•As refineries attain 6.76m litres per day
President Muhammadu Buhari yesterday said an inter-ministerial committee would soon be established to speed up the re-organisation and reformation of Nigerian National Petroleum Corporation, NNPC.
A statement issued by Special Adviser to the President on Media and Publicity, Mr. Femi Adesina, said Buhari spoke at a meeting with the Chief Executive Officer of International Finance Corporation, IFC, Jin-Yong Cai, at the Presidential Villa.
Buhari said the reformation of NNPC had become inevitable in view of the corruption and abuse of its present structure in recent past.
The President also cited Nigeria’s current need to maximise income from every revenue source as a further imperative for reforming NNPC.
He said his administration was doing everything possible to boost national revenue so that it could effectively implement its programme of change and significantly improve the living conditions of Nigerians.
Jin-Yong Cai, who is also the Vice President of IFC, told Buhari that with proper reformation and reorganisation, NNPC could become Africa’s largest company.
“You have brought monumental changes since you got to power. You have brought in strong leadership and Nigeria has the opportunity under you to become highly reputable.
“In NNPC, you can create an entity that is dominant in Africa, and this is the right time to do it, with the momentum you have created,” he told the President.
NNPC also said yesterday that the nation’s three refineries in Kaduna, Port Harcourt and Warri had attained a combined daily production of over 6.76 million litres of petrol, which is projected to increase to over 10 million litres by the end of January.
A statement by the Group General Manager, Group Public Affairs Division , Ohi Alegbe, which gave a breakdown of the Premium Motor Spirit, PMS, yield from the plants indicated that while Port Harcourt Refinery, which was re-streamed a week earlier is producing 4.09 million litres, Kaduna Refinery is contributing 1.29 million litres and Warri which was re-streamed on Sunday is posting a yield of 1.38 million litres.
The Corporation said the PMS volumes from the refineries, which are currently operating at an appreciable percentage of their nameplate capacities, will help stabilise fuel supply and distribution situation in the country
“The injection of this volume into the system will significantly impact ongoing special intervention efforts designed to bring relief to motorists across the country,” the Corporation stated.
NNPC said the Special Fuel Supply Intervention it introduced had been effective in reducing queues with sustained truck-out of petrol to the nooks and crannies of the country.
Alegbe noted that with relative product stability in some major cities like Abuja, Kano and Lagos, the intervention is trucking-out large volumes of petrol to the hinterlands and deep countryside where product distribution remains a challenge.
Despite the public holidays, over 22 million litres of petrol was trucked-out nationwide within the last 24 hours with the bulk of the volumes hauled to fuel stations in the countryside to ensure adequate product penetration.
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