Nigeria may stop paying subsidies on  cost of petroleum products imported into the country in the second quarter of 2023, the Minster of Finance, Budget and National Planning, Mrs Zanaib Ahmed has said.

She said this in Abuja, yesterday ( Thursday).

Speaking during the investigation conducted by the  House of Representatives’ Ad Hoc Committee on petroleum products subsidy regime from 2013 to 2022, Ahmed said that the Federal Government has concluded plans to end subsidy payment in June 2023, since it is no longer sustainable for the government to continue paying it.

The Committee began the probe on fuel subsidy in order to ascertain the payments, which government has made so far.

Speaking on the issue, Ahmed said that the  Federal Government has  proposed a new date to end payments on under-recovery between the landing cost and regulated pump price of PMS, stating that the subsidy regime was not sustainable and might force the government to borrow more in 2023. 

According to her, the government had  planned for payment of subsidy for only half of 2023 as contained in the 2023-2025 Medium Term Expenditure Framework and Fiscal Strategy Paper. 

Continuing further, Ahmed noted that President, Major General Muhammadu Buhari (retd.) had  transmitted the MTEF/FSP to the President of the Senate, Ahmad Lawan, and Speaker of the House of Representatives, Femi Gbajabiamila, as approved by the National Economic Council and the Federal Executive Council, respectively.

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