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Fed Govt Slightly Reverse The Price of PMS

Queue at the filing station  The President,  Petroleum Products Retailers Owners of Nigeria( PETROAN), Dr Billy Gills Harry, says the reduction of the product, by the Nigerian National Petroleum Company Limited( NNPCL) is good for the nation'struggling economy, as it would help in soften the difficult situations posed by the sharp rise in the price of petroleum products. While reacting to the issue through a statement issued and signed to the NEWSMIRROR yesterday, Harry said that the slight reversal of the price by NNPCL shows that the government is committed to the alleviation of the problems of the masses. According to him, the reduction in the price per litre of Petrol Motoring Spirit( PMS) from N1,020 per litre to N899 per litre is good, adding that the country will soon get over its problem, if the readjustment of the economy continues. Also, PETROAN's Public Relation Officer, Dr  Joseph Obele said that Dangote Petroleum Refinery had earlier started the r...
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NNPC Does Not Owe N6.8bn, Says Soneye

Its Chief Corporate Communications Officer, Olufemi Soneye

By Favour Ifeoluwa and Akinola Ajibade 

The  Nigerian National Petroleum Company Limited (NNPC Ltd.) says its nether indebted to the tune of N6.8billion nor remitted revenues to the Federation Account since January as alleged by the citizens.

Speaking on the issue, the nation's oil company head of media , Soneye said that the clarification become necessary in  view of the spurious allegations made against the corporation.

He spoke through a release issued in Abuja and made available to the media at the weekend. 

He said: "  NNPC Limited. does not owe the sum of $6.8bn to any international trader(s). In the oil trading business, transactions are carried out on credit, and so it is normal to owe at one point or the other. But NNPC Ltd., through its subsidiary, NNPC Trading, has many open trade credit lines from several traders. The company is paying its obligations of related invoices on a first-in-first-out (FIFO) basis.

Adding that: It t is not correct to say that NNPC Ltd. has not remitted any money to the Federation Account since January.  Its subsidiaries remit their taxes to the Federal Inland Revenue Service (FIRS) regularly. This is in addition to payments of CIT to road contractors under the Road Investment Tax Credit Scheme. In all, NNPC Ltd. is the largest contributor to the tax revenue shared every month at the Federation Account Allocation Committee (FAAC). 

He further said that NNPC has no role to play whatsoever on the issue of quality/quantity fiscalization of imported petroleum products, The reason, Soeye said, is because NNPC is not a regulator. The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) is the relevant regulatory agency in charge of such issues, is an independent body and does not report to the NNPC Ltd.

He stressed that NNPC. is not averse to inquiries by the media into issues on and around its operations before dissemination to the public either through the print or electronic channels of communication as the company will, always, gladly take the opportunities to state the facts of the subject matter(s). This is in line with the company’s commitment to the Transparency, Accountability, and Performance Excellence (TAPE) philosophy as emplaced by the Mele Kyari-led management since stepping into the saddle in 2019.

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