We Will Support NNPC Limited To Succeed, Speaker Assures Kyari

The Speaker of the House of Representatives, Tajudeen Abbas has said NNPC Limited will be supported for optimal function.

Abbas stated this on Thursday while receiving the management of NNPCL led by the Group Chief Executive Officer, Mr Mele Kyari in Abuja.

He also said that refineries should be privatised because the conditions of the refineries over the years is shameful, adding that workers’ work hours in the last 20 years could be less than a month yet they get paid, promoted and cared for.

“There is need to make these refineries have multi dimensional uses, if there is no crude oil, are there other activities that can make the workers to be active so that what they earn is deserved; I need you and your management to look at how we can turn around this decades of losses;

“One way to do so is to find a way to privatise these refineries; we have spent so much money and time deceiving ourselves that some businesses can be run by the government.

“In the case of the refineries, we have now realised that some sectors of NNPC business can only be handled by the private sector and our refineries are one of those.

“The inadequacies will become manifest as soon as Dangote’ refinery comes on board because the competition will be there and inefficiencies of the refineries will become more naked.

“I want you to put it as part of your cardinal objectives, let us find ways to privatise our refineries so that they can be active so that in the near future, they will be able to compete with new refineries that will come up,” he said.

Abbas said that the NNPCL is central to the economic development of Nigeria pledging the commitment of the house to supporting the company to succeed.

He said that the house is concerned about the high rate of oil theft as it is draining revenue, affecting forex availability and causing inflation in the country.

The speaker said that the house had inaugurated a special committee on oil theft to interface with stakeholders with a view to addressing oil theft in the country.

Earlier, Kyari said that all refineries will become fully operational and Nigeria will become a net exporter of petroleum products by the end of 2024.

He said that payment of subsidy was responsible for inactive refinery activities in Nigeria over the years saying that the removal of subsidy is already attracting a lot of private sector investments.

“I can confirm to you that by the end of December latest, we will start the Port Harcourt refinery; early in the first quarter of 2024, we will start the Warri refinery and by the end of 2024, Kaduna refinery will come into operation.

“This is the commitment we are giving today and you can hold us accountable on this; in 2024, many of the initiatives including the rehabilitation of our refineries and also the efforts of small scale refiners, and the upcoming startup of the Dangote refinery, will make Nigeria a next exporter of petroleum products in 2024.

“We will no longer be talking about fuel importation by the end 2024, I am very optimistic that this will crystallise,” he said.

Kyari said that the company did not have a habit of publishing its financial statements saying that the culture had changed and all company’s accounts since 2018 to date are now in the public space.

He said that by the end of 2023, the expected government revenue from the company is N4.5 trillion saying that NNPCL is returning value to shareholders in line with the Petroleum Industry Act.

Kyari said that the company has a robust supply plan assuring that there will be no shortage of fuel over the Christmas season and beyond and that no one can hold the country to ransom.