Sun. Jan 24th, 2021

NNPC presents budget to NANS for the First Time in 43years

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The Nigeria National Petroleum Corporation (NNPC), for the first time has presented its budget to the House of Representatives, marking the first time the corporation will do so in 43 years.

Recalled that in June the Corporation published its audited Financial statements for the first time ever .

Chair of the Joint House Committees on petroleum resources (Upstream, Downstream and Gas ) for budget defence, Musa Sarkin-Ada in Abuja on Friday said “The house has achieved a milestone by the passage of the PIB for the second reading without any hindrance .

“We have all been witnesses to what has happened in the last 13 years . PIB was submitted five times to the parliament,” he added.

Managing Dierctor, Mele Kyari in his remarks said that Nigeria lost Petroleum Products estimated at N43 billon in the first half of last year on one line . He said that the loss had been pared down to N3 billion .

“As I speak to you , we deliberately shut down all three refineries because it does not make sense to continue to operate them for some reasons , as we are unhappy to supply crude oil to the refineries.

“ As a result of vandals and thieves , of all sorts , anytime we attempt to pump more than 110000bd, into Escravos – Warri line , the line gives up . Therefore you cannot practically operate kaduna and Warri refineries with the current structure of the pipelines “ Kyari added .

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